Cloud Based
Market value for cloud based in the Global account reconciliation software market was accounted for USD 29165.9 million in 2019, and is expected to reach USD*** million by 2027 at a CAGR of 9.0%. Cloud Based accounted for a value share of 40.05% in the 2019 Global account reconciliation software market. Increased concern among the banking enterprises regarding the data security features of reconciliation software is expected to propel the cloud based segment of the global market. Large banks are adopting cloud-based infrastructure mainly to divest their expenditure in server hardware. In terms of cost, lower upfront cost and storage cost has helped the growth of the cloud services to grow at a rapid pace. Extra storage can be added with no hardware to purchase. However, deployment of reconciliation software on the cloud would be vulnerable to security control because data and software reside in the hand of the vendor and not the customer.
On Premise
On premise market value in the Global account reconciliation software market was accounted for USD 43660.1 million in 2019, and is expected to reach USD *** million by 2027 at a CAGR of 7.9%. On-Premise accounted for market value share of 59.95% in 2019 Global account reconciliation software market. Most of the banks and enterprises are migrating from On-Premises Financial Close Management to Account Reconciliation Cloud. Many companies are considering the benefits of moving to the cloud with their EPM/BI technologies, including Account Reconciliation tools. Though less than 35% of companies have adopted cloud technologies thus far, Hackett’s research indicates that cloud adoption will more than double over the next two years. Oracle Account Reconciliation Cloud Services (ARCS) provides an ideal option for those clients already using the on-premise Oracle Account Reconciliation Manager (ARM), as functionality can be migrated quickly and easily, to grasp the benefits of new abilities within the Cloud application. There are few companies like Oracle which are still offering an on-premise account reconciliation solution and even they announced the release of a new version by the end of 2019.
Based on the application the global account reconciliation software market is segmented into banks and enterprises.
The bank's application market value in the Global account reconciliation software market was accounted for USD 31638.5 million in 2019, and is expected to reach USD ***million by 2027 at a CAGR of 8.8%.
Banks application accounted for a value share of 43.44% in 2019 in the Global account reconciliation software market. With 85% of banks citing the implementation of digital technology in their banking operations, it has become a business priority in 2019. Investment in technology to drive efficiency, manage evolving risks and benefit from growth opportunities will foster the growth of reconciliation software during the forecast period in the banking sector. Reconciliation software is one of the tools that has become imperative for the banking industry to run the internal operations smoothly and efficiently. Also, there has been the substantial adoption of its use among banks from developed to emerging economies to build a robust banking infrastructure. At present, new bank reconciliation software solutions like cashbooks integrate with all major ERPs and banks to provide easy, mechanized bank account reconciliation to users. Automated reconciliation software often saves around 41% of the time to organizations and resources are first dedicated to bank reconciliation.
Enterprises Market value in Global account reconciliation software market was accounted for USD 41187.6 million in 2019, and is expected to reach USD ****million by 2027 at a CAGR of 7.9%.
Enterprise applications accounted for the largest value share of 56.56% in 2019 in the Global account reconciliation software market. Over the past few years, numerous companies have adopted cloud applications specifically designed to automate account reconciliation. These systems automate the preparation of high-volume, labor-intensive reconciliations, execute transaction matching, and provide interactive dashboards to more effectively manage the process. Furthermore, due to a growing number of rules and regulations ensuring the accuracy of account reconciliations has become increasingly important for organizations. Applications such as Oracle Account Reconciliation Cloud pull in data from disparate systems and accounts and automatically compare transactions. In most cases, transactions can be reconciled automatically. This software keeps track of all the bills paid. This allows finance teams to manage the overall reconciliation and compliance process for the entire balance sheet. It also provides a single, more accurate, real-time overview of the financial close position of the organization.
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