According to the latest report by IMARC Group, titled “Account Reconciliation Software Market: Global Industry Trends, Share, Size, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the account reconciliation software market growth. 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 is a technologically advanced tool that centralizes the financial close procedure and automates it for smooth business functioning. It collects data from the general ledger and compares it to bank statements and invoices for quick reconciliation of accounts. It is easy to set up and user-friendly with multiple functionalities and features, such as transaction matching, reporting, and issue classification and management. As a result, it is utilized by organizations worldwide to maximize productivity, enhance efficiency, and save time by minimizing the need for manual calculations and data manipulation.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
Account reconciliation software provides a streamlined method to ensure the accuracy of the balance sheets by analyzing discrepancies, comparing the data, and attaching additional documents. This, in confluence with the growing need for standardized activities and customer-centric banking solutions and the increasing number of online transactions and credit card payments, is driving the use of account reconciliation software in the banking, financial services and insurance (BFSI) sector. Apart from this, the introduction of innovative account reconciliation software integrated with artificial intelligence (AI) and machine learning (ML) is expanding its application in the e-commerce, retail, healthcare, telecom, and information technology (IT) sectors.
Breakup by Component:
- Software
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- BFSI
- Manufacturing
- Retail and E-Commerce
- Healthcare
- IT and Telecom
- Energy and Utilities
- Government and Public Sector
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- 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
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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