General Ledger Accounting Software Market Size, Trends And Overview Report 2024-2033

Overview and Scope

General ledger accounting software refers to software designed to manage and maintain a company’s general ledger, which is a comprehensive record of all financial transactions within the organization. The primary purpose of this software is to provide business performance analysis by organizing, recording, and categorizing transactions according to assets, liabilities, equity, revenue, and expenses.

Sizing and Forecast

The general ledger accounting software market size has grown strongly in recent years. It will grow from $5.91 billion in 2023 to $6.45 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increased globalization, increased user experience, increased real-time reporting, customization, integration, regulatory compliance.

The general ledger accounting software market size is expected to see strong growth in the next few years. It will grow to $9.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to increasing customer retention, increasing pricing strategy, increasing customer acquisition. Major trends in the forecast period include subscription-based pricing models, data analytics and business intelligence, real-time reporting, enhanced security measures, mobile accessibility, integration with AI and automation.

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Segmentation & Regional Insights

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

North America was the largest region in the general ledger accounting software market in 2023. 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.

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Major Driver Impacting Market Growth

The increasing adoption of cloud-based solutions is expected to propel the growth of the general ledger accounting software market going forward. Cloud-based solutions refer to applications, storage, on-demand services, computer networks, or other resources accessed with an internet connection through another provider’s shared cloud computing framework. The increasing adoption of cloud-based solutions is driven by the need for flexibility, cost efficiency, accessibility, security, collaboration, and innovation in today’s digital economy. Cloud-based general ledger accounting software streamlines financial processes, improves accessibility and collaboration, enhances security, and achieves cost savings compared to traditional on-premises solutions. For instance, in February 2024, according to reports published by AAG IT, a UK-based IT services company, Infrastructure as a Service (IaaS) public cloud service revenue increased from $343 billion in 2021 to $415 billion in 2022. Therefore, the increasing adoption of cloud-based solutions is driving the growth of the general ledger accounting software market.

Key Industry Players

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

The general ledger accounting software market report table of contents includes: