MarkNtel Advisors recently published a detailed industry analysis of the GCC Accounting Software Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.

GCC Accounting Software Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2029

The GCC Accounting Software Market is valued at around USD 121 million in 2024 is estimated to grow at a CAGR of around 8.9% during the forecast period, i.e., 2024-29.

Key Findings in GCC Accounting Software Market:

• Historical Analysis: 2019–2022
• Base Year: 2023
• Forecast Period: 2024–2029

Leading Market Players- Oracle Corporation, Infor Inc., SAP, Thomson Reuters, Sage Group Plc, Zoho Books, Zeta Software, Microsoft Corporation, Epicor, Tally Solutions

What are the major Driver the GCC Accounting Software industry?

Proliferation of Small & Medium-Sized Enterprises (SMEs) in the GCC Region Catalysing the Growth of the Market – The number of SMEs in the region showcased tremendous proliferation due to the healthy entrepreneurial ecosystem and supportive government measures. The countries such as the UAE, Saudi Arabia, etc., provided assistance in the form of business counseling, financial support & advice, technical support & guidance, etc., which led to the development of new SMEs in the region. According to Monsha’at, General Authority for Small and Medium Enterprises, the number of SMEs in Saudi Arabia jumped by 9.3% in the third quarter of 2022, and reached approximately 1 million, up from 892,063 in the second quarter. These SMEs needed scalable and compliant solutions to manage their financial processes which enhanced the demand for accounting software solutions across the region in the past few years.  

Furthermore, countries like Qatar, the UAE, Saudi Arabia, etc., are seeking to diversify their economies beyond traditional oil and gas industries, for which they have planned to expand the SME ecosystem in their countries for boosting entrepreneurial activities. In addition to this, these countries are also extensively supporting the digitalization of small and medium businesses through collaboration with IT firms.

Hence, as these SMEs would increase and expand, and undergo digital transformation, the demand for efficient financial management and accounting solutions would surge in the coming years as well.

Key Highlights of the Report

• Market Dimensions & Projections
• Pricing Evaluation,
• Recent Strategic Moves by Companies,
• Primary Stakeholders,
• Analysis of Import and Export Trends,
• Competitive Landscape Assessment,
• Emerging Opportunities,
• Market Trends and Indicators

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What segments define the GCC Accounting Software Market from 2024 to 2029? How do these segments contribute to market dynamics and growth?

By Deployment Type

• Cloud- Based- Market Size & Forecast 2019-2029F, USD Million
• On Premise- Market Size & Forecast 2019-2029F, USD Million

By Solution

• Software- Based- Market Size & Forecast 2019-2029F, USD Million
• Service- Market Size & Forecast 2019-2029F, USD Million

By Enterprise Size

• Large Enterprises- Market Size & Forecast 2019-2029F, USD Million
• Small & Medium Enterprises - Market Size & Forecast 2019-2029F, USD Million

By Type

• Spreadsheet- Market Size & Forecast 2019-2029F, USD Million
• ERP - Market Size & Forecast 2019-2029F, USD Million
• Custom Accounting Software- Market Size & Forecast 2019-2029F, USD Million
• Tax Management Software - Market Size & Forecast 2019-2029F, USD Million

According to report, Of them all, the ERP segment has registered the highest demand due to its comprehensive features and appeal to medium to large-sized enterprises.

By End User

• BFSI- Market Size & Forecast 2019-2029F, USD Million
• IT & Telecommunication- Market Size & Forecast 2019-2029F, USD Million
• Automotive- Market Size & Forecast 2019-2029F, USD Million
• Retail & Consumer Goods- Market Size & Forecast 2019-2029F, USD Million
• Oil & Gas- Market Size & Forecast 2019-2029F, USD Million
• Manufacturing- Market Size & Forecast 2019-2029F, USD Million
• Healthcare- Market Size & Forecast 2019-2029F, USD Million
• Government & Public Sector- Market Size & Forecast 2019-2029F, USD Million
• Construction & Real Estate- Market Size & Forecast 2019-2029F, USD Million
• Others (Education, Entertainment and Media, etc.)- Market Size & Forecast 2019-2029F, USD Million

According to report, Among them, the government & public sector which includes various government agencies, public institutions, and government-owned entities held a noteworthy share of the market.

Explore the Complete GCC Accounting Software Market Analysis Report – https://www.marknteladvisors.com/research-library/gcc-accounting-software-market.html

Geographical Analysis: GCC Accounting Software Market

 By Country

• The UAE
• Saudi Arabia
• Oman
• Kuwait
• Bahrain
• Qatar

GCC Accounting Software Market Recent Development:

• 2023: Infor Inc. revealed that NEFC Group, a prominent UAE-based holding company, has successfully implemented Infor M3, a robust enterprise resource planning (ERP) system designed specifically for equipment-focused businesses.

• In 2023, Zoho Books announced the launch of new corporate tax features in Zoho Books, with the aim to automate Corporate Tax compliance and gain better visibility into their tax filings. The new features launched in Zoho Books will provide business entities with automated tax calculations to ensure timely and accurate tax filing.

Key Questions Addressed in This Study

• What are the primary factors driving the growth of the GCC Accounting Software Market?
• How is the GCC Accounting Software Market expected to evolve over the next five years?
• What key insights can be drawn from current trends shaping the market?
• What is the current market size, and how is it forecasted to change in the coming years?
• What is the future outlook for the market in terms of technological innovation and geographic expansion?

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Why MarkNtel Advisors?

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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