According to MarkNtel Advisors study 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.
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Key Findings of the Study: GCC Accounting Software market
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.
GCC Accounting Software Market Challenge:
Increasing Cyber Security Breaches to Restrict the Market Potentiality – The GCC countries have been rapidly embracing digital transformation in various sectors, including government, finance, healthcare, and energy. This significant expansion of digital infrastructure has left these sectors vulnerable to cyberattacks. Cybercriminals have become increasingly sophisticated, employing advanced malware, ransomware, and phishing campaigns. Consequently, instances of cyberattacks have seen a sharp increase.
According to a report from cybersecurity firm Group IB, more than 42 companies in the GCC region fell victim to ransomware attacks during the years 2021 and 2022. These attacks were distributed across the region, with 33% targeting companies in the UAE, 29% in Saudi Arabia, 21% in Kuwait, 10% in Qatar, 5% in Oman, and 2% in Bahrain. As a result, enterprises in the region are becoming increasingly concerned about the security of their financial data and sensitive information. The high-profile ransomware incidents have made them cautious about adopting new software solutions, including accounting systems software, without first ensuring the presence of robust cybersecurity measures.
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Scope of the Report and GCC Accounting Software Market Segmentation:
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
Among them, the government public sector which includes various government agencies, public institutions, and government-owned entities held a noteworthy share of the market.
GCC Accounting Software Market 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.
Geographical Analysis:
By Country
- The UAE
- Saudi Arabia
- Oman
- Kuwait
- Bahrain
- Qatar
Saudi Arabia has registered substantial growth due to the country's economic diversification efforts aimed at reducing dependency on oil revenues and promoting non-oil sectors.
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