Account Reconciliation Software Market Size is Projected to Reach USD 5.38 Billion by 2027

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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On the other hand, various security issues in account reconciliation software impede the growth to certain extent. However, higher adoption of account reconciliation software among the SMEs and surge in usage of machine learning and artificial intelligence in account reconciliation software are expected to project new opportunities in the industry.

According to the report published by Allied Market Research, the global account reconciliation software market was estimated at $1.82 billion in 2019 and is expected to hit $5.38 billion by 2027, registering a CAGR of 14.6% from 2020 to 2027.

The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.

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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.

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 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.

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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.

Covid-19 impact on global data annotation tools market:
• Coronavirus has increased the growth of the artificial intelligence and machine learning market, boosting the demand for data annotation tools across the globe.
• Partial or complete lockdown in various regions has significantly impacted the growth of the data annotation tools market, owing to the lack of availability of a skilled workforce during the pandemic.
• Moreover, a rise in investments in machine learning-powered solutions from various industries is anticipated to hit the market growth in the coming years.
• The IT & telecommunication sector has witnessed significant growth during and post-pandemic. This, in turn, increased the demand for data annotation tools.

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