Reconciliation is a process which is used by accounting professionals for comparing the set of two records for checking the monthly statements of an individual. The reconciliation software helps enterprises improve the quality and accuracy of their accounting process and also reduces errors and inaccuracies. Furthermore, it also provide organizations with a complete control over the automation process by managing key processes securely and efficiently. In addition, many industries such as BFSI and retail are adopting this software to gain full control over the billing process and have transparency in accounting. Moreover, the rise in adoption of cloud-based reconciliation software among various SMEs is expected to provide a lucrative opportunity for the market.
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Increase in online transactions among various industries and rise in need for reconciliation management system drive the growth of the market. In addition, growing adoption of automated banking solutions across the globe to reduce reconciliation time fuels the growth of the market. However, various security issues in reconciliation software hampers the growth of the market. Furthermore, higher adoption of reconciliation software among the SMEs and rise in usage of machine learning and artificial intelligence in reconciliation software are the factors expected to provide lucrative opportunities for the growth of the market.
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 services. 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 sector, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the account reconciliation software market analysis include AutoRek, BlackLine, Inc., Broadridge Financial Solutions, Inc., Fiserv, Inc., Oracle Corporation, Quickbooks, ReconArt, Inc., SAP SE, Sage Software Solution Pvt. Ltd. and Xero Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global account reconciliation software market forecast along with the current future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global account reconciliation software market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market for the period 2019–2027 are provided to determine the market potential.
KEY MARKET SEGMENTS
By Deployment Model
By Enterprise Size
- Large Enterprises
- Small Medium Enterprises (SMEs)
By Reconciliation Type
- Bank Reconciliation
- Customer Reconciliation
- Inter-company Reconciliation
By Industry Vertical
- Retail E-Commerce
- IT Telecom
- Energy Utilities
- Government Public Sector
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
KEY MARKET PLAYERS
- BlackLine, Inc.
- Broadridge Financial Solutions, Inc.
- Fiserv, Inc.
- Oracle Corporation
- ReconArt, Inc.
- SAP SE
- Sage Software Solution Pvt. Ltd.
- Xero Limited
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