The custom accounting software market is projected to grow at a considerable CAGR of around 9.0% during the forecast period (2019-2025). The rising inclination of accountants towards newly advanced and customized accounting software over the conventional software for accounting purposes is a major factor to drive the growth of the global custom accounting software market. The customized or personalized accounting software offers technological competitiveness that creates a favorable environment for the expansion of accounting activities. The accounting software is highly adopted for different application in several verticals such as business enterprise, education institution and others to manage payroll and performs several other accounting functions. This software is used to increase the efficiency of business accounting.  

This software is capable to manage account receivables, account payables, general ledger, and other accounting activities more effectively and efficiently. Moreover, customized accounting software is highly used to save time and money to perform complex and tedious accounting calculations in less time. These characteristics of this software propel the businesses of different domains to buy this software for performing complex calculations accurately without the required of the manpower. With the coming years, the technology is continuously evolving hence the user-interface of customized accounting software is projected to be more engaging to meet the increasing customer-specific requirements. The rising demand for the software that can meet the customer-specific requirements is anticipated to propel the growth of the global custom accounting software market.

Segmental Outlook  

The custom accounting software market is segmented on the basis of type, and vertical. Based on the type market is segmented into cloud-based, and web-based. The emergence of advanced technology resulted in the rising demand for cloud-based custom accounting software which is anticipated to drive this market segment. This cloud-based custom accounting software enables organizations to easily create and maintain reports and dashboards. In addition to this, the cloud software enables businesses to lower down their operating costs, and run infrastructure more efficiently and scale with fluctuating needs of the business. These factors are positively impacting the market, which in turn, is resulting in the rising adoption of accounting software. Based on vertical the market is segmented into business enterprise, government department, educational institutions, and others

Business Enterprise will be Considerable Segment by Vertical

Based on vertical, business enterprises are anticipated to hold considerable market share during the forecast period. Business enterprises are actively adopting custom accounting software solutions to streamline the accounting process for time-saving and to perform error-free transactions between clients and companies. Moreover, the business enterprises are using this solution to increase the productivity of the accounting activities, by archiving, automating, and integrating human resource systems. Additionally, the advent of e-commerce and integration with other online applications, such as automated bank feeds, automated billing features, and so on, small and medium enterprises are entering into a partnership with e-commerce market players, which in turn will drive the market growth of this segment.

Global Custom Accounting Software Market Share by Vertical, 2018 (%)

Regional Outlook 

The global custom accounting software market is further segmented on the basis of geography including North America, Europe, Asia-Pacific and Rest of the World. North America is anticipated to hold a major market share in the global custom accounting software market during the forecast period. The major factor for the high market share in the region is the substantial number and amount of funding for the adoption of this software by the private and public in the US and Canada. The presence of major market players including Oracle Corp., Microsoft Corp., SAP SE, and Custom Soft in the region is further promoting regional growth of the custom accounting software market. North America is followed by Europe and the Asia Pacific is projected to be the fastest-growing market during the forecasted period.

Global Custom Accounting Software Market Growth, by Region 2019-2025

Asia-Pacific will augment with the significant growth rate in the Custom Accounting Software market 

Asia-Pacific is anticipated to grow at a considerable CAGR during the forecast period. The factors attributing to the growth rate of Asia-Pacific include a significant rise in the penetration of business accounting mobile application and digital payment systems. Moreover, the emergence of small and medium enterprises and rising investment in the cloud and the SaaS market are likely to propel the growth of the custom accounting software market in Asia-Pacific. The shift of the Indian government towards the adoption of the GST scheme has further propelled the adoption of such type of software in the region. Moreover, China is a major player in the SaaS platform to further promote the adoption of custom accounting software in the country.  

Market Players Outlook

The major companies operating in custom accounting software market include SAM Solutions Inc., Microsoft Corp., Oracle Corp., Sage Intacct Inc., SAP SE, Custom Soft, Davis Software, Inc., Diceus, EZ Accounting Pte. Ltd., Foundation Software, Inc., Job BOSS, and MBA Software & Consulting, Inc. among others. These players are actively adopting different growth strategies such as merger & acquisitions, partnership, and collaboration. Technological advancement and new product launches are the core strength of the market players to remain competitive in the market place. 

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global custom accounting software market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.