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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Account Reconciliation Software Market Trends and Drivers:
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.
Global Account Reconciliation Software Market 2023-2028 Analysis and Segmentation:
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.
- Xero Limited.
The report has segmented the market on the basis on component, deployment mode, organization size, end user.
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- Retail and E-Commerce
- IT and Telecom
- Energy and Utilities
- Government and Public Sector
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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