Account Reconciliation Software Market, Size, Share, Opportunities and Forecast, 2020-2027

SKU: DIC162 | Last Updated On: Jun 10 2020 | No. of Pages: 223 | Available Formats

> Global Account Reconciliation Software Market Expected to reach at a high CAGR by 2027: DataM Intelligence

Global Account Reconciliation Software Market is segmented By Type (Cloud based, On Premies), By Application (Banks, Enterprise), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2020-2027

 

Market Overview

The Global Account Reconciliation Software Market is expected to grow at a high CAGR during the forecasting period (2020-2027).

Growing adoption of automated banking solutions is boosting the market growth, owing to its high quality and reduced reconciliation time is supplementing the development of this market. Growing standardized activities in bank is the major factors driving the global account reconciliation software market.  It is owing to factors such as this software which help in reducing risk, improving quality and save time through automated operations in accounting is known as account reconciliation software. Additionally, launch of new version of cloud and on-premise platforms to support reconciliation software is propelling the global market growth.  For instance, in 2018, SS&C Technologies developed a middle- and back-office platform for accounting and reconciliation activities.

Market Dynamics

The major driving factor of global Account Reconciliation Software market is growing adoption of automated banking solutions. Growing adoption of automated banking solutions is boosting the market growth, owing to its high quality and reduced reconciliation time is supplementing the development of this market. Through traditional methods, 90% of accounting personnel’s time is spent simply completing reconciliations, and only 10% of it is spent actually analyzing the implications of the results. 

Reconciliation software is equipped with various features that help in reducing risks, improving quality, and save time through automated operations. In addition, reconciliation software provides the ability to streamline reconciliation, eliminate paper checks, and enhance vendor payments. Also, it can help to identify bank fees and other hidden expenses that you might not know you are paying and it track all the transactions and reconciling balances each month can keep from having an overdraft or missing a payment.

However, Data Security and Private Concerns & High Implementation Cost is the key restraint hampering the market growth. Software users are worried about the security of their data as they are accessible by foreign parties. Even though firewalls are believed to have the capability to solve this problem, but the firewall setup on a computer may get screwy at times; when this happens, there is nothing much they can do. Also, legacy systems take time and require a focused staff to manually review and compare ledgers with bank statements on a monthly or bi-monthly basis

Market Segmentation

By type, the Account Reconciliation Software market is segmented into cloud based and on premises. On premise market value in the Global account reconciliation software market was accounted for USD 40562 million in 2018, and is expected to reach USD XX million by 2026 at a CAGR of XX %. 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 release of a new version by the end of 2019.  

Geographical Analysis

North America Account Reconciliation Software market was valued at USD 24468.3 million in 2018 and is estimated to grow at a CAGR of XX % over the forecast period to reach USD XX million by 2026. The North America market is majorly segmented into U.S. and Canada. North America Account Reconciliation Software market is growing due to high public awareness, intense competition and continuously growing transaction volume in the region.

Account Reconciliation Software improves the quality and accuracy of financial data and reduce errors and inaccuracies. This saves a considerable amount of time and allows highly skilled accountants to focus on more difficult tasks, like analysis, risk mitigation, and exception handling. According to a survey conducted in U.S. in 2018, around 58% of U.S. population uses mobile banking for transferring money and in 2016 around 62% of U.S. population cited digital banking as their primary method of banking.

Competitive Landscape

The Account Reconciliation Software market is competitive with existing players in the market.

Some of the major players include Broadridge, AutoRek, ReconArt, SmartStream, Oracle, SS&C, Trintech Inc., BlackLine, Treasury, Xero, DataLog, Cashbook, Rimilia and Fiserv.

The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the growth of the Account Reconciliation Software Market.

In April 2019, AutoRek, global financial control, regulatory reporting, and data management platform collaborated with Cforia Software. With this collaboration, the company’s extended its global reach and offer an end-to-end solution from cash collection to cash application and cash reconciliation.

In April 2019, ReconArt Inc. is in partnership with Valuement Group srl. With this partnership, the two companies have joined forces with the primary objective to elevate the client experience.

In October 2018, SmartStream Technologies introduced new reconciliation module TLM Aurora to deal with digital marketplace evolution.

Why Purchase the Report?

  • Visualize the composition of the account reconciliation software in terms of various types of applications and their types highlighting the key commercial assets and players.
  • Identify commercial opportunities in the account reconciliation software market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of account reconciliation software market-level 4/5 segmentation.
  • A PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

The Account Reconciliation Software report would provide access to an approx, 53 data tables, 42 figures, and 150 pages.

Target Audience

  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

 

Table of Content

  1. Global Account Reconciliation Software Market Methodology and Scope

    1. Research Methodology
    2. Research Objective and Scope of the Report
  2. Global Account Reconciliation Software Market – Market Definition and Overview

  3. Global Account Reconciliation Software Market – Executive Summary

    1. Market Snippet by Type
    2. Market Snippet by Application
    3. Market Snippet by Region
  4. Global Account Reconciliation Software Market Dynamics

    1. Market Impacting Factors
      1. Drivers
        1. Increasing requirement for standardized activities in banks
        2. Growing implementation of customer-centric banking solutions
      2. Restraints
        1. High implementation cost
        2. Data security and privacy concerns
      3. Opportunity
      4. Impact Analysis
  5. Global Account Reconciliation Software Market – Industry Analysis

    1. Porter's Five Forces Analysis
    2. PEST Analysis
    3. Investment Vs Adoption Scenario
  6. Global Account Reconciliation Software Market – By Type

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      2. Market Attractiveness Index, By Type
    2. Cloud based*
      1. Introduction
      2. Market Size Analysis, USD Million, 2016-2025 and Y-o-Y Growth Analysis (%), 2018-2026
    3. On Premies
  7. Global Account Reconciliation Software Market – By Application

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      2. Market Attractiveness Index, By Application
    2. Banks*
      1. Introduction
      2. Market Size Analysis, USD Million, 2016-2025 and Y-o-Y Growth Analysis (%), 2018-2026
    3. Enterprise
  8. Global Account Reconciliation Software Market - By Region

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region
      2. Market Attractiveness Index, By Region
    2. North America
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. U.S.
        2. Canada
    3. Europe
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. Germany
        2. U.K.
        3. Rest of Europe
    4. South America
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
    5. Asia Pacific
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. China
        2. India
        3. Japan
        4. Rest of Asia Pacific
    6. Middle East and Africa
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
  9. Global Account Reconciliation Software Market Competitive Landscape

    1. Competitive Scenario
    2. Market Positioning/Share Analysis
    3. Mergers and Acquisitions Analysis
  10. Global Account Reconciliation Software Market Company Profiles

    1. Broadridge*
      1. Company Overview
      2. Product Portfolio and Description
      3. Key Highlights
      4. Financial Overview
    2. AutoRek
    3. ReconArt
    4. SmartStream
    5. Oracle
    6. SS&C
    7. Trintech Inc.
    8. BlackLine
    9. Treasury
    10. Xero
    11. DataLog
    12. Cashbook
    13. Rimilia
    14. Fiserv (** List not exhaustive)
  11. Global Account Reconciliation Software Market – DataM

    1. Appendix
    2. About Us and Services
    3. Contact Us

List of Tables & Figures

LIST OF TABLES

Table 01 Global Account Reconciliation Software  Market Value, By Type, 2018,2022 & 2027 (USD Million)
Table 02 Global Account Reconciliation Software  Market Value, By Application, 2018,2022 & 2027 (USD Million)
Table 03 Global Account Reconciliation Software  Market Value, By Region, 2018,2022 & 2027 (USD Million)
Table 04 Global Account Reconciliation Software  Market Value, By Type, 2018,2022 & 2027 (USD Million)
Table 05 Global Account Reconciliation Software  Market Value, By Type, 2017-2027 (USD Million)
Table 06 Global Account Reconciliation Software  Market Value, By Application, 2018,2022 & 2027 (USD Million)
Table 07 Global Account Reconciliation Software  Market Value, By Application, 2017-2027 (USD Million)
Table 08 Global Account Reconciliation Software  Market Value, By Region, 2018,2022 & 2027 (USD Million)
Table 09 Global Account Reconciliation Software  Market Value, By Region, 2017-2027 (USD Million)
Table 10 North America Account Reconciliation Software  Market Value, By Type, 2017-2027 (USD Million)
Table 11 North America Account Reconciliation Software  Market Value, By Application, 2017-2027 (USD Million)
Table 12 North America Account Reconciliation Software  Market Value, By Country, 2017-2027 (USD Million)
Table 13 South America Account Reconciliation Software  Market Value, By Type, 2017-2027 (USD Million)
Table 14 South America Account Reconciliation Software  Market Value, By Application, 2017-2027 (USD Million)
Table 15 South America Account Reconciliation Software  Market Value, By Country, 2017-2027 (USD Million)
Table 16 Europe Account Reconciliation Software  Market Value, By Type, 2017-2027 (USD Million)
Table 17 Europe Account Reconciliation Software  Market Value, By Application, 2017-2027 (USD Million)
Table 18 Europe Account Reconciliation Software  Market Value, By Country, 2017-2027 (USD Million)
Table 19 Asia-Pacific Account Reconciliation Software  Market Value, By Type, 2017-2027 (USD Million)
Table 20 Asia-Pacific Account Reconciliation Software  Market Value, By Application, 2017-2027 (USD Million)
Table 21 Asia-Pacific Account Reconciliation Software  Market Value, By Country, 2017-2027 (USD Million)
Table 22 Middle East & Africa Account Reconciliation Software  Market Value, By Type, 2017-2027 (USD Million)
Table 23 Middle East & Africa Account Reconciliation Software  Market Value, By Application, 2017-2027 (USD Million)
Table 24 Broadridge: Overview
Table 25 Broadridge: Product Portfolio
Table 26 Broadridge: Key Developments
Table 27 AutoRek: Overview
Table 28 AutoRek: Product Portfolio
Table 29 AutoRek: Key Developments
Table 30 ReconArt : Overview
Table 31 ReconArt : Product Portfolio
Table 32 ReconArt : Key Developments
Table 33 Oracle: Overview
Table 34 Oracle: Product Portfolio
Table 35 Oracle: Key Developments
Table 36 SS&C: Overview
Table 37 SS&C: Product Portfolio
Table 38 SS&C: Key Developments
Table 39 Trintech Inc.: Overview
Table 40 Trintech Inc.: Product Portfolio
Table 41 Trintech Inc.: Key Developments
Table 42 BlackLine: Overview
Table 43 BlackLine: Product Portfolio
Table 44 BlackLine: Key Developments
Table 45 Treasury: Overview
Table 46 Treasury: Product Portfolio
Table 47 Treasury: Key Developments
Table 48 Xero: Overview
Table 49 Xero: Product Portfolio
Table 50 Xero: Key Developments
Table 51 SmartStream: Overview
Table 52 SmartStream: Product Portfolio
Table 53 SmartStream: Key Developments


LIST OF FIGURES:
Figure 01 Global Account Reconciliation Software  Market Share, By Type, 2018 & 2027 (%)
Figure 02 Global Account Reconciliation Software  Market Share, By Application, 2018 & 2027 (%)
Figure 03 Global Account Reconciliation Software  Market Share, By 0, 2018 & 2027 (%)
Figure 04 Global Account Reconciliation Software  Market Share, By 0, 2018 & 2027 (%)
Figure 05 Global Account Reconciliation Software  Market Share, By 0, 2018 & 2027 (%)
Figure 06 Global Account Reconciliation Software  Market Share, By Region, 2018 & 2027 (%)
Figure 07 Global Account Reconciliation Software  Market Value, 2017-2027 (USD Million)
Figure 08 Global Account Reconciliation Software  Market Y-o-Y Growth, By Type, 2018-2027 (%)
Figure 09 Cloud based: Global Account Reconciliation Software  Market Value, 2017-2027 (USD Million)
Figure 10 On Premise: Global Account Reconciliation Software  Market Value, 2017-2027 (USD Million)
Figure 11 Global Account Reconciliation Software  Market Y-o-Y Growth, By Application, 2018-2027 (%)
Figure 12 Banks: Global Account Reconciliation Software  Market Value, 2017-2027 (USD Million)
Figure 13 Enterprise: Global Account Reconciliation Software  Market Value, 2017-2027 (USD Million)
Figure 14 North America Account Reconciliation Software  Market Value, 2017-2027 (USD Million)
Figure 15 North America Account Reconciliation Software  Market Share, By Type, 2018 & 2027 (%)
Figure 16 North America Account Reconciliation Software  Market Share, By Application, 2018 & 2027 (%)
Figure 17 North America Account Reconciliation Software  Market Share, By Country, 2018 & 2027 (%)
Figure 18 South America Account Reconciliation Software  Market Value, 2017-2027 (USD Million)
Figure 19 South America Account Reconciliation Software  Market Share, By Type, 2018 & 2027 (%)
Figure 20 South America Account Reconciliation Software  Market Share, By Application, 2018 & 2027 (%)
Figure 21 South America Account Reconciliation Software  Market Share, By Country, 2018 & 2027 (%)
Figure 22 Europe Account Reconciliation Software  Market Value, 2017-2027 (USD Million)
Figure 23 Europe Account Reconciliation Software  Market Share, By Type, 2018 & 2027 (%)
Figure 24 Europe Account Reconciliation Software  Market Share, By Application, 2018 & 2027 (%)
Figure 25 Europe Account Reconciliation Software  Market Share, By Country, 2018 & 2027 (%)
Figure 26 Asia-Pacific Account Reconciliation Software  Market Value, 2017-2027 (USD Million)
Figure 27 Asia-Pacific Account Reconciliation Software  Market Share, By Type, 2018 & 2027 (%)
Figure 28 Asia-Pacific Account Reconciliation Software  Market Share, By Application, 2018 & 2027 (%)
Figure 29 Asia-Pacific Account Reconciliation Software  Market Share, By Country, 2018 & 2027 (%)
Figure 30 Middle East & Africa Account Reconciliation Software  Market Value, 2017-2027 (USD Million)
Figure 31 Middle East & Africa Account Reconciliation Software  Market Share, By Type, 2018 & 2027 (%)
Figure 32 Middle East & Africa Account Reconciliation Software  Market Share, By Application, 2018 & 2027 (%)
Figure 33 Broadridge: Financials
Figure 34 AutoRek: Financials
Figure 35 ReconArt : Financials
Figure 36 Oracle: Financials
Figure 37 SS&C: Financials
Figure 38 Trintech Inc.: Financials
Figure 39 BlackLine: Financials
Figure 40 Treasury: Financials
Figure 41 Xero: Financials
Figure 42 SmartStream: Financials

Frequently asked questions

Q. Who are the leading players in the Account Reconciliation Software Market?
A. Broadridge, AutoRek, ReconArt, SmartStream, Oracle, SS&C, Trintech Inc., BlackLine, Treasury, Xero, DataLog, Cashbook, Rimilia and Fiserv.

Q. At what CAGR is the Account Reconciliation Software Market anticipated to augment?
A. The Account Reconciliation Software Market is projected to strike high CAGR

Q. Which region holds major market share?
A. North America is the leading global market which is majorly segmented into U.S. and Canada.

Q. What is the key driving factors of the Account Reconciliation Software Market?
A. The major driving factor of global Account Reconciliation Software market is growing adoption of automated banking solutions.

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