The latest report by IMARC Group, titled "Account Reconciliation Software Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global account reconciliation software market size reached US$
2.9 Billion in 2022. Account reconciliation software is used to automate and standardize the settlement process to create clear and precise financial statements. Some commonly available software includes ReconArt, Blackline, Xero, Bank Rek, and AutoRek. It is an easy-to-set-up and user-friendly tool with numerous features and functionalities, including issue management, transaction matching, classification, cloud-based, task flow, reporting group suitability, postings, data acquisition, matching techniques, and interface. It is designed to augment productivity, enhance efficiency, and save time by eliminating the need for data manipulation and manual calculations. In addition, it offers accountants a streamlined method to assure the accuracy of their balance sheets and allows them to analyze discrepancies, compare data, attach supporting documents, and take the required actions quickly. As a result, account reconciliation software is widespread across banking, financial services, insurance (BFSI), retail, e-commerce, healthcare, government and public, information technology (IT), and telecom.
Global Account Reconciliation Software Market Trends:
The market is primarily driven by the increasing number of credit card payments and online transactions in several industries. Nowadays, account reconciliation software is widely employed to track interest charges, minimize the risk of fraud, reduce accounting errors, and monitor data, such as trial balance and cash flows. Besides this, the surging need for standardized activities in banks and the widespread adoption of customer-centric banking solutions represent another major growth-inducing factor. In addition, the escalating demand for error detection software to improve operational efficiency and minimize overall costs is accelerating the product adoption rate across the globe. Apart from this, key market players are launching innovative account reconciliation software incorporated with advanced technologies, including machine learning (ML) and artificial intelligence (AI), to enhance the cash flow management and reconciliation process. This, coupled with the growing need for generating electronic bills, is creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$
6.2 Billion by 2028, exhibiting a CAGR of
13.1% during the forecast period (2023-2028).
- Based on the component, the market has been bifurcated into software and services.
- On the basis of the deployment mode, the market has been divided into on-premises and cloud-based.
- Based on the organization size, the market has been classified into small and medium-sized, and large enterprises.
- On the basis of the end user, the market has been segmented into BFSI, manufacturing, retail and e-commerce, healthcare, IT and telecom, energy and utilities, government and public sector, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report, with the profiles of the key players being 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.
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