United Kingdom (UK) Accounting Software Market (2022-2028) | Forecast, Analysis, Outlook, Trends, Value, Revenue, Growth, Industry, Size, Share, Segmentation & COVID-19 IMPACT

Market Forecast By Component (Software, Services), By Enterprise Size (Large, Small & Medium), By Type (Spreadsheets, ERP, Custom Accounting Software, Tax Management Software), By End-use Industry (BFSI, IT & Telecommunication, Government & Public Sector, Automotive, Retail & Consumer Goods, Oil & Gas, Manufacturing, Others) And Competitive Landscape

Product Code: ETC281529 Publication Date: Dec 2022 Product Type: Market Research Report
Publisher: 6Wresearch No. of Pages: 75 No. of Figures: 35 No. of Tables: 20

United Kingdom (UK) Accounting Software Market Synopsis

The UK accounting software market is projected to grow during the forecast period. The key factors driving this growth include the increasing demand from SMEs and MNCs for robust and affordable accounting and financial management solutions, as well as the growing adoption of cloud-based accounting software. Additionally, the main reasons for this growth are the increasing demand from small and medium-sized businesses (SMBs) for cost-effective accounting and financial management solutions, as well as their increasing adoption of cloud-based accounting software. The UK Accounting Software market is a part of Europe accounting software market and global accounting software market.

According to 6Wresearch, the UK Accounting Software market size is likely to witness growth during 2022-28. The main reasons for this growth are the increasing demand from MNCs for robust and affordable accounting and financial management solutions, as well as the growing adoption of cloud-based accounting software. However, there are also some challenges facing the UK accounting software market. One such challenge is that many SMBs do not have an in-house accountant or finance expert, which can lead to them being unable to fully take advantage of the benefits offered by these types of software solutions. Additionally, there is a lack of awareness about these solutions among SMBs, which may hamper their uptake. Moreover, some other major factors that are driving this growth include increasing demand from small and medium-sized businesses (SMBs), which need to manage their finances more efficiently, as well as an increase in the number of startups. Furthermore, the government's focus on improving financial transparency will also support the market growth.

Market Analysis By Component Type

In terms of type, the UK Accounting Software market is segmented into software and services. The software and services market is growing as the increasing demand for better performance and accuracy in financial reports, and increased adoption of digital processes across businesses. Additionally, the growth is also driven by increasing demand from small and medium-sized businesses (SMBs) for cost-effective Accounting tools that can help them manage their finances more effectively. However, the growing trend of consolidation in the industry is expected to restrain growth in the market during this period.

Market Analysis By Competitive Landscape

Some of the leading players in the UK accounting software market include Sage, Microsoft, and Oracle. These companies hold the highest market share and are expected to benefit from increasing demand for their products due to the aforementioned reasons. However, competition from newer entrants such as artificial intelligence (AI) firms and startups could pose a challenge to these incumbents in the near future. Additionally, the growing popularity of cloud-based accounting software and the increasing demand from small and medium-sized businesses are some of the key factors driving this market growth. Further, the reason why some smaller companies may be opting for cheaper software packages rather than investing in expensive proprietary solutions is that increased regulation and transparency standards are making it increasingly difficult for businesses to get away with manipulating their figures. This has forced firms to adopt more efficient accounting practices if they want to remain competitive. As such, there is growing demand for affordable yet effective accounting tools that can help small businesses comply with these stringent regulations.

COVID-19 Influence on the UK Accounting Software Market

The pandemic has resulted in a slowdown in the market growth few years back. However, the circumstances have upgraded gradually post pandemic. Currently, the market has demonstrated substantial growth prospects. However, there are also some challenges facing the US accounting software market. One such challenge is that many MNCs do not have an in-house accountant or finance expert, which can lead to them being unable to fully take advantage of the benefits offered by these types of software solutions. Additionally, there is a lack of awareness about these solutions among MNCs, which may hamper their uptake. Moreover, increased spending by larger organizations on automation and artificial intelligence (AI) is another major challenge faced by the market. These companies are already investing heavily in these technologies, which could limit their needs for accounting software in future.

Key Attractiveness of the Report

  • COVID-19 Influence on the Market
  • 8 Years of Market Numbers
  • Historical Numbers from 2018 to 2021.
  • Base Year: 2021
  • Forecast Data Until 2028
  • Key Performance Indicators Influencing the Market.
  • Key Upcoming Developments and Projects.

Key Highlights of the Report:

  • United Kingdom (UK) Accounting Software Market Outlook
  • Market Size of United Kingdom (UK) Accounting Software Market, 2021
  • Forecast of United Kingdom (UK) Accounting Software Market, 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Revenues & Volume for the Period 2018 - 2028
  • United Kingdom (UK) Accounting Software Market Trend Evolution
  • United Kingdom (UK) Accounting Software Market Drivers and Challenges
  • United Kingdom (UK) Accounting Software Price Trends
  • United Kingdom (UK) Accounting Software Porter's Five Forces
  • United Kingdom (UK) Accounting Software Industry Life Cycle
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Component for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Software for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Services for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Enterprise Size for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Large for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Small & Medium for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Type for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Spreadsheets for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By ERP for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Custom Accounting Software for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Tax Management Software for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By End-use Industry for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By BFSI for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By IT & Telecommunication for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Government & Public Sector for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Automotive for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Retail & Consumer Goods for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Oil & Gas for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Manufacturing for the Period 2018 - 2028
  • Historical Data and Forecast of United Kingdom (UK) Accounting Software Market Revenues & Volume By Others for the Period 2018 - 2028
  • United Kingdom (UK) Accounting Software Import Export Trade Statistics
  • Market Opportunity Assessment By Component
  • Market Opportunity Assessment By Enterprise Size
  • Market Opportunity Assessment By Type
  • Market Opportunity Assessment By End-use Industry
  • United Kingdom (UK) Accounting Software Top Companies Market Share
  • United Kingdom (UK) Accounting Software Competitive Benchmarking By Technical and Operational Parameters
  • United Kingdom (UK) Accounting Software Company Profiles
  • United Kingdom (UK) Accounting Software Key Strategic Recommendations

Markets Scope and Segmentation

The report delivers a widespread study of the subsequent market segments:

By Component:

  • Software
  • Services

By Enterprise Size:

  • Large
  • Small
  • Medium

By Type:

  • Spreadsheets
  • ERP
  • Custom Accounting Software
  • Tax Management Software

By End Use

  • BFSI
  • IT & Telecommunication
  • Government & Public Sector
  • Automotive
  • Retail & Consumer Goods
  • Oil & Gas
  • Manufacturing
  • Others
Frequently Enquired Queries Regarding the Market Study: FAQs

1). Does the report include the impression of COVID-19?

The report not only has considered COVID-19 impact but also current market dynamics, trends, and KPIs into consideration.

2). Which component type accounts for the maximum market share in the UK Accounting Software market?

In terms of component type, the software accounted for the highest share due to growing tourism and busy lifestyle of consumers.

3). Which end user is exhibited to gain traction over the forecast period?

In terms of end user, the BFSI, IT & telecommunication and the government & public sector acquired the highest market revenue share in UK accounting software market.

4). What are the critical factors which are increasing the market demand?                                               

The growth of the market is attributed to increasing demand from MNCs for robust and affordable accounting and financial management solutions, as well as the growing adoption of cloud-based accounting software

5). What is the major challenge faced by the UK Accounting Software market?           

One major challenge faced by the US accounting software market is many MNCs do not have an in-house accountant or finance expert, which can lead to them being unable to fully take advantage of the benefits offered by these types of software solutions.

6). Is customization available in the market study?

Yes, we can do customization as per your requirements. Please feel free to write to us sales@6wresearch.com for any customized or any other requirements.

7). We also want to have market reports for other countries/regions.

6Wresearch has a database of more than 60 countries globally, which can make us your first choice of all your research needs.

 
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