India's Accounting Software Market Poised for Significant Growth

The India Accounting Software Market is experiencing substantial expansion, with its size valued at USD 12.35 billion in 2023. Projections indicate that the market will reach approximately USD 21.86 billion by 2030, reflecting a compound annual growth rate (CAGR) of 8.5% during the forecast period. This growth is driven by the increasing adoption of digital solutions among businesses to streamline financial operations and ensure regulatory compliance.

Competitive Landscape and Regional Demand

The Indian accounting software market is characterized by the presence of both domestic and international players offering a range of solutions tailored to various business needs. Key companies such as Tally Solutions, Zoho Corporation, and Intuit have established a strong foothold in the market. The demand for accounting software is particularly high among small and medium-sized enterprises (SMEs), which are transitioning from traditional paper-based accounting to digital platforms to enhance efficiency and accuracy.

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Asia-Pacific: Accounting Software Market Opportunities and Consolidation

The Asia-Pacific region presents significant growth opportunities for the accounting software market, driven by rapid digitalization and the proliferation of SMEs. In November 2022, Xero established a technology base in India in partnership with Infosys, aiming to leverage India's technological expertise to enhance their global offerings.

 

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Market Segmentation: In-Depth Analysis:

by Component

Software
Services

The market is divided into two segments: services and software. By 2030, the biggest market share is anticipated to be held by the software sector. Businesses frequently use software solutions to increase workplace efficiency and save time. Because of the program, human error may be minimized and complex calculations can be performed with high precision. Efficiency is increased by accounting software, which is used to manage money coming into and going out of a business or to maintain track of accounting tasks. Since it can easily manage account payables, account receivables, business payroll, the general ledger, and other business modules, it has become a superior option for managing a company's finances.

by Deployment

Software as a Service (SaaS)
On-Premise
Hybrid

by Enterprise Size

Large Enterprise
Small and Medium Enterprise

The market is divided into three segments: small, medium, and large enterprises. Over the course of the projected period, the small and medium enterprise segment is anticipated to grow quickly at a CAGR. SMEs who use the most recent accounting software can significantly enhance their business operations. Accounting software allows you to focus on important company duties and save time and effort. For their daily operations, small and medium-sized businesses typically use generic accounting software.

by Type

Spreadsheets
ERP
Custom Accounting Software
Tax Management Software

by End-User

BFSI
IT & Telecommunication
Government & Public Sector
Automotive
Retail & Consumer Goods
Oil & Gas
Others

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Learn about the top players driving innovation in the Market :

1. Xero
2. Giddh Accounting Software
3. Reach Accountant
4. Book Keeper
5. Zoho Books
6. MProfit
7. Quickbooks
8. Wave Accounting
9. Zoho Expense
10. FreshBooks
11. NetSuite ERP
12. FreeAgent
13. Vyapar
14. SlickAccount
15. Reeleezee for Accounting
16. Tally.ERP 9
17. Profitbooks
18. Busy Accounting Software

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