Pune, India, Nov. 21, 2022 (GLOBE NEWSWIRE) -- The global Reconciliation Software Market Size was USD 984.0 million in 2021. The market is anticipated to expand from USD 1,114.0 million in 2022 to USD 2,908.9 million by 2029, exhibiting a CAGR of 14.7% over the forecast period. The rise is being driven by the increasing focus of market players on seeking relevant partnership agreements.
Fortune Business Insights™ cites this information in its research report, titled "Reconciliation Software Market, 2022-2029".
Key Industry Development:
October 2021 – Stripe acquired Recko, an India-based payments reconciliation software provider. Via this acquisition, the company intends to accelerate its internet businesses for the automation of payments reconciliation.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 14.7% |
| 2029 Value Projection | USD 2,908.9 Million |
| Base Year | 2021 |
| Reconciliation Software Market Size in 2021 | USD 984.0 Million |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 130 |
| Segments covered | Deployment; Enterprise Size; End-user; |
| Reconciliation Software Market Growth Drivers | Financial Service Frauds to Accelerate the Adoption of Reconciliation Solutions |
| Growing Strategic Alliances Among Key Players to Impact Market Positivelys |
COVID-19 Impact:
Industry Share Spiked Due to Availability of Considerable Growth Opportunities for Market Players
The COVID-19 pandemic led to an increase in cashless transactions driven by the enforcement of lockdown restrictions across the globe. The market growth was further impelled by the soaring usage of e-commerce and the integration of advanced technologies such as artificial intelligence and AR/VR. Additionally, the market share is expected to rise in the forthcoming years considering the early adoption of neobanks across the BFSI industry.
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Drivers and Restraints:
Product Adoption to Rise Due to Increasing Number of Financial Services Frauds
The reconciliation software market growth can be attributed to the growing volume of security breaches and frauds. The solutions are increasingly being adopted for the mitigation of these breaches.
However, the industry expansion is likely to be hampered by the high cost of these solutions. Additional factor affecting the market scenario is the availability of free solutions.
Regional Insights:
North America to Lead Due to Adoption of Advanced Technologies
The North America reconciliation software market share is expected to record appreciable expansion over the analysis period. The regional growth can be attributed to the escalating demand for cloud-based solutions.
The Asia Pacific market is set to register commendable growth throughout the forecast period. The rise is being impelled by the soaring number of startups.
Competitive Landscape:
Industry Players Strike Partnership Deals to Strengthen Market Footing
Leading reconciliation software companies are entering into collaborations and partnership deals for establishing a strong industry footing. Some of the other initiatives include mergers, acquisitions, and the formation of alliances. Besides, companies are participating in trade conferences for enhancing their business prospects.
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Report Coverage:
The report provides a comprehensive coverage of the major trends that are expected to impel industry expansion over the forthcoming years. It further gives an insight into the significant steps taken by leading companies for the consolidation of the market position. These insights have been furnished after in-depth research and data collation from trusted sources.
Segments:
Cloud Segment to Gain Traction Due to Growing Product Adoption in the Banking Sector
On the basis of deployment, the market is fragmented into on-premises and cloud. Of these, the cloud segment is estimated to record commendable growth over the forecast period. The rise can be attributed to the growing popularity of neo banking services and the rising demand for cloud-based reconciliation solutions.
SMEs Segment to Emerge Prominent Owing to Escalating Product Usage
Based on enterprise size, the market is classified into Small and Medium-sized Enterprises (SMEs) and large enterprises. The SMEs segment is slated to register substantial expansion throughout the projected period. The surge is being driven by the surging adoption of automated banking solutions in these enterprises.
Banks Segment to Register Notable Rise Due to Increasing Implementation of Software Solutions
On the basis of end-user, the market is categorized into insurance, banks, and financial institutions. Of these, the banks segment is poised to register appreciable expansion over the study period. The rise can be attributed to the rising adoption of reconciliation software solutions across banks.
Based on region, the market is segmented into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
List of Key Players Profiled in the Report:
- BlackLine Inc. (U.S.)
- Broadridge Financial Solutions, Inc. (U.S.)
- Tata Consultancy Services Limited (India)
- Xero Limited (New Zealand)
- Gresham Technologies plc (U.K.)
- SmartStream Technologies ltd (U.K.)
- DUCO (U.K.)
- ReconArt, Inc. (U.S.)
- SolveXia (Australia)
- StatementMatching.com Limited (U.K.)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Reconciliation Software Key Players Market Share Insights and Analysis, 2021
- Global Reconciliation Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Size (USD)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- By End-user (USD)
- Banks
- Financial Institutions
- Insurance
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Reconciliation Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Size (USD)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- By End-use (USD)
- Banks
- Financial Institutions
- Insurance
- By Country (USD)
- United States
- Canada
- Mexico
- South America Reconciliation Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Size (USD)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- By End-use (USD)
- Banks
- Financial Institutions
- Insurance
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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