The new report by Expert Market Research titled, ‘Global Account Reconciliation Software Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global account reconciliation software market, assessing the market based on its segments like component, deployment mode, enterprise size, operating system, industry vertical and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 14.6 %
The adoption of bank reconciliation software, which helps to complete bank reconciliations with greater accuracy and efficiency, is moving the worldwide account reconciliation software business forward. As a result of the surge in credit card payments and the growing requirement to issue electronic and online invoices, end users are using bank reconciliation software.
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Bank reconciliation software is in high demand because it provides unrivaled flexibility, intelligence, and automation for reconciling bank activity and daily payments. Furthermore, adopting bank reconciliation software allows organizations to gain a more accurate picture of their cash condition while using less resources more efficiently, enhancing industry growth even more.
Industry Definition and Major Segments
Reconciliation refers to process of reconciling monthly accounts from external sources such as financial institutions, banks and credit card firms with internal financial related accounts. A number of banks and fintech organisations utilise account reconciliation software to manage their accounts in their internal sales registers and detect human errors.
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Based on component, the market can be divided into:
The major deployment modes of account reconciliation software are:
Based on enterprise size, the market is segmented into:
• Large Enterprises
• Small and Medium Enterprises (SMEs)
Based on operating system, the market can be classified as:
• Bank Reconciliation
• Customer Reconciliation
• Inter-Company Reconciliation
On the basis of its industry verticals, the market can be bifurcated into:
• Retail and E-Commerce
• IT and Telecom
• Energy and Utilities
• Government and Public Sector
The regional markets include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Artificial intelligence is increasingly being implemented into various reconciliation software and development projects to automate difficult reconciliations while improving time-efficiency and cost-effectiveness, which is driving market growth. Top reconciliation software suppliers, such as Oracle Corporation and SAP SE, are incorporating machine learning and artificial intelligence into the development of advanced and novel reconciliation software models at a quick pace, increasing market growth.
SAP SE, for example, released its SAP cash application in 2018, which improves reconciliation and cash flow management using artificial intelligence and machine learning. In addition, a growing number of merchants are using artificial intelligence into reconciliation software to eliminate human errors in the accounting process and improve the security of bank transactions, resulting in market development. It also aids merchants in better comprehending client transactions and increases transaction visibility, all of which are expected to drive market growth in the approaching years.
Key Market Players
The major players in the market, are Broadridge Financial Solutions, Inc., BlackLine Inc., Oracle Corporation, ReconArt, Inc., Fiserv, Inc., and Others.
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