General Ledger Accounting Software Global Market Report 2024

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 observed during the historic period can be attributed to several factors, including heightened globalization, improved user experience, enhanced real-time reporting capabilities, customization options, integration capabilities, and compliance with regulatory standards.

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 projected growth in the forecast period is expected to be driven by factors such as a rise in customer retention efforts, advancements in pricing strategies, and an uptick in customer acquisition endeavors. Noteworthy trends anticipated during this period include the adoption of subscription-based pricing models, utilization of data analytics and business intelligence tools, implementation of real-time reporting capabilities, enhancement of security measures, increased mobile accessibility, and integration with artificial intelligence and automation technologies.

The general ledger accounting software market is poised for significant growth, fueled by the increasing adoption of cloud-based solutions. Cloud-based solutions, encompassing applications, storage, and on-demand services accessed via the internet through shared cloud computing frameworks, are gaining traction due to their flexibility, cost efficiency, accessibility, security, collaboration, and innovation benefits in today's digital landscape. Cloud-based general ledger accounting software facilitates streamlined financial processes, enhances accessibility and collaboration, ensures security, and delivers cost savings compared to traditional on-premises solutions. For instance, in February 2024, AAG IT reported a substantial increase in Infrastructure as a Service (IaaS) public cloud service revenue, underscoring the rising demand for cloud-based solutions and their impact on driving the general ledger accounting software market forward.

Key players in the general ledger accounting software market are concentrating on developing innovative solutions to meet evolving industry demands. Among these innovations are AI-enabled revenue recognition and audit modules, which leverage artificial intelligence (AI) technologies to enhance the accuracy, efficiency, and effectiveness of revenue recognition processes and auditing tasks within organizations. For example, Trullion Ltd., a leading accounting automation platform, introduced AI-enabled audit modules in January 2023. These modules empower auditors to extract ERP or General Ledger (GL) files and instantly validate them against source data such as invoices and PDFs, thereby expediting the testing of details within the suite of audit automation solutions.

In March 2022, Jonas Software Solutions bolstered its offerings by acquiring CompuMove Systems Corporation, a move aimed at expanding its range of services to include specialized ledger accounting software tailored for the moving industry. This acquisition enhances general ledger distribution and financial processes, ultimately improving operational efficiency for businesses. CompuMove Systems Corporation, known for its financial management capabilities including general ledger accounting software, further strengthens Jonas Software Solutions' position in serving industry-specific needs with tailored software solutions.

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.

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.

The countries covered in the general ledger accounting software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

General ledger accounting software is specifically designed to oversee and maintain a company's general ledger, which serves as a comprehensive record of all financial transactions conducted within the organization. Its primary function is to facilitate business performance analysis by systematically organizing, recording, and categorizing transactions based on assets, liabilities, equity, revenue, and expenses.

The primary categories of general ledger accounting software products include on-premises and cloud-based solutions. On-premises software refers to IT infrastructure hardware and software applications utilized in accounting software systems. The choice between these options is typically influenced by factors such as security requirements, available IT resources, scalability needs, and budget constraints. These solutions offer various pricing structures, ranging from one-time licenses to subscription-based models, catering to a diverse array of applications across both large and small enterprises.

The general ledger accounting software market research report is one of a series of new reports that provides general ledger accounting software market statistics, including general ledger accounting software industry global market size, regional shares, competitors with a general ledger accounting software market share, detailed general ledger accounting software market segments, market trends and opportunities, and any further data you may need to thrive in the general ledger accounting software industry. This general ledger accounting software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The general ledger accounting software market consists of revenues earned by entities by providing services such as budgeting and forecasting, journal entries, general ledger maintenance, and financial data management. The market value includes the value of related goods sold by the service provider or included within the service offering. The general ledger accounting software market also includes sales of chart of accounts (COA), general ledger, and security and access control. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.