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Global Account Reconciliation Software Market: By Component: Software, Service; By Deployment Mode: On-Premise, Cloud; By Enterprise Size; By Operating System; By Industry Vertical; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Account Reconciliation Software Market Outlook

The global account reconciliation software market attained a value of nearly USD 2.1 billion in 2020. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 14.6% to reach about USD 4.70 billion by 2026.

 

Global Account Reconciliation Software Market

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Increasing Deployment of Bank Reconciliation Software Fuelling the Growth of the Market

Bank reconciliation is a critical but time-consuming and difficult operation for both large and small and medium-sized enterprises. As a result, enterprises are increasingly adopting bank reconciliation software aids to complete bank reconciliations with greater accuracy and efficiency, which is propelling the market growth. In addition, the use of bank reconciliation software provides companies with a more accurate picture of their cash condition by utilising fewer resources time-effectively, which is augmenting the industry growth. Furthermore, the surge in credit card payments and the increasing requirement to generate electronic and online invoices are driving the adoption of bank reconciliation software among end users. As bank reconciliation software provides an unrivalled level of flexibility, intelligence, and automation for reconciling bank activity and daily payments, its demand is escalating and fuelling the market growth.

 

North America to Significantly Contribute to the Global Account Reconciliation Software Industry

North America accounted for a significant share of the account reconciliation software industry. The introduction of various favourable government initiatives to strengthen and accelerate the reconciliation process while minimising accounting errors are some of the major factors invigorating the market growth in the region. Meanwhile, the Asia Pacific region is expected to witness rapid growth owing to the surge in account reconciliation software suppliers and increasing government spending in the developing countries such as India, China, and Indonesia, among others. Such factors are projected to propel the industry growth in the forecast period.

 

Account Reconciliation Software: Market Segmentation

Reconciliation is the process of comparing monthly accounts from outside sources, such as banks, financial institutions, and credit card companies, with internal financial related accounts. Account reconciliation software is used by a number of banks and fintech companies to manage their accounts in their internal sales registers and detect human errors.

 

Global Account Reconciliation Software Market by Segment

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On the basis of its component, the market can be divided into:

  • Software
  • service

The major deployment modes of account reconciliation software are:

  • On-Premise
  • Cloud

Based on enterprise size, the market is bifurcated into:

  • Large Enterprises
  • Small and Medium Enterprises (SMEs)

On the basis of operating system, the market can be classified as:

  • Bank Reconciliation
  • Customer Reconciliation  
  • Inter-Company Reconciliation 
  • Others

The market can be broadly categorised on the basis of its industry verticals into:

  • BFSI
  • Manufacturing 
  • Retail and E-Commerce 
  • Healthcare 
  • IT and Telecom 
  • Energy and Utilities 
  • Government and Public Sector 
  • Others

The EMR report looks into the regional markets of account reconciliation software like North America, Europe, Latin America, the Middle East and Africa, and the Asia Pacific.

 

Global Account Reconciliation Software Market by Region

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Integration of Machine Learning and Artificial Intelligence to Catalyse the Industry Growth

The market is being propelled by the integration of artificial intelligence in various reconciliation software and development projects to automate complex reconciliations while boosting time-efficiency and cost-effectivity. Moreover, leading reconciliation software producers such as Oracle Corporation and SAP SE, among others, are increasingly incorporating machine learning and artificial intelligence for the development of advanced and innovative reconciliation software models, thus catalysing the market growth. For example, SAP SE developed its SAP cash application in 2018, which utilises artificial intelligence and machine learning to improve the reconciliation process and cash flow management.

Furthermore, numerous merchants are deploying artificial intelligence into reconciliation software in order to eliminate human errors in the accounting process and improve the security of bank transactions, which is providing impetus to the market growth. It also enables merchants to elucidate their understanding of client transactions and aids in enhancing transaction visibility, which is expected to bolster the market growth in upcoming years.

 

Key Industry Players in the Global Account Reconciliation Software Market

The report presents a detailed analysis of the following key players in the global account reconciliation software market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Broadridge Financial Solutions, Inc. 
  • BlackLine Inc.
  • Oracle Corporation
  • ReconArt, Inc. 
  • Fiserv, Inc. 
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Component, Deployment Mode, Enterprise Size, Operating System, Industry Vertical, Region
Breakup by Component Software, Service
Breakup by Deployment Mode On-Premise, Cloud
Breakup by Enterprise Size Large Enterprises, Small and Medium Enterprises (SMEs)
Breakup by Operating System Bank Reconciliation, Customer Reconciliation, Inter-Company Reconciliation, Others
Breakup by Industry Vertical BFSI, Manufacturing, Retail and E-Commerce, Healthcare, IT and Telecom, Energy and Utilities, Government and Public Sector, Others
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Broadridge Financial Solutions, Inc., BlackLine Inc., Oracle Corporation, ReconArt, Inc., Fiserv, Inc., Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Account Reconciliation Software Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Account Reconciliation Software Historical Market (2018-2022) 
    8.3    Global Account Reconciliation Software Market Forecast (2023-2028)
    8.4    Global Account Reconciliation Software Market by Component
        8.4.1    Software
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Service
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
    8.5    Global Account Reconciliation Software Market by Deployment Mode
        8.5.1    On-Premise
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Cloud
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
    8.6    Global Account Reconciliation Software Market by Enterprise Size
        8.6.1    Large Enterprises
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Small and Medium Enterprises (SMEs)
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
    8.7    Global Account Reconciliation Software Market by Operating System
        8.7.1    Bank Reconciliation
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Customer Reconciliation
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Inter-Company Reconciliation
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2022)
            8.7.3.3    Forecast Trend (2023-2028)
        8.7.4    Others
    8.8    Global Account Reconciliation Software Market by Industry Vertical
        8.8.1    BFSI
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2018-2022)
            8.8.1.3    Forecast Trend (2023-2028)
        8.8.2    Manufacturing
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2018-2022)
            8.8.2.3    Forecast Trend (2023-2028)
        8.8.3    Retail and E-Commerce
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2018-2022)
            8.8.3.3    Forecast Trend (2023-2028)
        8.8.4    Healthcare
            8.8.4.1    Market Share
            8.8.4.2    Historical Trend (2018-2022)
            8.8.4.3    Forecast Trend (2023-2028)
        8.8.5    IT and Telecom
            8.8.5.1    Market Share
            8.8.5.2    Historical Trend (2018-2022)
            8.8.5.3    Forecast Trend (2023-2028)
        8.8.6    Energy and Utilities
            8.8.6.1    Market Share
            8.8.6.2    Historical Trend (2018-2022)
            8.8.6.3    Forecast Trend (2023-2028)
        8.8.7    Government and Public Sector
            8.8.7.1    Market Share
            8.8.7.2    Historical Trend (2018-2022)
            8.8.7.3    Forecast Trend (2023-2028)
        8.8.8    Others
    8.9    Global Account Reconciliation Software Market by Region       
        8.9.1    North America
            8.9.1.1    Market Share
            8.9.1.2    Historical Trend (2018-2022) 
            8.9.1.3    Forecast Trend (2023-2028)
        8.9.2    Europe
            8.9.2.1    Market Share
            8.9.2.2    Historical Trend (2018-2022) 
            8.9.2.3    Forecast Trend (2023-2028)
        8.9.3    Asia Pacific
            8.9.3.1    Market Share
            8.9.3.2    Historical Trend (2018-2022) 
            8.9.3.3    Forecast Trend (2023-2028)
        8.9.4    Latin America
            8.9.4.1    Market Share
            8.9.4.2    Historical Trend (2018-2022) 
            8.9.4.3    Forecast Trend (2023-2028)
        8.9.5    Middle East and Africa
            8.9.5.1    Market Share
            8.9.5.2    Historical Trend (2018-2022) 
            8.9.5.3    Forecast Trend (2023-2028)
9    North America Account Reconciliation Software Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Account Reconciliation Software Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Account Reconciliation Software Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Account Reconciliation Software Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Account Reconciliation Software Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Broadridge Financial Solutions, Inc.
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    BlackLine Inc.
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Oracle Corporation
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    ReconArt, Inc.
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Fiserv, Inc.
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Others
16    Key Trends and Developments  in the Market

 

List of Key Figures and Tables

1.    Global Account Reconciliation Software Market: Key Industry Highlights, 2018 and 2028
2.    Global Account Reconciliation Software Historical Market: Breakup by Component (USD Million), 2018-2022
3.    Global Account Reconciliation Software Market Forecast: Breakup by Component (USD Million), 2023-2028
4.    Global Account Reconciliation Software Historical Market: Breakup by Deployment Mode (USD Million), 2018-2022
5.    Global Account Reconciliation Software Market Forecast: Breakup by Deployment Mode (USD Million), 2023-2028
6.    Global Account Reconciliation Software Historical Market: Breakup by Enterprise Size (USD Million), 2018-2022
7.    Global Account Reconciliation Software Market Forecast: Breakup by Enterprise Size (USD Million), 2023-2028
8.    Global Account Reconciliation Software Historical Market: Breakup by Operating System (USD Million), 2018-2022
9.    Global Account Reconciliation Software Market Forecast: Breakup by Operating System (USD Million), 2023-2028
10.    Global Account Reconciliation Software Historical Market: Breakup by Industry Vertical (USD Million), 2018-2022
11.    Global Account Reconciliation Software Market Forecast: Breakup by Industry Vertical (USD Million), 2023-2028
12.    Global Account Reconciliation Software Historical Market: Breakup by Region (USD Million), 2018-2022
13.    Global Account Reconciliation Software Market Forecast: Breakup by Region (USD Million), 2023-2028
14.    North America Account Reconciliation Software Historical Market: Breakup by Country (USD Million), 2018-2022
15.    North America Account Reconciliation Software Market Forecast: Breakup by Country (USD Million), 2023-2028
16.    Europe Account Reconciliation Software Historical Market: Breakup by Country (USD Million), 2018-2022
17.    Europe Account Reconciliation Software Market Forecast: Breakup by Country (USD Million), 2023-2028
18.    Asia Pacific Account Reconciliation Software Historical Market: Breakup by Country (USD Million), 2018-2022
19.    Asia Pacific Account Reconciliation Software Market Forecast: Breakup by Country (USD Million), 2023-2028
20.    Latin America Account Reconciliation Software Historical Market: Breakup by Country (USD Million), 2018-2022
21.    Latin America Account Reconciliation Software Market Forecast: Breakup by Country (USD Million), 2023-2028
22.    Middle East and Africa Account Reconciliation Software Historical Market: Breakup by Country (USD Million), 2018-2022
23.    Middle East and Africa Account Reconciliation Software Market Forecast: Breakup by Country (USD Million), 2023-2028
24.    Global Account Reconciliation Software Market Structure

Key Questions Answered in the Report

The global account reconciliation software market attained a value of nearly USD 2.1 billion in 2020.

The market is projected to grow at a CAGR of 14.6% between 2021 and 2026.

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 4.70 billion by 2026.

The growing demand for bank reconciliation software and the increasing prevalence of credit card payments are driving the market growth.

The industry is projected to be augmented by the integration of artificial intelligence (AI) in the software and the development of innovative account reconciliation software by the leading companies.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major components of account reconciliation software are software and service.

The various deployment modes of account reconciliation software are on-premise and cloud.

The various enterprise sizes of account reconciliation software are large enterprises and small and medium enterprises (SMEs).

The significant operating systems of account reconciliation software are bank reconciliation, customer reconciliation, and inter-company reconciliation, among others.

The major industry verticals of account reconciliation software are BFSI, manufacturing, retail and e-commerce, healthcare, IT and telecom, energy and utilities, and government and public sector, among others.

The major players in the industry are Broadridge Financial Solutions, Inc., BlackLine Inc., Oracle Corporation, ReconArt, Inc, and Fiserv, Inc., among others.

Analyst Review

The global account reconciliation software market attained a value of about USD 2.1 billion in 2020, driven by the growing demand for bank reconciliation software as it provides more accurate cash conditions. Aided by the integration of artificial intelligence (AI) in account reconciliation software, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 14.6%. The market is projected to reach approximately USD 4.70 billion by 2026.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on components, the market can be divided into software and service. By deployment mode, the market is segmented into on-premise and cloud. On the basis of enterprise size, the market is categorised into large enterprises and small and medium enterprises (SMEs). Based on operating system, the market is classified into bank reconciliation, customer reconciliation, and inter-company reconciliation, among others. By industry verticals, the market is divided 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, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Broadridge Financial Solutions, Inc., BlackLine Inc., Oracle Corporation, ReconArt, Inc, and Fiserv, Inc., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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Why Expert Market Research?

Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.

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