by Accounting practice management software helps accounting firms and accountants manage their accounting practice more efficiently and profitably. It automates routine tasks and improves workflows to free up valuable time for firms to deliver better client services.
The global Accounting Practice Management Market is estimated to be valued at US$ 1.2 Bn in 2023 and is expected to exhibit a CAGR of 30% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing digitalization of accounting practices is one of the major trends fueling the growth of the accounting practice management market. More accounting firms and accountants are adopting cloud-based accounting practice management software to automate routine tasks, provide clients with real-time access to financial reports online, and gain insights through analytics for better decision making. The software allows accounting firms to seamlessly transition to remote working models, improving productivity and collaboration while maintaining compliance. This has boosted the demand for accounting practice management solutions in recent years.
SWOT Analysis
Strength: The accounting practice management market is expected to grow significantly owing to rising digitalization and automation in accounting practices.
Weakness: Initial high costs of setting up accounting management software systems.
Opportunity: Growing cloud based solutions are opening up opportunities for accounting practice management software providers.
Threats: Economic slowdowns could reduce spending on accounting software solutions. Privacy and security threats pose challenges.
Key Takeaways
The global accounting practice management market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 1.2 Bn registering a CAGR of 30% during the forecast period.
Regional analysis: North America dominates the global accounting practice management market currently. The region is expected to continue its dominance over the forecast period as well owing to wide acceptance of advanced technologies. Asia Pacific is projected to exhibit the fastest growth over the coming years led by countries like India and China. Growing businesses and digitalization trend in the region is driving the demand for accounting practice management solutions in Asia Pacific.
Key players operating in the accounting practice management market are Novartis, Brainstorm Cell Therapeutics, Helminth, Core stem, Q therapeutics, Helminth, Rapa Therapeutics, Brainstorm Cell Therapeutics, Neuroblast, Osteocyte, Ferrer International, Neuralstem, Ferrer International, Semeia Cell Technologies, Labella Gene Therapeutics, Sangamon Therapeutics, Hoffmann-La Roche, Longeron, Soi Gene Therapies, Prevail Therapeutics (Eli Lilly and Company), Aerogeneration, 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.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
