According to the latest report by IMARC Group, titled “Account Reconciliation Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global account reconciliation software market size reached US$ 2.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.2 Billion by 2028, exhibiting a growth rate (CAGR) of 13.1% during 2023-2028.
Account reconciliation software represents an advanced tool that is used to automate and standardize the settlement process for generating clear and precise financial statements. It is an easy-to-setup and user-friendly tool with several functionalities and features, such as transaction issue management, matching, reporting, classification, etc. Account reconciliation software is specifically designed to improve efficiency as well as save time and maximize productivity by eliminating the need for data manipulation and manual calculations. It offers accountants a streamlined method to ensure the accuracy of their balance sheets and allow them to analyze discrepancies, compare data, attach supporting documents and take the required actions quickly. Consequently, account reconciliation software is extensively gaining traction across various industries, including retail, information technology (IT), e-commerce, healthcare, telecommunications, banking, financial services and insurance (BFSI), etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The inflating need for standardized activities in banks and the growing utilization of customer-centric banking solutions are primarily driving the account reconciliation software market. Additionally, the increasing demand for automated banking solutions and error detection software to improve operational efficiency and minimize overall costs is further catalyzing the market growth. Besides this, the widespread adoption of account reconciliation systems to track interest charges, reduce accounting errors, minimize the risk of fraud, and monitor data, including trial balance and cash flows, is acting as another significant growth-inducing factor. Moreover, the elevating popularity of cloud solutions and continuous technological advancements are also positively influencing the global market. Apart from this, the rising number of online transactions and credit card payments is anticipated to fuel the account reconciliation software market over the forecasted period.
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
Competitive Landscape with Key Player:
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
Xero Limited
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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.
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