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General Ledger Accounting Software Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
General Ledger Accounting Software Market
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the general ledger accounting software market are focused on developing innovative solutions, such as AI-enabled revenue recognition and audit modules, to power new levels of accounting transparency. AI-enabled revenue recognition and audit modules are software solutions that leverage artificial intelligence (AI) technologies to enhance the accuracy, efficiency, and effectiveness of revenue recognition processes and auditing tasks within organizations. For instance, in January 2023, Trullion Ltd., a US-based leading accounting automation platform, launched AI-enabled audit modules, allowing auditors to extract ERP/General Ledger (GL) files and instantly validate against their source data, such as invoices, PDFs, and other client sources. This module offers a new workflow to expedite the test of details within its suite of audit automation solutions.
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Major Key Players of the Market:
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
General Ledger Accounting Software Market 2024 Key Insights:
• 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%.
• Driving Forces Behind Adoption Of Cloud-Based General Ledger Accounting Software
• Leading Companies Innovating In General Ledger Accounting Software With AI-Enabled Revenue Recognition And Audit Modules
• North America was the largest region in the general ledger accounting software market in 2023
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