Accounting Software Market to Thrive in GCC
MarkNtel Advisors has recently released a comprehensive study titled ” GCC Accounting Software Market Research Report: Forecast (2024-2029).” This in-depth analysis offers a detailed overview of the GCC Accounting Software Market, highlighting its significant growth prospects. With a focus on market trends and dynamics, competitor analysis, and market categorization, the report sheds light on the booming industry, providing stakeholders with invaluable insights into this thriving sector.
As per our analyst, The GCC Accounting Software Market is set to grow at an 8.9% CAGR from 2024 to 2029 due to government-led digitalization efforts in sectors like finance, healthcare, and education. Fintech growth, with a 79% YoY increase in Saudi Arabia’s Fintech firms in 2022, has accelerated the adoption of accounting software. Also, countries like the UAE are further promoting digitalization through initiatives like open finance and digital currencies, boosting digital transactions and accounting software demand.
GCC Accounting Software Market Dynamics
GCC Accounting Software Market Key Driver:
The rapid growth of SMEs in the GCC region, aided by government support and digitalization efforts, has increased the demand for accounting software. Saudi Arabia’s SMEs, for example, grew by 9.3% in Q3 2022, reaching 1 million.
GCC Accounting Software Market Opportunity:
Efforts to develop the logistics sector in countries like Saudi Arabia and Oman create opportunities for accounting software providers as warehousing and distribution centers require efficient financial management solutions.
GCC Accounting Software Market Probable Challenge:
The rise in cyberattacks in the GCC region has made businesses cautious about adopting new software solutions, including accounting systems, without robust cybersecurity measures.
GCC Accounting Software Industry Trend:
Robotic Process Automation (RPA) is gaining traction in the GCC accounting software market, driven by the need for efficiency and accuracy in financial operations. Outsourcing companies and firms like EBS Business Solutions are actively incorporating RPA in accounting functions.
GCC Accounting Software Market Segments, as per The Research Report
- By Deployment Type (Cloud- Based, On Premise),
- By Solution (Software- Based, Service)
- By Enterprise Size (Large Enterprises, Small & Medium Enterprises)
- By Type (Spreadsheet, ERP , Custom Accounting Software, Tax Management Software)
- By End User (BFSI, IT & Telecommunication, Automotive, Retail & Consumer Goods, Oil & Gas, Manufacturing, Healthcare, Government & Public Sector, Construction & Real Estate, Others)
- By Country (The UAE, Saudi Arabia, Oman, Kuwait, Bahrain, Qatar)
- By Company (Oracle Corporation, Infor Inc., SAP, Thomson Reuters, Sage Group Plc, Zoho Books, Zeta Software, Microsoft Corporation, Epicor, Tally Solutions)
ERP Segment To Acquire The Maximum Share, Among Other Types
The ERP segment is currently experiencing a surge in demand, primarily due to its extensive features and strong appeal to medium and large-sized enterprises. ERP systems seamlessly integrate multiple business functions, including accounting and finance, into a unified platform. This integration has led to significant adoption within the retail sector.
Moreover, among the countries in the Gulf Cooperation Council (GCC) region, Saudi Arabia, the UAE, Qatar, and others stand out as the largest consumer markets. Consequently, these nations have witnessed the flourishing of retail giants such as Panda Retail Co (Savola Group), Abdullah Al Othaim Markets, Lulu Group International (EMKE Group), and Carrefour (USDA). The retail sector’s expansion has generated a substantial demand for ERP accounting software to efficiently manage various facets of their operations, encompassing sales, inventory, procurement, and financial transactions.
The Government and Public Sector, Comprising Government Agencies, Institutions, And Government-Owned Entities, Held A Significant Market Share
They provided a wide range of services like education, healthcare, infrastructure development, defense, and public utilities, each with unique accounting requirements. Accounting software adoption was prevalent due to these distinct needs, fueling market growth. Several countries in the region, including the UAE, Saudi Arabia, and Qatar, actively promote digital transformation in the government sector. For instance, the UAE introduced the “UAE Digital Government Strategy 2025” in 2022, aiming to enhance government services’ efficiency and customer service through digital integration. This trend is expected to drive accounting software adoption in the future.