General ledger software improves accountability for payments to physicians, hospitals, and other providers servicing. A general ledger is a complete record of financial transactions of a company or an organization. The ledger holds account information that is needed to prepare financial statements, and includes accounts for assets, liabilities, owners’ equity, revenues, and expenses. It generates a financial statement with all the account payable, receivable and other financial details.
In 2013, Asia accounted for 12.47% of the global general ledger systems market. The market was valued at $60.0 million in 2012 and is expected to grow at a CAGR of 5.2% from 2013 to 2018.
Recognised as one of the fastest growing market, healthcare organizations in Asia are actively moving towards digitization to ensure patient safety and care, and to streamline the entire workflow system in large healthcare enterprises.
The market is expected to grow due to growing medical tourism in countries like India, Singapore, and Thailand. Growing medical tourism will increase the flow of patients in hospitals, which in turn will increase the burden on healthcare organizations to manage flow of patients data including financial. In order to manage administrative and clinical workflow, it becomes imperative for healthcare organizations to integrate IT solutions like general ledger system.
This market is segmented and forecasted on the basis of type into integrated general ledger systems and standalone general ledger systems. Integrated general ledger system accounts for the largest share in the Asian general ledger market and is expected to grow at a CAGR of 6.2% from 2013 to 2018. On the basis of components the market is segmented into hardware, software and services, while deployments have been segmented on-premise, cloud-based, and web-based. The market is further segmented and forecasted on the basis of major countries, which include China, India, and Japan. The market is also segmented and analyzed on the basis of end users.
The IT infrastructure of healthcare payers is currently constrained by aged and inflexible systems, which is a limiting factor affecting their capabilities to capitalize on new markets, respond to competition and legislation, and improve operational efficiency. This has enticed healthcare payers to consider replacement of existing systems with new ones, which in turn is driving the market.
The report on the Asian general ledger system market provides an extensive competitive landscape of companies operating in this market. The key players covered in the report are Aspect Software, Avaya Inc., Cerner Corporation, Infor, and Oracle Corporation. This report also includes the market share, value chain analysis, and market metrics such as drivers, restraints, and upcoming opportunities in the market.
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