February 26, 2024

Accounting Practice Management Market is driven by demand for streamlined accounting workflows

The global accounting practice management market has witnessed significant growth in recent years owing to the growing demand for streamlined accounting and compliance workflows across organizations. Accounting practice management software provide accountants and bookkeepers with a centralized platform to manage day-to-day accounting tasks including bookkeeping, payroll, billing, invoicing, and financial reporting. These solutions help automate routine accounting tasks and processes which saves significant time and effort for accounting professionals. Accounting practice management solutions also offer features such as real-time data access, customizable workflows and templates, invoice and receipt tracking, time and billing features, and integrations with other business applications. This enables accounting firms and freelance bookkeepers to manage all aspects of their practice on a single platform and focus on delivering value-added services to their clients.

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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Cloud-based offerings provide on-demand access to accounting solutions and data from any location. This has made cloud-based accounting practice management appealing for accounting firms with distributed teams. Growing subscription-based business models have also supported the demand for cloud-based accounting software. Accounting practice management vendors are focusing on enhancing their cloud offerings with features such as mobile accessibility, collaboration tools, automation, and AI/ML-driven insights. This is expected to further accelerate the adoption of cloud-based accounting practice management solutions during the forecast period.

Porter’s Analysis
Threat of new entrants: The accounting practice management market is moderately challenging to enter due to high capital requirements and the presence of established players. However, the growing market size provides opportunities for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various product and service options. However, switching costs are relatively low.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers for various software and services required for accounting practice management.

Threat of new substitutes: Threat of substitution is moderate as there are limited substitutes for practice management solutions in the accounting industry.
Competitive rivalry: Competition is high among the key players in the market to gain maximum market share.

Key Takeaways
The global Accounting Practice Management Market is expected to witness high growth over the forecast period.

Regional analysis: North America dominates the market currently due to technological advancements and presence of major players in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to increasing adoption of accounting practice management solutions by SMBs in the region.

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