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The latest report by IMARC, titled “ AccountReconciliationSoftwareMarket:GlobalIndustryTrends,Share,Size,Growth,Opportunityan dForecast2023-2028
” " finds that the global account reconciliation software market size reached US$ 2.9 Billion in 2022.
Account reconciliation software is used to automate and standardize the settlement process to create clear and precise financial statements. Some commonly available software includes ReconArt, Blackline, Xero, Bank Rek, and AutoRek. It is an easy-to-set-up and user-friendly tool with numerous features and functionalities, including issue management, transaction matching, classification, cloudbased, task flow, reporting group suitability, postings, data acquisition, matching techniques, and interface. It is designed to augment productivity, enhance efficiency, and save time by eliminating the need for data manipulation and manual calculations. In addition, it offers accountants a streamlined method to assure the accuracy of their balance sheets and allows them to analyze discrepancies, compare data, attach supporting documents, and take the required actions quickly. As a result, account reconciliation software is widespread across banking, financial services, insurance (BFSI), retail, ecommerce, healthcare, government and public, information technology (IT), and telecom.
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The market is primarily driven by the increasing number of credit card payments and online transactions in several industries. Nowadays, account reconciliation software is widely employed to track interest charges, minimize the risk of fraud, reduce accounting errors, and monitor data, such as trial balance and cash flows. Besides this, the surging need for standardized activities in banks and the widespread adoption of customer-centric banking solutions represent another major growth-inducing factor. In addition, the escalating demand for error detection software to improve operational efficiency and minimize overall costs is accelerating the product adoption rate across the globe.
Apart from this, key market players are launching innovative account reconciliation software incorporated with advanced technologies, including machine learning (ML) and artificial intelligence (AI), to enhance the cash flow management and reconciliation process. This, coupled with the growing need for generating electronic bills, is creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 6.2 Billion by 2028, exhibiting a CAGR of 13.1% during the forecast period (2023-2028).
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyComponent:
• Software
• Services
BreakupbyDeploymentMode:
• On-premises
• Cloud-based
BreakupbyOrganizationSize:
• Small and Medium-sized Enterprises
• Large Enterprises
BreakupbyEndUser:
• BFSI
• Manufacturing
• Retail and E-Commerce
• Healthcare
• IT and Telecom
• Energy and Utilities
• Government and Public Sector
• Others
BreakupbyRegion:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• API Software Limited
• BlackLine Inc.
• Broadridge Financial Solutions Inc.
• Fiserv Inc.
• Intuit Inc.
• Oracle Corporation
• ReconArt Inc.
• Sage Group plc
• SmartStream Technologies ltd.
• Trintech Inc.
• Xero Limited
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