Accounting Practice Management Market Accelerating by Digitalization and Automation
Accounting practice management software helps accounting professionals manage day-to-day tasks such as billing, invoicing, payroll, accounts receivable/payable, reporting, workflow management, and document management. These software facilitate accountants to efficiently manage their accounting practice and provide better services to their clients.
The global accounting practice management market size is estimated to be valued at US$ 1.2 Bn in 2024 and is expected to exhibit a CAGR of 30% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cloud-based solutions offer various advantages such as scalability, easy accessibility, collaboration, lower upfront costs, and automatic software updates. Accountants can access client files and documents from any location using cloud-based accounting software. This remote access feature has boosted the adoption of cloud accounting especially amidst the ongoing COVID-19 pandemic. Cloud technology enables accountants to efficiently manage their workflow even when working remotely. The growing awareness about such benefits of cloud among accounting practitioners is projected to drive the demand for cloud-based accounting practice management solutions over the forecast period.
Segment Analysis
The global accounting practice management market is dominated by the segments of cloud-based and web-based solutions. The cloud-based segment holds the major share of over 65% in the market owing to its benefits such as increased scalability, reduced costs of infrastructural maintenance, remote access, and data security. This segment allows accounting firms to remotely manage their practice from any location and access important files and documents from any device connected to the internet.
Key Takeaways
The global accounting practice management market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the global market with over 45% share owing to the presence of major accounting practice management providers and early adoption of advanced technologies across accounting firms in the region. Countries like the US and Canada are expected to continue their stronghold in the market. The Asia Pacific region is projected to witness the fastest growth during the forecast period attributed to rapid digitization of accounting practices in developing countries like India and China.
Key players operating in the accounting practice management market are Novartis, Brainstorm Cell Therapeutics, Core stem, Q therapeutics, Rapa Therapeutics, Neuroblast, Ferrer International, Neuralstem, Semeia Cell Technologies, Labella Gene Therapeutics, Sangamon Therapeutics, Hoffmann-La Roche, Soi Gene Therapies, Prevail Therapeutics (Eli Lilly and Company), Brain Neurotherapy Bio (Ask Bio), Unique Biopharma, Neurogenic Inc., Passage Bio, AXOVANT SCIENCES GMBH, Meira Tx Limited, Asclepios Biopharmaceutical (Ask Bio), Biogen, Sarepta Therapeutics, REGENXBIO Inc., Lysogen, Voyager Therapeutics, PTC Therapeutics. Major players are adopting strategies like partnerships, mergers, acquisitions, and new product launches to gain a competitive edge in the market.
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