IMARC Group has recently released a new research study titled “Account Reconciliation Software Market Growth: Global Industry Trends, Share, Size, Opportunity, and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the account reconciliation software industry?
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.
What is a account reconciliation software?
Account reconciliation software represents an advanced tool that is used to automate and standardize the settlement process for generating clear and precise financial statements. It is an easy-to-setup and user-friendly tool with several functionalities and features, such as transaction issue management, matching, reporting, classification, etc.
Account reconciliation software is specifically designed to improve efficiency as well as save time and maximize productivity by eliminating the need for data manipulation and manual calculations. It offers accountants a streamlined method to ensure the accuracy of their balance sheets and allow them to analyze discrepancies, compare data, attach supporting documents and take the required actions quickly. Consequently, account reconciliation software is extensively gaining traction across various industries, including retail, information technology (IT), e-commerce, healthcare, telecommunications, banking, financial services and insurance (BFSI), etc.
Impact of COVID-19:
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.
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What are the major market drivers in the account reconciliation software market?
The inflating need for standardized activities in banks and the growing utilization of customer-centric banking solutions are primarily driving the account reconciliation software market. Additionally, the increasing demand for automated banking solutions and error detection software to improve operational efficiency and minimize overall costs is further catalyzing the market growth.
Besides this, the widespread adoption of account reconciliation systems to track interest charges, reduce accounting errors, minimize the risk of fraud, and monitor data, including trial balance and cash flows, is acting as another significant growth-inducing factor. Moreover, the elevating popularity of cloud solutions and continuous technological advancements are also positively influencing the global market. Apart from this, the rising number of online transactions and credit card payments is anticipated to fuel the account reconciliation software market over the forecasted period.
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Report Segmentation:
The report has segmented the market into the following categories:
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
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
- API Software Limited
- BlackLine Inc(NASDAQ: BL)
- Broadridge Financial Solutions Inc(NYSE: BR)
- Fiserv Inc(NASDAQ: FISV)
- Intuit Inc(NASDAQ: INTU)
- Oracle Corporation(NYSE: ORCL)
- ReconArt Inc
- Sage Group plc(LON: SGE)
- SmartStream Technologies ltd
- Trintech Inc
- Xero Limited(ASX: XRO)
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