Account Reconciliation Software Market 2027: Analysis, Trends, Growth, Scope and Outlook

According to the latest report by IMARC Group, titled "Account Reconciliation Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," The global account reconciliation software market reached a value of US$ 2.45 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 5.8 Billion by 2027 exhibiting a CAGR of 14.80% during 2022-2027.

Report Metric

Historical: 2016-2021

Base Year: 2021

Forecast Year: 2022-2027

Download free sample of the report: https://www.imarcgroup.com/account-reconciliation-software-market/requestsample

Account Reconciliation Software Market Industry Definition and Application:

Account reconciliation software is used to automate and standardize the settlement process to create clear and precise financial statements. Some commonly available software includes ReconArt, Blackline, Xero, Bank Rek, and AutoRek. It is an easy-to-set-up and user-friendly tool with numerous features and functionalities, including issue management, transaction matching, classification, cloud-based, task flow, reporting group suitability, postings, data acquisition, matching techniques, and interface. It is designed to augment productivity, enhance efficiency, and save time by eliminating the need for data manipulation and manual calculations. In addition, it offers accountants a streamlined method to assure the accuracy of their balance sheets and allows them to analyze discrepancies, compare data, attach supporting documents, and take the required actions quickly. As a result, account reconciliation software is widespread across banking, financial services, insurance (BFSI), retail, e-commerce, healthcare, government and public, information technology (IT), and telecom.

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.

Account Reconciliation Software Market Trends and Drivers:

The market is primarily driven by the increasing number of credit card payments and online transactions in several industries. Nowadays, account reconciliation software is widely employed to track interest charges, minimize the risk of fraud, reduce accounting errors, and monitor data, such as trial balance and cash flows. Besides this, the surging need for standardized activities in banks and the widespread adoption of customer-centric banking solutions represent another major growth-inducing factor. In addition, the escalating demand for error detection software to improve operational efficiency and minimize overall costs is accelerating the product adoption rate across the globe. Apart from this, key market players are launching innovative account reconciliation software incorporated with advanced technologies, including machine learning (ML) and artificial intelligence (AI), to enhance the cash flow management and reconciliation process. This, coupled with the growing need for generating electronic bills, is creating a positive market outlook.

Browse full report with TOC: https://www.imarcgroup.com/account-reconciliation-software-market

Global Account Reconciliation Software Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The report has segmented the market on the basis on region, component, deployment mode, organization size, end user.

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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