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Global Account Reconciliation Software Market to Grow at a CAGR of 14.6% During 2021-2026, Aided by the Rising Deployment in the Healthcare Sector

According to a new report by EMR titled, ‘Global Account Reconciliation Software Market Report and Forecast 2021-2026’, the market attained a value of about USD 2.1 billion in 2020. The industry is further expected to grow at a CAGR of 14.6% in the forecast period of 2021-2026 to reach a value of nearly USD 4.70 billion by 2026.

The global market for account reconciliation software is being driven by the ability of digital software to automate and standardise the reconciliation process to produce high quality and accurate financial statements. The healthcare sector is a significant contributor to the overall market growth of account reconciliation software. Medical accounting software can streamline accounting processes by eliminating errors associated with manual data entry. The healthcare account reconciliation software is particularly designed to support the management of day-to-day accounting and business practices, including the management and disbursement of supplies, especially pharmaceutical or lab material with a shelf life, thereby preventing inventory loss. Furthermore, reconciliation software for healthcare automatically identifies any issue, thus ensuring reliability on digital software and hence furthering the market growth. Moreover, due to various diseases and the advent of coronavirus pandemic, account reconciliation software is witnessing increasing demand in healthcare settings for flexible, intelligent, and accurate management of payments, thereby propelling the market growth.

Broadridge Financial Solutions, Inc. (NYSE: BR), a global leader in the market for account reconciliation software, announced in December 2019 the integration of advanced technology including artificial intelligence (AI) and machine learning (ML) in industry-wide reconciliation, matching and exception management applications. Smart automation drives performance and productivity from reconciliation systems, especially for organisations dealing with multiple vendors. The AI and ML technologies are installed to automatically find the underlying cause of a problem and efficiently resolve it. Thus, such innovations and developments by market leaders in the global market for account reconciliation software are driving the market growth.

Market Analysis by Component, Deployment Mode, Enterprise Size, Operating System, Industry Vertical, and Region:

  • On the basis of component, the market can be divided into software and service.
  • Based on deployment mode, the market is segmented into on-premise and cloud.
  • The market, based on enterprise size, can be divided into large enterprises, and small and medium enterprises (SMEs).
  • On the basis of operating system, the market segmentations include bank reconciliation, customer reconciliation, and inter-company reconciliation, among others.
  • The market, based on industry vertical, can be segmented into BFSI, manufacturing, retail and e-commerce, healthcare, IT and telecom, energy and utilities, and government and public sector, among others.
  • The major regional markets for account reconciliation software are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The market is being driven by the deployment of bank reconciliation software in large, small and medium enterprises to streamline monetary operations in a time-effective manner.
  • The surge in electronic payment methods and the resultant demand for electronic and online invoices are driving the adoption of account reconciliation software, thus augmenting the market growth.
  • Integration of advanced technology such as machine learning and artificial intelligence into reconciliation software in order to arrive at accurate results and improve the security of banking transactions is fuelling the market growth.
  • The deployment of reconciliation software in the healthcare sector to produce high quality and accurate financial statements is augmenting the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global account reconciliation software industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for components, deployment modes, enterprise sizes, operating systems, industry verticals, and regions of account reconciliation software.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global account reconciliation software market are Broadridge Financial Solutions, Inc., BlackLine Inc., Oracle Corporation, ReconArt, Inc., and Fiserv, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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