GCC Accounting Software Market: In-Depth Analysis and Forecasts for 2024-2029

MarkNtel Advisors, a leading market research firm, has showed its latest study titled "GCC Accounting Software Market", offering a detailed industry overview and market perspective. This comprehensive research provides insights into the current state of the market, highlighting recent advancements and emerging trends.

The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.

Analysis and Insights into the GCC Accounting Software Market: 2024-2029

The GCC Accounting Software Market size 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. The GCC region has witnessed substantial digitalization due to government initiatives such as national strategies, funding programs, and regulatory frameworks, across various sectors such as financial services, healthcare, education, e-commerce, etc. As establishments in these sectors adopted digital tools and systems, the need for accounting software to streamline financial processes, automate transaction recording, and generate real-time financial reports surged which supported the growth of the market.

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What are the primary factors driving the growth of the GCC Accounting Software Market?

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.

GCC Accounting Software Market Segmentation:

The GCC Accounting Software market is categorized in to different segments. Analyzing growth across these segments enables a comprehensive understanding of key growth areas within the industry. This segmentation provides valuable market insights, empowering stakeholders to make strategic decisions and identify primary market applications effectively.

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

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

Geographical Analysis into the GCC Accounting Software Market:

The GCC Accounting Software market is categorized based regional:

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

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Competitive Landscape and GCC Accounting Software Market Share Analysis:

The competitive landscape of the GCC Accounting Software Market includes comprehensive details about competitors. These details encompass company overviews, financial performance, revenue generation, market potential, investments in research and development, new market strategies, production facilities, strengths and weaknesses, product launches, ongoing trials, approvals, patents, product range, dominant applications, and technology life cycle.

• Oracle Corporation
• Infor Inc.
• SAP
• Thomson Reuters
• Sage Group Plc
• Zoho Books
• Zeta Software
• Microsoft Corporation
• Epicor
• Tally Solutions

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Questions Addressed in this Study

1. What factors are driving the GCC Accounting Software Market growth?
2. How is the GCC Accounting Software Market expected to grow over the next five years?
3. What are the key insights into the current trends in the GCC Accounting Software Market?
4. What is the current size of the GCC Accounting Software Market, and how is it projected to change in the future?
5. What is the future outlook for the GCC Accounting Software Market in terms of technological advancements and market expansion?

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Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more 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 14.8 diverse industrial verticals.

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