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Global Account Reconciliation Software Market Research Report 2023-2028:
The latest report by IMARC Group, titled " Account Reconciliation Software Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028
," 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, cloud-based, 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, e-commerce, 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).
View Report TOC, Figures and Tables
: https://www.imarcgroup.com/account-reconciliation-software-market
Key Market Segmentation
The research report includes the following segments:
Breakup by Component:
• Software
• Services
Breakup by Deployment Mode:
• On-premises
• Cloud-based
Breakup by Organization Size:
• Small and Medium-sized Enterprises
• Large Enterprises
Breakup by End User:
• BFSI
• Manufacturing
• Retail and E-Commerce
• Healthcare
• IT and Telecom
• Energy and Utilities
• Government and Public Sector
• Others
Breakup by Region:
• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa
Competitive Landscape with Key Players:
• 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.
1. What was the size of the global account reconciliation software market in 2022?
2. What is the expected growth rate of the global account reconciliation software market during 2023-2028?
3. What are the key factors driving the global account reconciliation software market?
4. What has been the impact of COVID-19 on the global account reconciliation software market?
5. What is the breakup of the global account reconciliation software market based on the component?
6. What is the breakup of the global account reconciliation software market based on the deployment mode?
7. What is the breakup of the global account reconciliation software market based on the organization size?
8. What is the breakup of the global account reconciliation software market based on the end user?
9. What are the key regions in the global account reconciliation software market?
10. Who are the key players/companies in the global account reconciliation software market?
Click here to visit the complete table of content with list of figures and tables: https://www.imarcgroup.com/account-reconciliation-software-market/toc
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