The Global Account Reconciliation Software Market is estimated to account for US$ 2,365.09 Mn in terms of value by the end of 2021.
Global Account Reconciliation Software Market: Drivers
Growing rate of reconciliation software deployment is anticipated to fuel growth of the global account reconciliation software market over the forecast period. Bank reconciliations has become important for all the enterprises including large, small and medium size enterprises. This process however is difficult and consumes a lot of time, which is why all the enterprises are focusing on adoption of bank reconciliation software in order to complete bank reconciliations with greater accuracy as well as efficiency. This in turn is expected to propel growth of the market in the near future.
Global Account Reconciliation Software Market: Opportunities
Emerging markets such as Middle East and Africa, South America and Asia Pacific are projected to create growth opportunities in the global account reconciliation software market over the forecast period. The increasing populations and demand for rapid and automated banking solutions, the markets in Japan, China and India are growing rapidly, as the demand for reconciliation software is increasing in these regions. Thus, these emerging markets are likely to provide market players with growth opportunities in the near future.
Global Account Reconciliation Software Market: Restraints
Factors such as lack of knowledge and awareness regarding advantages of using reconciliation software are expected to obstruct growth of the global account reconciliation software market over the forecast period.
Global Account Reconciliation Software Market - Impact of Coronavirus (Covid-19) Pandemic:
The epidemic of COVID-19 spread across more than 200 countries across the globe. It impacted several industries worldwide. The global automated reconciliation software market witness a downfall due to the pandemic in 2020. As several governments announced countrywide lockdowns, many of the private and public organizations were shut down temporarily in order to control the virus spread. The disrupted economy around the globe negatively impacted the market. However, the market is likely to regain growth in post pandemic period, as adoption of cloud-based account reconciliation software is increasing among fintech and bank industries to improve the loss occurred from the COVID-19 pandemic situation.
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The global account reconciliation software market was valued at US$ 2,077.56 Mn in 2020 and is forecast to reach a value of US$ 7,771.44 Mn by 2030 at a CAGR of 14.60% between 2022 and 2030.
Software segment held dominant position in the global account reconciliation software market in 2021, accounting for 75.07% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period. Account reconciliation software is a key tool in ensuring the accuracy of financial reporting. It can help companies avoid costly errors by reducing the time and effort required to perform reconciliation. In most cases, reconciliation software is included in all-in-one accounting packages such as QuickBooks Online. It allows users to match beginning and ending balances by running a simple checklist of transactions. The reconciliation process can be completed quickly and accurately for companies with a small number of accounts.
Global Account Reconciliation Software Market Trends:
Growing adoption of customer centric banks in fintech industry and favorable regulations by government in European region is a growing trend in the global account reconciliation software market. The number of business adopting recon software is increasing, as they are focusing on efficient management of large customer base and on minimizing the time consumption by employees for performing non-core tasks. Moreover, the use of account reconciliation software among BFSI companies is also increasing in the region, and this in turn is expected to drive the market growth.
Rise in demand for technologically developed as well as efficient solutions is another trend in the global account reconciliation software market. In order to reduce compliance in financial services as well as in banking industries, the demand for solutions that are technological advanced and efficient is growing. This is further expected to boost sales of the account reconciliation software all over the world, and in turn drive growth of the market in the near future.
Global Account Reconciliation Software Market: Competitive Landscape
QuickBooks, AUTOREK, Oracle Corporation, and Broadridge
Global Account Reconciliation Software Market: Recent Developments
In December 2019, QuickBooks announced the launch of novel Online Payroll. This product allows small businesses to run payroll and file taxes automatically and receive tax penalty protection and gain access to essential services such as health benefits, worker’s compensation and on-demand HR.
In September 2019, Oracle Corporation entered into collaboration with FSS for helping banks execute digital payment strategies successfully, with the use of enterprise class, corporate payment solution, and open and modern retail.