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(Hosting-NewsWire.com, March 26, 2020 ) Market Overview
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• The Global Account Reconciliation Software Market is expected to grow at a high CAGR during the forecasting period (2019-2026).
• Growing adoption of automated banking solutions is boosting the market growth, owing to its high quality and reduced reconciliation time is supplementing the development of this market. Growing standardized activities in bank is the major factors driving the global account reconciliation software market. It is owing to factors such as this software which help in reducing risk, improving quality and save time through automated operations in accounting is known as account reconciliation software. Additionally, launch of new version of cloud and on-premise platforms to support reconciliation software is propelling the global market growth. For instance, in 2018, SS&C Technologies developed a middle- and back-office platform for accounting and reconciliation activities.
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• The major driving factor of global Account Reconciliation Software market is growing adoption of automated banking solutions. Growing adoption of automated banking solutions is boosting the market growth, owing to its high quality and reduced reconciliation time is supplementing the development of this market. Through traditional methods, 90% of accounting personnel’s time is spent simply completing reconciliations, and only 10% of it is spent actually analyzing the implications of the results.
• Reconciliation software is equipped with various features that help in reducing risks, improving quality, and save time through automated operations. In addition, reconciliation software provides the ability to streamline reconciliation, eliminate paper checks, and enhance vendor payments. Also, it can help to identify bank fees and other hidden expenses that you might not know you are paying and it track all the transactions and reconciling balances each month can keep from having an overdraft or missing a payment.
• However, Data Security and Private Concerns & High Implementation Cost is the key restraint hampering the market growth. Software users are worried about the security of their data as they are accessible by foreign parties. Even though firewalls are believed to have the capability to solve this problem, but the firewall setup on a computer may get screwy at times; when this happens, there is nothing much they can do. Also, legacy systems take time and require a focused staff to manually review and compare ledgers with bank statements on a monthly or bi-monthly basis.
• By type, the Account Reconciliation Software market is segmented into cloud based and on premises. On premise market value in the Global account reconciliation software market was accounted for USD 40562 million in 2018, and is expected to reach USD XX million by 2026 at a CAGR of XX %. Most of the banks and enterprises are migrating from On-Premises Financial Close Management to Account Reconciliation Cloud. Many companies are considering the benefits of moving to the cloud with their EPM/BI technologies, including Account Reconciliation tools. Though less than 35% of companies have adopted cloud technologies thus far, Hackett’s research indicates that cloud adoption will more than double over the next two years.
• Oracle Account Reconciliation Cloud Services (ARCS) provides an ideal option for those clients already using the on-premise Oracle Account Reconciliation Manager (ARM), as functionality can be migrated quickly and easily, to grasp the benefits of new abilities within the Cloud application. There are few companies like Oracle which are still offering an on-premise account reconciliation solution and even they announced release of a new version by the end of 2019.
• North America Account Reconciliation Software market was valued at USD 24468.3 million in 2018 and is estimated to grow at a CAGR of XX % over the forecast period to reach USD XX million by 2026. The North America market is majorly segmented into U.S. and Canada. North America Account Reconciliation Software market is growing due to high public awareness, intense competition and continuously growing transaction volume in the region.
• Account Reconciliation Software improves the quality and accuracy of financial data and reduce errors and inaccuracies. This saves a considerable amount of time and allows highly skilled accountants to focus on more difficult tasks, like analysis, risk mitigation, and exception handling. According to a survey conducted in U.S. in 2018, around 58% of U.S. population uses mobile banking for transferring money and in 2016 around 62% of U.S. population cited digital banking as their primary method of banking.
• The Account Reconciliation Software market is competitive with existing players in the market.
• Some of the major players include Broadridge, AutoRek, ReconArt, SmartStream, Oracle, SS&C, Trintech Inc., BlackLine, Treasury, Xero, DataLog, Cashbook, Rimilia and Fiserv.
• The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the growth of the Account Reconciliation Software Market.
• In April 2019, AutoRek, global financial control, regulatory reporting, and data management platform collaborated with Cforia Software. With this collaboration, the company’s extended its global reach and offer an end-to-end solution from cash collection to cash application and cash reconciliation.
• In April 2019, ReconArt Inc. is in partnership with Valuement Group srl. With this partnership, the two companies have joined forces with the primary objective to elevate the client experience.
• In October 2018, SmartStream Technologies introduced new reconciliation module TLM Aurora to deal with digital marketplace evolution.
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