Pune, India, May 24, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global reconciliation software market size was valued at USD 1.13 billion in 2022 and is projected to grow from USD 1.28 billion in 2023 to USD 3.40 billion by 2030, exhibiting a CAGR of 14.9% during the forecast period. Rising Number of Security Breaches and Frauds to Aid Market Growth. Fortune Business Insights, provide this information in its report titled, Global Reconciliation Software Market Forecast, 2023-2030.
Reconciliation software matches two financial records to ensure that they are in unison. It compares the balances in a business’s accounting records to the equivalent information on a bank statement and helps organizations confirm that their internal records are accurate, consistent, and complete.
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Key Industry Development:
January 2022: BlackLine, Inc. gained acquisition of FourQ Systems, Inc. to improve its current intercompany accounting automation abilities. This acquisition will strengthen the company’s long-term plan of modernizing and transforming finance and accounting.
Key Takeaways
- Reconciliation software market size in North America was USD 0.40 Billion in 2022
- BlackLine, Inc. Acquired FourQ Systems Inc. to Improve its Current Intercompany Accounting Automation Abilities
- Growing Adoption of Reconciliation Software Among Large Enterprises to Aid Segment Growth
- The global demand is driven by an increase in financial services fraud
- The banks segment is expected to hold a major market share during the projected period
Discover the Leading Players Featured in the Report:
“Companies leading the global reconciliation software market are 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.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 14.9% |
| 2030 Value Projection | USD 3.40 Billion |
| Base Year | 2022 |
| Reconciliation Software Market Size in 2022 | USD 1.13 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | Deployment, Enterprise Size, End-user and Geography |
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Drivers and Restraints:
Rising Number of Security Breaches and Frauds to Aid Market Growth
The soaring volume of security breaches and frauds has negatively impacted various industries worldwide. Fintech-related frauds have showcased a higher percentage in financial sectors than other industries. The rising adoption of reconciliation solutions by banks and other financial institutes to mitigate these breaches is aiding reconciliation software market growth.
On the other hand, the high cost of reconciliation solutions and availability of free alternatives will serve as challenges for businesses operating in this domain.
Segmentation:
By Deployment
- Cloud
- On-premise
By Enterprise Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By End-use
- Banks
- Financial Institutions
- Insurance
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Hold Major Share Backed by Early Adoption of Cloud and Other Advanced Technologies
North America captured majority of the reconciliation software market share in 2022 due to early adoption of cloud and other cutting-edge technologies in the region. The readiness of end-users to adopt advanced solutions and surging demand for cloud-based reconciliation solutions will further propel market expansion.
Asia Pacific market is projected to grow significantly in the forthcoming years backed by the. growing number of startups adopting advanced reconciliation solutions. Moreover, governments are actively supporting businesses in developing nations to boost adoption of reconciliation solutions which will facilitate market growth in the region.
Europe market is projected to grow steadily in the forthcoming years owing to adoption of workloads to cloud owing to optimized costs and convenience of cloud. Moreover, 50% of organizations have deployed a cloud-first strategy to increase business efficiency which will create many opportunities for businesses to expand their core banking software offerings.
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Competitive Landscape:
Partnerships Between Key Players to Aid Market Expansion
Leading players in the global market often make strategic decisions such as mergers and acquisitions, collaborations, partnerships etc. to hold a significant market share and earn higher revenues and profits. For example, in June 2021, Order2Cash joined forces with Cashbook to improve integration, automation, and quicker reconciliation processes across the order-to-cash sequence on a global scale.
FAQs
How big is the reconciliation software market?
Reconciliation software market size was USD 1.13 billion in 2022. It is expected to reach USD 3.40 billion by 2030.
How fast is the reconciliation software market growing?
The reconciliation software market will exhibit a CAGR of 14.9% during the forecast period, 2023-2030.
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