The Global E-Commerce Account Reconciliation Software Market is expected to grow at a high CAGR during the forecasting period (2022-2029).
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. Growing standardized activities in e-commerce companies are the major factor driving the global eCommerce account reconciliation software market
It is owing to factors such as this software which help in reducing risk, improving quality and saving time through automated operations in accounting is known as e-commerce account reconciliation software. Additionally, the launch of a new version of cloud and on-premise platforms to support reconciliation software is propelling the global market growth
For instance, in August 2019, Vinculum Solutions Pvt. Ltd. Updated their Vin eRetail software and made it compatible with Magento 2.3 which will help eCommerce clients to run bulk API at once which will save time
The major driving factor of the global e-commerce account reconciliation software market 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 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. 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 privacy 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 take time and require a focused staff to manually review and compare ledgers with bank statements on a monthly or bi-monthly basis
By type, the E-Commerce Account Reconciliation Software market is segmented into cloud-based and on-premises. Cloud-based market value in the global e-commerce accounts reconciliation software market was accounted for USD XX million in 2019 and is expected to reach USD XX million by 2027 at a CAGR of XX%. Most of the enterprises are migrating from on-premises financial close management to the 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
North America E-Commerce Account Reconciliation Software market was valued at USD XX million in 2019 and is estimated to grow at a CAGR of XX% over the forecast period to reach USD XX million by 2027. The NorthAmerica market is majorly segmented into U.S. and Canada. NorthAmerica e-commerce accounts reconciliation software market is growing due to high public awareness, intense competition and continuously growing transaction volume in the region.
E-Commerce 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 and in 2016 around 62% of the U.S. population cited digital banking as their primary method of banking
The E-Commerce Account Reconciliation Software market is competitive with existing players in the market
Some of the major players include Browntape, Vinculum Solutions Pvt. Ltd., Evanik Networks Private Limited, PayRecon Marketplace Seller Tools, Oracle, ReconArt, Inc., Paxcom India Pvt. Ltd., Track My Payment, OMS Guru, Version Software's, Clarity Ventures, Inc., Hubnine Ecommerce Solutions Pvt. Ltd., Kantox Limited and Fiserv
The key players are adopting various key strategies such as collaborations, mergers & acquisitions which are contributing to the growth of the E-Commerce Account Reconciliation Software Market
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