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Account Reconciliation Software Market Share, Size, Growth, Trends and Forecast 2027

According to the latest report by IMARC Group, titled “Account Reconciliation Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global account reconciliation software market reached a value of US$ 2.45 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 5.8 Billion by 2027 exhibiting a CAGR of 14.80% during 2022-2027.

Account reconciliation software is a technologically advanced tool that centralizes the financial close procedure and automates it for smooth business functioning. It collects data from the general ledger and compares it to bank statements and invoices for quick reconciliation of accounts. It is easy to set up and user-friendly with multiple functionalities and features, such as transaction matching, reporting, and issue classification and management. As a result, it is utilized by organizations worldwide to maximize productivity, enhance efficiency, and save time by minimizing the need for manual calculations and data manipulation.

Market Trends:

Account reconciliation software provides a streamlined method to ensure the accuracy of the balance sheets by analyzing discrepancies, comparing the data, and attaching additional documents. This, in confluence with the growing need for standardized activities and customer-centric banking solutions and the increasing number of online transactions and credit card payments, is driving the use of account reconciliation software in the banking, financial services and insurance (BFSI) sector. Apart from this, the introduction of innovative account reconciliation software integrated with artificial intelligence (AI) and machine learning (ML) is expanding its application in the e-commerce, retail, healthcare, telecom, and information technology (IT) sectors.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • 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

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 (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

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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