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. According to MarkNtel Advisors Study.
GCC Accounting Software Market Driver:
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.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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GCC Accounting Software Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2023
-Historical Period: 2019 to 2022
-Forecast Period: 2024 to 2029
- 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
- By Country
- The UAE
- Saudi Arabia
- Oman
- Kuwait
- Bahrain
- Qatar
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – Oracle Corporation, Infor Inc., SAP, Thomson Reuters, Sage Group Plc, Zoho Books, Zeta Software, Microsoft Corporation, Epicor, Tally Solutions looking forward to strengthening their market positions.
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