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Automated reconciliation software saves around 50% of the time and resources of organizations as compared to previously dedicated to bank reconciliation.
The global reconciliation software market is estimated to grow with a CAGR of ~18% during the forecast period 2021-2027. The market growth is attributed to various factors such as increasing adoption of customer-centric banking solutions, rising demand for secure, cost-effective, and translucent transactions, and growth in requirement of standardized activities in banks among others. However, high costs related to the implementation of automated reconciliation systems and increasing security concerns related to financial and personal information will majorly hinder the market growth during the forecast period. Nevertheless, the increasing adoption of mobile banking and online banking to perform financial transactions will create immense opportunities for the global marketplace.
The global reconciliation software market is segmented on the basis of deployment type, component, and application segment. These major market segments are further categorized into various sub-segments to study the market in detail.
Geographically, the global reconciliation software market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, North America is anticipated to witness significant growth during the forecast period due to continuous technological advancements and continuous growth in transaction volumes and intense competition are key factors that are expected to fuel the demand for reconciliation software across the region. The Asia-Pacific reconciliation software market is anticipated to grow at the fastest growth rate owing to the growing population in countries such as China and India and growth in demand for automated banking solutions; and huge customer base act as a key opportunity for the reconciliation software industry in the region.
Impact of COVID-19 on Global Reconciliation Software Market
An increase in the number of online transactions and growth in usage of remote technology has impacted the global reconciliation software market positively. Post covid-19 era will record the continuous growth rate of online payment applications and online transactions, which would positively contribute to the growth of the reconciliation market.
Key Players Insights
Autorek, Oracle Corporation, Treasury, Datalog, Cashbook, Adra Software (Trintech), ReconArt, Inc., Fiserv, Inc., Rimilia Holdings Ltd., Xero Limited, Blackline Inc., SmartStream Technologies Ltd., Broadridge Financial Solutions, Inc. and SS&C Technologies, Inc. among others are included in the research study of the global reconciliation software market. The companies are adopting various competitive strategies to hold the majority of the market share.
Research Report on the Global Reconciliation Software Market Include: