Dublin, Oct. 02, 2020 (GLOBE NEWSWIRE) — The “Global Account Reconciliation Software Market by Component, by Deployment Type, by Organization Size, by Application, by End User, by Region, Industry Analysis and Forecast, 2020 – 2026” report has been added to ResearchAndMarkets.com’s offering.
The Global Account Reconciliation Software Market size is expected to reach $4.5 billion by 2026, rising at a market growth of 17.6% CAGR during the forecast period.
Reconciliation is a procedure of comparing interior financial related accounts against monthly accounts from outside sources, for example, banks, financial institutions, and credit card organizations. Numerous banks and fintech organizations are utilizing account reconciliation software to deal with their account in their interior sales register and to recognize human mistakes. Furthermore, rising need to improve error detection software in banks and in different other financial organizations across the globe drive the development of the market.
The principle aim of account reconciliation software is to guarantee that the account balance is right between two accounts toward the finish of the accounting period. Likewise, it is mostly used to monitor different data, for example, cash flows, trial balance, and also produces reports. Moreover, it offers various advantages, which incorporate tracking interest charges, decreasing the danger of frauds, tracking receivable, and distinguishing and lessening accounting mistakes. Moreover, banks and fintech industries are adopting account reconciliation software as it gives constant updates at each phase of the accounting procedure, which builds the operational proficiency of the organization.
Additionally, increment in online transactions among different industries and growth in need for reconciliation management systems drive the development of the market. Also, developing acceptance of automated banking solutions across the globe to diminish reconciliation time fuels the development of the market. However, different security issues in account reconciliation software impede the account reconciliation software market development. Besides, higher adoption of account reconciliation software among the SMEs and an increase in the utilization of AI and machine learning in account reconciliation software are the components expected to give worthwhile chances to the development of the market.
The major strategies followed by the market participants are Partnerships and Product Launches. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation, and SAP SE are the forerunners in the Account Reconciliation Software Market. Companies such as BlackLine, Inc., Broadridge Financial Solutions, Inc., The Sage Group PLC, Intuit, Inc., Rimilia Holdings Ltd., Fiserv, Inc., and AutoRek are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, SAP SE, Fiserv, Inc., Broadridge Financial Solutions, Inc., BlackLine, Inc., Intuit, Inc. (Quickbooks), The Sage Group PLC, Rimilia Holdings Ltd., AutoRek, and ReconArt, Inc.
Product Launches and Product Expansions:
Broadridge Financial Solutions launched the Broadridge Data Control Intelligent Automation, a new artificial intelligence (AI) and machine learning (ML) platform. This platform was built to be deployed across industry-wide reconciliation, matching, and exception management applications. The customers are being able to license modules on the platform for multiple Intelligent Automation applications with the initial two modules being Break Management and Recon Perform. Both modules provide a true enterprise-wide capability, working across not only Broadridge’s reconciliations solution but in-house and third-party developed solutions.
Intuit QuickBooks released QuickBooks Online Accountant in India, an online practice management solution. This solution was specifically designed for Chartered Accountants (CAs) to take their practice to the next level. It helps CAs to grow their practice and manage their clients all in one place. QuickBooks Online Accountant comes with power-packed features to make a CA’s life easier. The real-time client collaboration features enabled CAs to access and manage their clients (QuickBooks Online and non-QuickBooks Online) anywhere, anytime with a single login.
Broadridge Financial Solutions introduced the Broadridge Data Control Solution suite. The suite was designed to help financial organizations address the operational challenges of managing the data life cycle. The suite integrated Broadridge’s reconciliation and matching solution with enhanced data analytics, together with industry-leading multi-bank connectivity and flexible financial messaging.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.3 Market Scope
1.5 Methodology for the research
Chapter 2. Market Overview
2.1.2 Executive Summary
2.1.3 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis – Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2018, Feb – 2020, Jun) Leading Players
Chapter 4. Global Account Reconciliation Software Market by Component
4.1 Global Account Reconciliation Software (Without Services) Market by Region
4.2 Global Account Reconciliation Software Services Market by Region
Chapter 5. Global Account Reconciliation Software Market by Vertical
5.1 Global Account Reconciliation Software BFSI Market by Region
5.2 Global Account Reconciliation Software IT & Telecom Market by Region
5.3 Global Account Reconciliation Software Healthcare & Social Assistance Market by Region
5.4 Global Account Reconciliation Software Retail Market by Region
5.5 Global Account Reconciliation Software Government & Public Sector Market by Region
5.6 Global Other Vertical Account Reconciliation Software Market by Region
Chapter 6. Global Account Reconciliation Software Market by Deployment Type
6.1 Global On-premise Account Reconciliation Software Market by Region
6.2 Global Cloud Account Reconciliation Software Market by Region
Chapter 7. Global Account Reconciliation Software Market by Organization Size
7.1 Global Large Enterprises Account Reconciliation Software Market by Region
7.2 Global Small & Medium Enterprises Account Reconciliation Software Market by Region
Chapter 8. Global Account Reconciliation Software Market by Application
8.1 Global Bank Reconciliation Account Reconciliation Software Market by Region
8.2 Global Customer Reconciliation Account Reconciliation Software Market by Region
8.3 Global Inter-company Reconciliation Account Reconciliation Software Market by Region
8.4 Global Others Account Reconciliation Software Market by Region
Chapter 9. Global Account Reconciliation Software Market by Region
Chapter 10. Company Profiles
- Oracle Corporation
- SAP SE
- Fiserv, Inc.
- Broadridge Financial Solutions, Inc.
- BlackLine, Inc.
- Intuit, Inc. (Quickbooks)
- The Sage Group PLC
- Rimilia Holdings Ltd.
- ReconArt, Inc.
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