Global General Ledger Accounting Software Market Projected to Surpass $10.14 Billion by 2029 with 9.4% Annual Growth

Which drivers are expected to have the greatest impact on the over the general ledger accounting software market's growth?
The continual rise in the use of cloud-based services is predicted to drive the expansion of the general ledger accounting software market. Such cloud-based services pertain to apps, storage, on-demand amenities, computer networks, and other resources that are accessed via an internet connection within a shared cloud computing infrastructure offered by another provider. The escalating utilization of these services is prompted by the demand for adaptability, cost-effectiveness, accessibility, security, cooperation, and innovation in the current digital marketplace. Moreover, the cloud-based general ledger accounting software helps optimize financial procedures, bolster accessibility and collaboration, strengthen security, and offer cost-cutting benefits versus conventional on-site solutions. For example, as per the data provided by AAG IT, a UK oriented IT service firm, in February 2024, the public cloud service Infrastructure as a Service (IaaS) saw an increase in revenue from $343 billion in 2021 to $415 billion in 2022. Consequently, the continual increase in the utilization of cloud-based services is facilitating the expansion of the general ledger accounting software market.

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What is the future CAGR of the general ledger accounting software market, and how will it impact industry expansion?
The market size of general ledger accounting software has experienced significant expansion lately. It is predicted to escalate from $6.45 billion in 2024 to $7.08 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.8%. The historic period's growth can be ascribed to factors such as heightened globalization, improved user experience, increased real-time reporting, customization, integration, and regulatory compliance.

The market size of general ledger accounting software is anticipated to experience significant expansion in the forthcoming years, expected to reach $10.14 billion by 2029, with a CAGR of 9.4%. The predicted growth within this period can be credited to an increase in customer retention, a rise in pricing tactics, and greater customer acquisition. Key trends during the forecast period are expected to be subscription-based pricing models, data analytics and business intelligence, real-time reports, improved security measures, mobile accessibility, along with integration with AI and automation.

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How are the latest trends influencing the growth of the general ledger accounting software market?
Companies that are major players in the general ledger accounting software market are focusing their efforts on creating innovative solutions, like AI-powered revenue recognition and audit modules, to bring unprecedented clarity to accounting. These AI-powered revenue recognition and audit modules are software solutions that apply artificial intelligence (AI) to improve the precision, efficacy, and effectiveness of revenue recognition procedures and auditing tasks within corporations. To illustrate, Trullion Ltd., an esteemed accounting automation platform from the US, rolled out AI-enhanced audit modules in January 2023. These modules let auditors extract ERP/General Ledger (GL) files and immediately cross-check them against their original data, including invoices, PDFs, and additional client sources. This module provides an updated workflow to hasten the verification process of details within its audit automation solutions suite.

Which key market segments comprise the general ledger accounting software market and drive its revenue growth?
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 regions are at the forefront of general ledger accounting software market expansion?
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.

Who are the leading players fueling growth 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

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What Is Covered In The General Ledger Accounting Software Global Market Report?

• Market Size Forecast: Examine the general ledger accounting software market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the general ledger accounting software market for a structured understanding.
• Key Players Overview: Analyze major players in the general ledger accounting software market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the general ledger accounting software market.
• Segment Contributions: Evaluate how different segments drive overall growth in the general ledger accounting software market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the general ledger accounting software market.
• Industry Challenges: Identify potential risks and obstacles affecting the general ledger accounting software market.
• Competitive Landscape: Review strategic developments in the general ledger accounting software market, including expansions, agreements, and new product launches.

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