Dublin, April 07, 2025 (GLOBE NEWSWIRE) -- The "Singapore Accounting Software Market | Growth, Size, Industry, Analysis, Revenue, Value, Companies, Trends, Share & Forecast: Market Forecast By Component, By Enterprise Size, By Type, By End-use Industry And Competitive Landscape" report has been added to offering.

The Accounting Software Market in Singapore has experienced significant growth, driven by the rise of startups, expansion in the commercial office sector, and the widespread adoption of advanced IT infrastructure by both SMEs and large enterprises. These factors have increased the demand for accounting software solutions to manage the growing complexity of financial operations.

Moreover, the Singaporean government has strongly emphasized digital adoption, especially for SMEs, by allocating SGD1 billion (USD724 million) to fund digital transformation schemes, such as the Emerging Technology Programme, and launching the SMEs Go Digital initiative to help businesses embrace digital solutions, which would further contribute to the continued adoption of accounting software.

The Singapore Accounting Software Market Size is anticipated to grow at a CAGR of 4.2% during 2025-2031. The number of jobs in tech-enabled startups in Singapore is projected to rise from 5,000 in 2015 to 168,000 in 2035, potentially driving the adoption of accounting software in the years ahead. Furthermore, SAP, plans to end management support for on-premises software, prompting companies to shift to cloud solutions. As a result, there is a growing necessity for companies to transition to cloud-based software, which would positively boost the market growth. With Singapore's economy continuing to grow and businesses increasingly embracing digital transformation, the accounting software market is expected to experience substantial growth in the coming years.

In the Singapore accounting software market, the demand for services like implementation and consultation is significant, as they are pivotal in ensuring seamless integration and maximizing the value of accounting technologies. The commercial office sector commands the largest revenue share, as these offices typically handle larger workforces and more complex financial operations, necessitating sophisticated accounting software solutions.

Accounting software becomes integral for improving financial efficiency, ensuring compliance, and streamlining reporting in commercial office environments. Furthermore, the surge in the number of registered offices, reaching over 700 in 2023 from 400 in 2020, including those serving ultra-high-net-worth individuals, is driving the growth of this market segment.