According to the latest report by IMARC Group, titled “Account Reconciliation Software Market Trend: Global Industry Share, Size, Growth, Opportunity and Forecast 2022-2027,” the market is expected to reach a value of US$ 5.8 Billion by 2027 exhibiting a CAGR of 14.80% during 2022-2027.
Account reconciliation software is a technologically advanced tool that centralizes the financial close procedure and automates it for smooth business functioning. It collects data from the general ledger and compares it to bank statements and invoices for quick reconciliation of accounts. It is easy to set up and user-friendly with multiple functionalities and features, such as transaction matching, reporting, and issue classification and management. As a result, it is utilized by organizations worldwide to maximize productivity, enhance efficiency, and save time by minimizing the need for manual calculations and data manipulation.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Account Reconciliation Software Market Trends:
Account reconciliation software provides a streamlined method to ensure the accuracy of the balance sheets by analyzing discrepancies, comparing the data, and attaching additional documents. This, in confluence with the growing need for standardized activities and customer-centric banking solutions and the increasing number of online transactions and credit card payments, is driving the use of account reconciliation software in the banking, financial services and insurance (BFSI) sector. Apart from this, the introduction of innovative account reconciliation software integrated with artificial intelligence (AI) and machine learning (ML) is expanding its application in the e-commerce, retail, healthcare, telecom, and information technology (IT) sectors.
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Global Account Reconciliation Software Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
API Software Limited, BlackLine Inc., Broadridge Financial Solutions Inc., Fiserv Inc., Intuit Inc., Oracle Corporation, ReconArt Inc., Sage Group plc, SmartStream Technologies ltd., Trintech Inc. and Xero Limited.
The report has segmented the market on the basis on region, component, deployment mode, organization size, end user.
Breakup by Component:
- Software
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- BFSI
- Manufacturing
- Retail and E-Commerce
- Healthcare
- IT and Telecom
- Energy and Utilities
- Government and Public Sector
- Others
Breakup by Region:
- North America:(United States, Canada
- Asia-Pacific:(China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America;(Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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