The Xero Limited (ASX: XRO) share price is taking a hit today.

It's down about 3% at the time of writing.

In fact, the Xero share price has lost about 17% of its value over the past two months.

And for me, that's a good thing, as the stock is now trading at a bargain.

It's likely that today's sell-off is prompted by the fallout from Donald Trump's tariff announcement.

But I don't see that news as having a long-term material impact on Xero's growth prospects.

I've heard concerns raised about Xero's growth prospects being hampered by challenges with expanding in the North American market.

And one of those challenges comes in the form of Intuit Inc (NASDAQ: INTU), the market leader in the North American accounting platform space.

Sure, the North American market is huge.

Still, there's more to the world than North America. Much more.

And the growth potential for accounting software that exists outside the United States far exceeds what's on offer in the world's biggest economy.

The value of the accounting software market is widely expected to double over the next decade.

And most of that growth will occur outside North America.

Currently, Xero's three biggest markets are Australia and New Zealand, the United Kingdom, and North America.

Strong growth

In its latest half-year results, released in November, Xero reported a 25% increase in revenues for the six months to 30 September to NZ$996 million. 

While about NZ$567 million of that figure came from the Australia and New Zealand region, only NZ$59 was generated in North America.

It's tempting to focus on the lucrative North American market, but I think that can lead to losing sight of the big picture.

It is interesting to note that revenues for the six months to 30 September for the rest of the world, outside of Xero's three core markets, totalled about NZ$98.5 million, up 22% on the prior corresponding period.

Xero has stated that it remains focused on growing its three core markets.

But, clearly, there is untapped potential outside Xero's focus area, with the company noting that South Africa and Singapore were key revenue drivers outside its core markets.

Big plans

Xero has plans to double the size of its business in the coming years.

With solid, steady growth, it looks on track to achieve its goals.

While the company will face challenges in the North American market, it can more than offset the implications of those challenges with solid growth prospects outside North America.

I still see Xero as a buy.