Reconciliation Software Market (Updated Version Available)
Reconciliation Software Market Size, Share & Trends Analysis, By Component (Software and Services), Deployment (Cloud and On-premises), Organization size (Large enterprise, and Small & Medium enterprise), Operation type (Bank reconciliation, Inter-company reconciliation, Customer reconciliation, and Others), End-User (BFSI, IT & Telecom, Healthcare, Retail & eCommerce, and Others), By Region, Forecast Period- 2023-2030
Report ID : RI_673811 | Date : March 2023 |
Format : 
Key Market Overview:
The Reconciliation Software Market was valued at USD 1,114.0 Million in 2022, registering a CAGR of 14.7% during the forecast period (2023-2030), and the market is projected to be worth USD 2654.42 Million by 2030 .
Reconciliation software operates account reconciliation process to offer accurate and high-quality financial statement. The software helps to verify account balances and reported data. It aids to detect fraud and reduce the risk of compliance. The software receives information from banking institutes to compare it with internal records.
Additionally, reconciliation is considered as crucial step for finance and accounting. The software provides standardized template and create financial documents. Banks and financial institutes are significantly adopting reconciliation software for security purpose. Rising adoption and demand for mobile banking and internet banking is boosting the growth of reconciliation software market. Collaboration of several companies such as Gresham Technologies, ReconArt and Trintech with reconciliation key players are driving the growth of reconciliation software market. Thus, key market players are seeking for relevant partnership to expand the business. For instance, in April 2020, Trintech collaborated with Sage to speed up and simplify financial processes for organization.
Technological development to reduce compliance risk and provide accurate data augmented the demand of reconciliation software market. Additionally, rising investments by the companies for advanced technologies is propelling the demand of reconciliation software, to obtain accurate financial data and reduce the risk of compliance. For instance, in December 2021, Xero expand its reconciliation solution with AI-based banking reconciliation prediction characteristic to predict account codes for business transactions.
Reconciliation Software Report Coverage:
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Market Dynamics:
Driver:
Rising financial services fraud and technological developments are boosting the demand of reconciliation software market
Rising financial services fraud and technological developments are boosting the demand of reconciliation software market
Rising adoption and demand for mobile banking and internet banking is boosting the growth of reconciliation software market. Banks and financial institutes are significantly adopting reconciliation software for security purpose. Reconciliation software provide accurate and timely financial statement to save time hours and reduce compliance risk.
Additionally, increasing cybercrime events and frauds is propelling the demand of reconciliation software. For instance, according to PWC global economic crime and fraud survey 2022, financial organizations experienced 38% of cybercrime and 44% customer frauds. Thus, rising financial services fraud and rapid technological developments are driving the growth of reconciliation software market.
Moreover, strategic alliances and partnership among key players is driving the growth of reconciliation market. For instance, in June 2020, Duco and Murex formed strategic alliance to provide enhanced solution and improved automation process for reconciliation solution.
Restraint:
High cost of reconciliation solution is hindering the growth of reconciliation software market
High cost of reconciliation solution is hindering the growth of reconciliation software market
The reconciliation software is associated with high premium cost. The small enterprises are adopting freely available solutions for basic reconciliation process. The incidence of cyberattacks on online transactions have reportedly increased. Thus, high premium cost of reconciliation software and freely available solutions are hampering the growth of reconciliation software market.
Reconciliation Software Market Segmentation:
By Component:
The component segment is bifurcated into Software and Services.
Software segment captured major market share for reconciliation software due to rising adoption reconciliation software by retail industry for efficient operation and inventory management. Reconciliation software such as ReconArt and AutoRek provide assistance to employee for better management.
Services segment is expected to grow during the forecast period owing to increasing adoption of services by various industry verticals BFSI, IT & telecommunication, retail & eCommerce, and healthcare. Services offer efficient functioning of reconciliation software.
By Deployment:
The deployment segment is distributed into Cloud and On-premises.
On-premises segment holds major market share for reconciliation software market. On-premises deployment mode offers better data security as compared to cloud based system resulting rapid adoption of on-premises deployment by the end users.
Cloud segment is projected to witness rapid growth of reconciliation software due to rising demand in large and medium enterprises. Medium sized enterprises and financial institutes are adopting cloud-based system due to its low maintenance requirement for operation of reconciliation software that helps to drive the market of reconciliation software.
By Organization size:
The organization size segment is divided into Large enterprise, and Small & Medium enterprise.
Large enterprise holds largest revenue share of the market due to adoption of software to eliminate human errors and easier operation. Additionally, reconciliation software helps to obtain accurate financial data and reduce the risk of compliance. For instance, ServiceNow SAM, a reconciliation software, helps the organizations to improve visibility, enhance compliance and minimize financial risks.
Small and medium enterprises is anticipating rapid growth of reconciliation software owing to rising adoption of reconciliation solution for easier and faster business operation. SMEs are adopting cloud-based system due to its low maintenance and affordable cost.
By Operation type
The operation type segment is categorized into Bank reconciliation, Inter-company reconciliation, Customer reconciliation, and Others.
Bank reconciliation segment accounted for highest revenue share of reconciliation software due to rising adoption of reconciliation solution in banking industry to ensure cash record and to obtain accurate financial statements. Reconciliation software provide standardized template and create financial documents. For instance, Cashbook Bank Reconciliation software allows reconciliation between ERP system and bank account and enable companies to reconcile bank account transactions for easy and fast operation. Additionally, banks and financial institutes are significantly adopting reconciliation software for security purpose. Rising adoption and demand for mobile banking and internet banking is boosting the growth of bank reconciliation type.
Customer reconciliation is expected to grow during forecast period due to adoption of reconciliation solution by industry verticals including retail, eCommerce and manufacturing to get accurate and timely data.
By End-User
The end-user segment is divided into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, and Others.
BFSI segment captured major market share of reconciliation software market in the year 2022 due to rising adoption of internet banking and increasing demand of reconciliation solution for easy and accurate operation of financial services. Additionally, rapid shift from traditional manual reconciliation process to reconciliation software has augmented the growth of BFSI sector.
Retail & eCommerce segment demonstrate fastest growth of reconciliation software during forecast period owing to rapid adoption of reconciliation solution to obtain accurate and timely data. Reconciliation solution provide assistance to employee for better inventory management resulting rapid growth of retail & eCommerce sector for reconciliation software market.
By Region
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
North America holds major share of reconciliation software market in the year 2022 due to advancement in financial area and technological developments. Rapidly increasing transaction volume and wide adoption of internet banking is boosting the growth of reconciliation software market in North America region.
Asia pacific region is projected to showcase fastest growth for reconciliation software market. Several countries such as India, China and Japan are rapidly growing for automated banking solutions resulting to drive the reconciliation software market.
Reconciliation Software Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and Operation type launches have accelerated the growth of the Global Reconciliation Software Market. Key players in the market include-
• AutoRek
• BlackLine Inc.
• Quickbooks
• Broadridge Financial Solutions Inc.
• Oracle
• Fiserv Inc.
• SAP SE
• ReconArt Inc.
• Sage Software Solution Pvt. Ltd.
The Reconciliation Software Market was valued at USD 1,114.0 Million in 2022, registering a CAGR of 14.7% during the forecast period (2023-2030), and the market is projected to be worth USD 2654.42 Million by 2030 .
Reconciliation software operates account reconciliation process to offer accurate and high-quality financial statement. The software helps to verify account balances and reported data. It aids to detect fraud and reduce the risk of compliance. The software receives information from banking institutes to compare it with internal records.
Additionally, reconciliation is considered as crucial step for finance and accounting. The software provides standardized template and create financial documents. Banks and financial institutes are significantly adopting reconciliation software for security purpose. Rising adoption and demand for mobile banking and internet banking is boosting the growth of reconciliation software market. Collaboration of several companies such as Gresham Technologies, ReconArt and Trintech with reconciliation key players are driving the growth of reconciliation software market. Thus, key market players are seeking for relevant partnership to expand the business. For instance, in April 2020, Trintech collaborated with Sage to speed up and simplify financial processes for organization.
Technological development to reduce compliance risk and provide accurate data augmented the demand of reconciliation software market. Additionally, rising investments by the companies for advanced technologies is propelling the demand of reconciliation software, to obtain accurate financial data and reduce the risk of compliance. For instance, in December 2021, Xero expand its reconciliation solution with AI-based banking reconciliation prediction characteristic to predict account codes for business transactions.
Reconciliation Software Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 2654.42 million |
| CAGR (2022-2030) | 14.7 % |
| Base Year | 2022 |
| By Component | Software and Services |
| By Deployment | Cloud and On-premises |
| By Organization size | Large enterprise, and Small & Medium enterprise |
| By Operation type | Bank reconciliation, Inter-company reconciliation, Customer reconciliation, and Others |
| By End-User | BFSI, IT & Telecom, Healthcare, Retail & eCommerce, and Others |
| By Geography | |
| Key Players | AutoRek, BlackLine Inc., Quickbooks, Broadridge Financial Solutions Inc., Oracle, Fiserv, Inc., SAP SE, ReconArt, Inc., Sage Software Solution Pvt. Ltd. |
Market Dynamics:
Driver:
Rising financial services fraud and technological developments are boosting the demand of reconciliation software market
Rising financial services fraud and technological developments are boosting the demand of reconciliation software market
Rising adoption and demand for mobile banking and internet banking is boosting the growth of reconciliation software market. Banks and financial institutes are significantly adopting reconciliation software for security purpose. Reconciliation software provide accurate and timely financial statement to save time hours and reduce compliance risk.
Additionally, increasing cybercrime events and frauds is propelling the demand of reconciliation software. For instance, according to PWC global economic crime and fraud survey 2022, financial organizations experienced 38% of cybercrime and 44% customer frauds. Thus, rising financial services fraud and rapid technological developments are driving the growth of reconciliation software market.
Moreover, strategic alliances and partnership among key players is driving the growth of reconciliation market. For instance, in June 2020, Duco and Murex formed strategic alliance to provide enhanced solution and improved automation process for reconciliation solution.
Restraint:
High cost of reconciliation solution is hindering the growth of reconciliation software market
High cost of reconciliation solution is hindering the growth of reconciliation software market
The reconciliation software is associated with high premium cost. The small enterprises are adopting freely available solutions for basic reconciliation process. The incidence of cyberattacks on online transactions have reportedly increased. Thus, high premium cost of reconciliation software and freely available solutions are hampering the growth of reconciliation software market.
Reconciliation Software Market Segmentation:
By Component:
The component segment is bifurcated into Software and Services.
Software segment captured major market share for reconciliation software due to rising adoption reconciliation software by retail industry for efficient operation and inventory management. Reconciliation software such as ReconArt and AutoRek provide assistance to employee for better management.
Services segment is expected to grow during the forecast period owing to increasing adoption of services by various industry verticals BFSI, IT & telecommunication, retail & eCommerce, and healthcare. Services offer efficient functioning of reconciliation software.
By Deployment:
The deployment segment is distributed into Cloud and On-premises.
On-premises segment holds major market share for reconciliation software market. On-premises deployment mode offers better data security as compared to cloud based system resulting rapid adoption of on-premises deployment by the end users.
Cloud segment is projected to witness rapid growth of reconciliation software due to rising demand in large and medium enterprises. Medium sized enterprises and financial institutes are adopting cloud-based system due to its low maintenance requirement for operation of reconciliation software that helps to drive the market of reconciliation software.
By Organization size:
The organization size segment is divided into Large enterprise, and Small & Medium enterprise.
Large enterprise holds largest revenue share of the market due to adoption of software to eliminate human errors and easier operation. Additionally, reconciliation software helps to obtain accurate financial data and reduce the risk of compliance. For instance, ServiceNow SAM, a reconciliation software, helps the organizations to improve visibility, enhance compliance and minimize financial risks.
Small and medium enterprises is anticipating rapid growth of reconciliation software owing to rising adoption of reconciliation solution for easier and faster business operation. SMEs are adopting cloud-based system due to its low maintenance and affordable cost.
By Operation type
The operation type segment is categorized into Bank reconciliation, Inter-company reconciliation, Customer reconciliation, and Others.
Bank reconciliation segment accounted for highest revenue share of reconciliation software due to rising adoption of reconciliation solution in banking industry to ensure cash record and to obtain accurate financial statements. Reconciliation software provide standardized template and create financial documents. For instance, Cashbook Bank Reconciliation software allows reconciliation between ERP system and bank account and enable companies to reconcile bank account transactions for easy and fast operation. Additionally, banks and financial institutes are significantly adopting reconciliation software for security purpose. Rising adoption and demand for mobile banking and internet banking is boosting the growth of bank reconciliation type.
Customer reconciliation is expected to grow during forecast period due to adoption of reconciliation solution by industry verticals including retail, eCommerce and manufacturing to get accurate and timely data.
By End-User
The end-user segment is divided into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, and Others.
BFSI segment captured major market share of reconciliation software market in the year 2022 due to rising adoption of internet banking and increasing demand of reconciliation solution for easy and accurate operation of financial services. Additionally, rapid shift from traditional manual reconciliation process to reconciliation software has augmented the growth of BFSI sector.
Retail & eCommerce segment demonstrate fastest growth of reconciliation software during forecast period owing to rapid adoption of reconciliation solution to obtain accurate and timely data. Reconciliation solution provide assistance to employee for better inventory management resulting rapid growth of retail & eCommerce sector for reconciliation software market.
By Region
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
North America holds major share of reconciliation software market in the year 2022 due to advancement in financial area and technological developments. Rapidly increasing transaction volume and wide adoption of internet banking is boosting the growth of reconciliation software market in North America region.
Asia pacific region is projected to showcase fastest growth for reconciliation software market. Several countries such as India, China and Japan are rapidly growing for automated banking solutions resulting to drive the reconciliation software market.
Reconciliation Software Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and Operation type launches have accelerated the growth of the Global Reconciliation Software Market. Key players in the market include-
• AutoRek
• BlackLine Inc.
• Quickbooks
• Broadridge Financial Solutions Inc.
• Oracle
• Fiserv Inc.
• SAP SE
• ReconArt Inc.
• Sage Software Solution Pvt. Ltd.
| Single user | : $3860 |
|---|---|
| Multi user | : $5460 |
| Corporate user | : $7460 |
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| Single user | : $3860 |
|---|---|
| Multi user | : $5460 |
| Corporate user | : $7460 |
Buy Now
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