SEATTLE, April 26, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global accounting practice management market was valued at US$ 2,693.7 million in 2018 and is projected to exhibit a CAGR of 13.7% over the forecast period (2019 – 2027).

Key trends and analysis of the global accounting practice management market:

Rising trend of cloud-based solutions is expected to boost growth of the software & solutions industry. The adoption of 5G technology will bring super-fast (1,000 time faster than cellular 4G network) and secure internet, which will allow Certified Public Accountants (CPA) to connect the firm’s and client’s information resources through cloud-solutions and perform data analytics in real-time along with artificial intelligence and big data analytic tools. Moreover, accountants will have advantages of connecting directly to their applications through 5G networks without accessing to local Wi-Fi and perform their operations, which are hosted in cloud. Therefore, introduction of 5G technology will boost growth of the cloud-based software industry, which will in turn drive growth of the accounting practice management market.

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Among deployment type, cloud-based segment is expected to exhibit the highest CAGR of 16.3% over the forecast period and is expected to generate a revenue of US$ 3,390.5 Mn in 2027, owing to rising demand for accounting practice management software over cloud and increasing consumer awareness about the benefits of cloud-based accounting software such as easy access to vital business metrics, lower cost, increased revenue, and higher performance are driving growth of the market.

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Key Market Takeaways:

• The global accounting practice management market is projected to witness CAGR of 13.7% during the forecast period, owing to increasing demand for better, faster, and secure accounting services
• On the basis of solution, the global accounting practice management market is segmented into proposal management software, billing management software, client & workflow management software, budgeting & resource management software, and business dashboard software. Among solution, client & workflow management software segment accounted for the largest share of 34.3% in 2017. This segment was valued at US$ 857.7 Mn in 2017 and is expected to exhibit a CAGR of 13.6% over the forecast 2019 – 2027.
• On the basis of enterprise size, the global accounting practice management market is segmented into SMEs and large enterprises. Large enterprises segment is expected to be driven by rising adoption of accounting practice management software services and technological advancements. This segment is expected to generate US$ 2,614.1 Mn by 2027. This segment is expected to exhibit a CAGR of 12.8% over the forecast period from 2019 to 2027.
• Data entry and analysis are among the major components of accounting practice management software system. Data entry plays a key role, as a single wrong entry can disturb the whole outcome of analysis. Analysis is the process of examining the entered data and concluding results from the same. Analysis is a major part of streamlining the solutions.
• Major players operating in the global accounting practice management market include Intuit Inc., Aeroworkflow, Jetpack Workflow, Karbon, Inc., Pascal Workflow, Practice Ignition, Senta, Star Computer Group, Thomson Reuters/Tax & Accounting, Wolters Kluwer, XERO Limited, and others

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