U.S. Retail Recon Software Market Witnesses Exponential Growth, Valued at $264.37 Million in 2027: Top Impacting Factors 2019: In-depth analysis of the current trends and future estimations

Rise in online transaction, increase in need for reconciliation management, and substantial savings for retailers with high volume bank reconciliation needs fuel the growth of the U.S. retail recon software market. On the other hand, different security issues faced by retailers impede the growth to some extent. However, growth in usage of machine learning and artificial intelligence in recon software is expected to create multiple opportunities in the industry.

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COVID-19 impact-

➢ COVID-19 (Coronavirus) pandemic has forced many companies in the recon software market to halt their business operations in order to comply with the new government dictums.

➢ This pause in the operations are directly impacting the revenue flow in the market.

➢ However, the organic and inorganic strategies incorporated by the key market players are expected to ameliorate the situation very soon.

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In 2019, the software segment, based on components, accounted for over two-thirds of the market share in the US retail reconciliation software market and is anticipated to maintain its dominance until the close of 2027. The accelerated deployment capability of reconciliation software significantly propels the growth of this segment. In contrast, the service segment is expected to exhibit the highest Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period, driven by an increased demand for diverse services such as managed services and professional services

Concerning retailer size, large retailers constituted nearly three-fourths of the total revenue in the US retail reconciliation software market in 2019, and this segment is projected to continue leading until 2027. The prevalence of these systems in large organizations contributes to this dominance. Simultaneously, the small and medium retailers segment is poised to register the swiftest CAGR of 13.4% throughout the study period, attributed to the growing adoption of this software by SMEs.

Examining reconciliation types, the account reconciliation segment held the largest share in 2019, contributing two-fifths to the US retail reconciliation software market. This dominance is attributed to its feature set that facilitates the identification and quantification of risks associated with any business, enabling their detection and avoidance. Meanwhile, the payment reconciliation segment is expected to experience the fastest CAGR of 12.8% by 2027, driven by an increasing adoption rate among various small and medium-sized retailers.

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The report explores the potential for growth, limitations, and trends in the U.S. market for retail reconciliation software. In order to understand the impact of factors such as supplier bargaining power, competitive dynamics, the threat of new entrants, substitute threats, and buyer bargaining power on the U.S. retail reconciliation software market, the study employs Porter's five forces analysis.

The U.S. retail reconciliation software market is segmented based on component, software type, deployment mode, retailer size, and reconciliation type. The component segment is further divided into software and services. Regarding software types, distinctions are drawn among transaction matching, consolidation, reporting & analytics, variance analysis, task management, and other categories. Deployment models include both on-premise and cloud options. Retailer size differentiation encompasses large retailers and small & medium retailers. Reconciliation types include account reconciliation, bank reconciliation, payment reconciliation, and others.

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Key players in the industry-

➢ Baldwin Hackett & Meeks Inc.

➢ SigmaIQ.

➢ Broadridge Cashbook

➢ Fiserv Inc.

➢ Oracle Corporation

➢ Blackline Inc.

➢ ReconArt Inc.

➢ AutoRek

➢ SAP SE

➢ Financial Solutions Inc.

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