Account Reconciliation Software Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMICT2101 | Last Updated On: Jun 21 2022 | Available Formats

> Global Account Reconciliation Software Market Expected to reach at a high CAGR of ~14.3% by 2029: 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, 2022-2029

 

Market Overview

The Global "Account Reconciliation Software Market" is expected to grow at a high CAGR of 14.3% during the forecasting period (2022-2029).

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 the bank are the major factors driving the global account reconciliation software market.  Due to factors such as this software, which help reduce risk, improve quality, and save time through automated operations, inDue is known as account reconciliation software. Reduce, launch a new version of saving and on-premise platforms to support reconciliation software 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 global Account Reconciliation Software market's major driving factor is the growing adoption of automated banking solutions. The 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 saving time through automated operations. Also, reconciliation software provides the ability to streamline reconciliation, eliminate paper checks, and enhance vendor payments. It can also help identify bank fees and other hidden expenses that you might not know you are paying and track all the transactions. It can also help lances 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 set up on a computer may get screwy at times; when this happens, there is nothing much they can do. Also, legacy systems  time and require a focused staff to manually 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 consider 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. Few companies like Oracle are still offering an on-premise account reconciliation solution, and even they announced release Few companies like Oracle.

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 American 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.

Account Reconciliation Software improves the quality and accuracy of financial data and reduces 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 the U.S. in 2018, around 58% of the U.S. population uses mobile banking for transferring money. In 2016 around 62% of the U.S. population cited digital banking as their primary method.

 

Competitive Landscape

The Account R. Initiation Software marks the et is competitive with existing players in the market.

Banking method 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. was 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 a new reconciliation module TLM Aurora to deal with digital marketplace evolution.

Why Purchase the Report?

  • Visualize the account reconciliation software composition in terms of various applications and their types highlighting the key players.
  • Identify commercial opportunities composition 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 approximately 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

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