Press release
Global Account Reconciliation Software Market Expected to hit USD 5.38 Billion by 2027, Top Factors Leading The Industry Worldwide
Rise in online transactions among various industries, increase in need for reconciliation management system, and growing adoption of automated banking solutions across the globe to reduce reconciliation time fuel the growth of the global account reconciliation software market.
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The global account reconciliation software market size was valued at USD 1.82 billion in 2019, and is projected to reach USD 5.38 billion by 2027, growing at a CAGR of 14.6% from 2020 to 2027.
The account reconciliation software market is segmented on the basis of component, deployment mode, enterprise size, reconciliation type, industry vertical and region. In terms of component, it is bifurcated into software and service. By deployment model, it is segmented into on-premise and cloud. In terms of enterprise size, it is segmented into large enterprise and small & medium enterprises. As per reconciliation type, it is divided into bank reconciliation, customer reconciliation, inter-company reconciliation and others. In terms of industry vertical, it is divided into BFSI, manufacturing, retail & e-commerce, healthcare, IT & telecom, energy & utilities, government & public and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on component, the software segment contributed more than two-thirds of the total market revenue in 2019 and is expected to retain its dominance by 2027. Simultaneously, the services segment would manifest the fastest CAGR of 16.5% during the forecast period.
Based on enterprise size, the large enterprises segment held more than two-thirds of the total market share in 2019 and is anticipated to lead the trail throughout the forecast period. The SMEs segment, on the other hand, is projected to grow at the fastest CAGR of 16.9% from 2020 to 2027.
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Based on geography, North America garnered the major share in 2019, holding more than one-third of the global market. At the same time, Asia-Pacific would portray the fastest CAGR of 16.4% from 2020 to 2027. The other two regions covered in the report include Europe and LAMEA.
The key market players analyzed in the market report include BlackLine, Inc., Broadridge Financial Solutions, Inc., Xero Limited, Fiserv, Inc., SAP SE, Oracle Corporation, AutoRek, Quickbooks, Sage Software Solution Pvt. Ltd., and ReconArt, Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Impact of COVID-19 on Account Reconciliation Software Market:
• Surge in online transactions and increase in use of remote technology have impacted the global account reconciliation software market positively.
• Also, the end of covid-19 is not yet predictable and thus, the use of online payment applications and online transactions are projected to grow, which would be beneficial for the account reconciliation market.
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