Global Account Reconciliation Software Market

Account Reconciliation Software Market Size, Share, Growth Analysis, By Component(Software, Service), By Enterprise(Large Enterprises, Small & Medium Enterprises (SMEs)), By Reconciliation(Bank Reconciliation, Customer Reconciliation) - Industry Forecast 2024-2031

Report ID: SQMIG45E2188 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 89 | Figures: 72

Account Reconciliation Software Market News

  • In February 2024, Kani Payments, a prominent global data reconciliation and reporting platform, revealed a strategic alliance with Pismo, a comprehensive issuer processing and core banking platform. This partnership signifies a pivotal moment for Kani Payments, marking its most substantial client acquisition and a significant step forward in its worldwide growth endeavors.

     

  • In February 2024, Global Payments Inc. unveiled strategic initiatives, such as acquiring EVO Payments and divesting non-core assets, alongside plans for new product launches and a $2 billion share repurchase authorization.

     

  • In November 2023, BHMI, a prominent provider of back-office payment solutions, revealed that NCR Atleos has entered a reseller agreement to distribute BHMI’s Concourse Financial Software Suite. This suite is a real-time payment processing solution handling back-office tasks like settlement, reconciliation, disputes management, and fees processing. 

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Account Reconciliation Software Market size was valued at USD 2.30 billion in 2022 and is poised to grow from USD 2.65 billion in 2023 to USD 8.09 billion by 2031, growing at a CAGR of 15% in the forecast period (2024- 2031).

The competitive landscape of the Account Reconciliation Software Market is marked by dynamic rivalry among prominent players vying for market share. Industry leaders such as Oracle Corporation, BlackLine, and ReconArt have established themselves as key players, leveraging their innovative solutions and comprehensive offerings. These established entities are known for their advanced software capabilities, robust feature sets, and extensive customer bases. Emerging players and startups are also reshaping the landscape with disruptive technologies, targeting specific niches and catering to evolving customer needs. The increasing adoption of cloud-based solutions has paved the way for agile entrants to gain traction by offering scalable and cost-effective options. 'Sage Software Solution Pvt. Ltd. ', 'Oracle', 'Fiserv, Inc. ', 'BlackLine Inc. ', 'AutoRek ', 'Xero Limited', 'Broadridge Financial Solutions, Inc.', 'ReconArt, Inc. ', 'SAP SE', 'Quickbooks ', 'CORCENTRIC', 'CUBE PLANNING INC ', 'Trintech', 'FloQast-', 'Cashbook', 'Onestream Software LLC'

The rise in online transactions and e-commerce activities generates a higher volume of financial data, prompting the need for automated reconciliation solutions to handle and manage these vast datasets.

Cloud Adoption: Increasing adoption of cloud-based solutions for flexibility, scalability, and remote access, offering businesses the advantages of real-time data sharing and reduced infrastructure costs.

North America emerged as the foremost contributor to revenue and is poised to expand at a robust CAGR of 13.7%. The North American accounts reconciliation software market's growth is underpinned by the escalating embrace of cutting-edge technologies within the fintech and banking sectors. This surge is driven by the imperative to effectively manage the substantial influx of data stemming from online transactions. A notable catalyst is the adoption of account reconciliation software by multiple banks in the region, facilitating real-time detection of banking frauds and the automation of customer transactions.

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Global Account Reconciliation Software Market

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