Pune, India, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The increasing automation and optimization of reconciliation management is expected to aid the expansion of the market, states Fortune Business Insights, in a report, titled “Reconciliation Software Market size, share & industry analysis, By Component (Software, Services), By Deployment (Cloud, On-premise), By Application (Financial Services, Insurance, Retail, Real Estate, Government, Others) and regional forecast 2020-2027.” The increasing digitalization is expected to spur opportunities for the market.
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Key Development:
April 2020: SmartStream Technologies announced that Jumhouria Bank registered in Libya has implemented SmartStream’s solution for the reconciliation of cash payments. Through the implementation of reconciliation solutions, the bank aims to ensure greater visibility into the card, cash, central bank, and payment transactions.
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Market Driver:
Announcement of Blackline’s Automation Software in NHS to Stimulate Growth
Blackline Inc, an American enterprise software company that develops cloud-based services designed to automate and control the entire financial close process announced that its automation software was chosen by NHS National Services Scotland (NSS) to automate financial processes. NSS intends to deploy Blackline’s Account reconciliation tool incorporated with the capabilities of transaction matching and journal entry to drive the transformation of its finance processes. Moreover, the increasing demand for software in financial institutions such as banks, insurance companies, and others owing to the high transactions, including cash, debit & credit cards, mobile and online payments can further enable speedy expansion of the market. According to a 2018 research by Banking Circle on the United Kingdom's Insurance industry, 28 percent of the market relies on manual reconciliation methods whereas, only 4 percent have fully-automated reconciliation solutions eliminating human intervention. Besides, the increasingly digital and online payments can enhance the expansion of the market in the forthcoming years.
However, a lack of awareness and knowledge about the advantages of recon software is expected to restrict the growth of the market.
Growth Plans of Key Players to Strengthen Market
The increasing digitalization and online transactions are expected to aid companies to market their software to potential customers. The increasing concentration on security and safety by key players can intensify the market. As per Early Warning Services, LLC, a provider of fraud prevention and management services headquartered in Scottsdale, United States, 171 million transactions were conducted through the Zelle network during the mid of 2019. Zelle is a digital payment network owned by Early Warning Services. The company also states that it was a 71 percent growth than in 2018. The potential growth in the payment methods paves the way for fraud. These factors drive the need for automated reconciliation software.
Reconciliation Software Market Segments-
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The report on the reconciliation software market uncovers:
- Important facts and figures
- An all-inclusive study of the market
- Comprehensive data about prominent companies
- Latest industry trends and drivers
- Recent developments
- Study of COVID-19 impact
Regional Analysis:
Favorable Government Policies to Stimulate Market in North America
North America is expected to hold the largest share in the global market owing to the increasing digitization services across industries. The government policies, coupled rapid adoption of online transaction services can drive market growth across the region. Europe is expected to hold a significant market share owing to the high demand for customized reconciliation software solutions compliant with the new GDPR policies in European countries. The market in Asia Pacific is expected to grow significantly owing to the improving financial services such as online banking and mobile banking in India, Japan, and China. The booming e-commerce industry is expected to further aid the expansion of the market in Asia Pacific.
List of Key Players Mentioned in the Report:
- ReconArt, Inc.
- SmartStream Technologies ltd.
- BlackLine Inc.
- Trintech Inc.
- SAP SE, Fiserv, Inc.
- Aurum Solutions
- Cashbook
- Rimilia Holdings Ltd.
- OneStream Software LLC Oracle Corporation
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