Global Account Reconciliation Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Account Reconciliation Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Account Reconciliation Software market finds that the global Account Reconciliation Software market reached a value of USD 1480.96 million in 2022. It’s expected that the market will achieve USD 2169.46 million by 2028, exhibiting a CAGR of 6.57% during the forecast period.

Influence of COVID-19 Outbreak on Account Reconciliation Software Industry Development

The COVID-19 pandemic has disrupted the traditional sales channels of many brands around the world. As a result, more and more companies choose to use direct-to-consumer e-commerce channels for direct sales for the first time. In a contactless world, most interactions with customers and employees must take place virtually. With very few exceptions, digital operations are the only way to maintain business through mandatory closures and restricted activities. In many countries, online shopping is not easy due to underdeveloped infrastructure and consumer reluctance or inability to use banking and electronic payment functions. This has hindered the growth of many countries in the world, but the COVID-19 outbreak has forced them to undergo rapid changes. The COVID-19 outbreak has promoted the growth of online transactions, which has had a positive impact on the global account reconciliation software market.

At present, the situation of the COVID-19 pandemic in many countries and regions is still severe. In order to cope with the impact of the COVID-19 outbreak and ensure the safety of employees and customers, many account reconciliation software market participants have adopted remote office methods to maintain the operation of the account reconciliation software and continue to provide services to customers. This measure will help account reconciliation software companies to maintain normal business operations during the epidemic, thereby promoting the development of the account reconciliation software industry.

Strength

Standardized reconciliation processes can improve the quality and accuracy of financial data and reduce errors and inaccuracies. This saves a lot of time and allows highly skilled accountants to focus on more difficult tasks, such as analysis, risk mitigation, and exception handling.

Data integration and built-in integrity checks simplify process management. The use of technology to simplify account reconciliation helps ensure accurate and effective accounting activities.

Weakness

Usually, the fee is charged by the bank or other intermediary to the transaction along the way, and it is automatically added to the transaction amount. However, the amount on the bank statement cannot be matched with the amount in internal records, which hinders the matching process.

Time constraints can be a problem for users. The success of the software depends on the quality of the input data. Accurate data and timely reconciliation ensure good reports for review. If users do not have enough time to enter data and check their accounts, it will affect their experience.

Opportunity

The growth of the global economy and the various initiatives put forward by governments of various countries and regions to achieve their policy goals are expected to promote the growth of the global account reconciliation software market in the next few years.

The adoption rate of SME reconciliation software is higher, and the use rate of machine learning and artificial intelligence in reconciliation software is rising. These factors are expected to provide rich opportunities for market growth.

Threat

When a company opens an account in one currency but receives payment in another currency, it immediately leads to a mismatch between the bank documents and the internal system. How to link those completely different numbers is a big challenge.

The growing IT department has not only brought many advances, but also brought a lot of challenges in terms of security related to data storage between users.

Due to the lack of skilled professionals, the growth of the global account reconciliation software market may also be hindered.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

Oracle is one of the major players operating in the Account Reconciliation Software market, holding a share of 11.79% in 2020.

Oracle

Oracle Corporation is an American multinational computer technology corporation. The company sells database software and technology, cloud engineered systems, and enterprise software products-particularly its own brands of database management systems.

Fiserv

It is an American financial data service company that provides services to major banks, credit unions and financial companies.

Segmentation Overview:

By type, On Premise segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Banks segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Account Reconciliation Software market covered in Chapter 3:

DataLog
Oracle
Trintech
Xero
ReconArt
BlackLine
Aurum Solutions
AutoRek
Fiserv
Unit4
Yonyou
SmartStream
Broadridge
Cashbook
SS&C

In Chapter 4 and Chapter 14.2, on the basis of types, the Account Reconciliation Software market from 2018 to 2029 is primarily split into:

Cloud Based
On Premise

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Account Reconciliation Software market from 2018 to 2029 covers:

Banks
Enterprise

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)