What Has Been the Progress and Growth of the General Ledger Accounting Software Market in Recent Years?
The general ledger accounting software market has seen considerable growth due to a variety of factors.
• Over the recent years, the market size for general ledger accounting software has experienced substantial growth. It is projected to increase from $6.45 billion in 2024 to $7.08 billion in 2025, representing a compound annual growth rate (CAGR) of 9.8%.
This expansion during the historic term can be linked to factors such as heightened globalization, improved user experience, enhanced real-time reporting, customization, integration, and regulatory compliance.
What Can Be Expected from the General Ledger Accounting Software Market Size?
The general ledger accounting software market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size of general ledger accounting software is anticipated to undergo significant expansion. By 2029, it's projected to reach $10.14 billion due to a compound annual growth rate (CAGR) of 9.4%.
A rise in customer retention, improvement in pricing strategies, and a boost in customer acquisitions are some key factors contributing to this growth during the forecast period. The major trends to look out for during this timeline include subscription-based pricing models, use of data analytics and business intelligence, real-time reporting, beefed-up security measures, mobile accessibility, and integration with AI and automation.
What Are the Critical Driver Fuelling The General Ledger Accounting Software Market's Growth?
The surging uptake of cloud-based solutions will likely fuel the expansion of the general ledger accounting software market in time. Cloud-based solutions encompass applications, storage, on-demand services, computer networks, or any other resources accessed online through another provider's shared cloud computing architecture. This rise in cloud-based solutions adoption results from the growing need for flexibility, cost-effectiveness, access, protection, collaboration, and creativity in our present digital economy. Cloud-based general ledger accounting software improves financial procedures, boosts access and collaboration, fortifies security, and delivers cost reductions in comparison to conventional on-site solutions. For example, as per data released by AAG IT, a UK-based IT services enterprise in February 2024, Infrastructure as a Service (IaaS) public cloud service sales amplified from $343 billion in 2021 to $415 billion in 2022. Consequently, this surge in the adoption of cloud-based solutions is propelling the general ledger accounting software market's growth.
How Is The General Ledger Accounting Software Market segmented?
The general ledger accounting software market covered in this report is segmented –
1) By Product Or Type: On-Premises, Cloud-Based
2) By Pricing Model: One-Time License, Subscription-Based
3) By Application: Large Organizations, Small And Mid-size Organizations
Subsegments:
1) By On-premises: Single-User Solutions, Multi-User Solutions, Customizable On-Premises Solutions
2) By Cloud-based: Subscription-Based Solutions, Pay-Per-Use Solutions, Hybrid Cloud Solutions
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What New Trends Are Influencing The General Ledger Accounting Software Market?
Key businesses in the general ledger accounting software market are dedicating their resources to create groundbreaking solutions like AI-driven revenue recognition and audit modules to facilitate enhanced clarity in accounting procedures. These software solutions utilize the prowess of artificial intelligence (AI) to improve the precision, productivity, and effectiveness of revenue recognition approaches and audit operations within companies. For example, in January 2023, Trullion Ltd., a leading accounting automation platform based in the US, announced the launch of AI-integrated audit modules. These modules enable auditors to immediately validate ERP/General Ledger (GL) files against their origin data such as invoices, PDFs, and assorted client sources, by extracting them. The module introduces a novel workflow to hasten the test of details included in their array of audit automation solutions.
Who Are the Key Players In The General Ledger Accounting Software Market?
Major companies operating in the general ledger accounting software market are:
• Oracle Corporation
• QuickBooks Inc.
• SAP ERP Core Finance
• Sage Group plc
• Xero Limited
• Infor Inc.
• Zoho Corporation Pvt. Ltd.
• Open Systems Accounting Software (OSAS)
• Multiview Financial Software
• FinancialForce.com Inc.
• Soft Ledger Inc.
• Patriot Software LLC
• Deskera ERP
• ZipBooks Software Solutions Pvt. Ltd.
• Plooto Inc.
• Bench Accounting Inc.
• Abila MIP Fund Accounting
• Acumatica Inc.
• Accounting Seed Inc.
• Technology Group International (TGI)
• AccuFund Inc.
• OneUp SAS
• Wave Financial Inc.
• Trullion Ltd.
• Sage Fixed Assets
What Is The Most Dominant Region In The General Ledger Accounting Software Market?
North America was the largest region in the general ledger accounting software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the general ledger accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
