Reconciliation Software Market Scope
Reconciliation is the method of ensuring that 2 sets of records (usually the balances of two accounts) are in agreement. Reconciliation is used to make sure that cash leaving an account matches the particular money spent. This is often done by making sure the balances match at the end of a particular accounting period. Reconciliation is a method that will benefit businesses as this could help avoid record errors, which may have led to detrimental ramifications; in addition, reconciliation may help against fraud and may help instill financial integrity. The benefits of reconciling Software: It mitigates mistakes that are made by financial institutions or if there have been any fallacious withdraws from an account. It helps create an overall image on spending and helps assess if a person is overspending on fees.
The Reconciliation Software market study is segmented, by Application (BFSI, Manufacturing, Retail & E-Commerce, Healthcare, IT & Telecom, Energy & Utilities, Government & Public Sector and Others) and major geographies with country level break-up.
The companies are exploring the market by adopting expansions, investments, and new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Reconciliation Software market throughout the predicted period.
Autorek (United Kingdom), Oracle Corporation (United States), Datalog Finance (France), Cashbook Limited (United States), Adra Match (Trintech) (United States), ReconArt Inc. (United States), Fiserv Inc. (United States), Rimilia Holdings Ltd. (United Kingdom), Xero Limited (New Zealand) and Treasury Software Corp. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are BLACKLINE INC. (United States), SmartStream Technologies Ltd. (United Kingdom), Broadridge Financial Solutions Inc (United States) and SS&C Technologies Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
AMA Research has segmented the market of Global Reconciliation Software market by Type, Application and Region.
On the basis of geography, the market of Reconciliation Software has been segmented into South America (Brazil, Argentina, Chile, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Indonesia, Thailand, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Sweden, Belgium, Finland, Denmark, Russia, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In Jun-2020: BlackLine signed partnership agreement with Capgemini, a provider of consulting, technology, professional, and outsourcing services. The partnership was focused on enabling finance and accounting (F&A) teams to reduce business-process prices while optimizing process effectiveness and efficiencies.
On Dec-2019: Broadridge financial Solutions launched the Broadridge data control Intelligent Automation, a new artificial intelligence and machine-learning platform. This platform is designed to be deployed across industry-wide reconciliation, matching, and exception management applications., and On 24 Sept. 2019, SmartStream Technologies, the financial Transaction Lifecycle Management (TLM) solutions provider, launched SmartStream Air, a new revolutionary approach for reconciliations that allows business users to reconcile complex sets of data in seconds. The solution is immediately accessible and uses transformative artificial intelligence (AI) algorithms to auto-configure reconciliations of any data structure – unlike other solutions on the market today, which only understand certain domains, coupled with long implementation times.
Market Trend
- Growing Government Support In The Developing Countries Of Asia-Pacific
Market Drivers
- Increase In Online Transactions Among Various Industries
- Increase In Need To Manage Huge Number Of Customers
- Rising Government Initiatives To Improve And Maintain The Reconciliation Process
- Rising Demand for Secure, Cost-Effective, And Translucent Transactions
Opportunities
- The Rising Demand for Bank Reconciliation Solutions among the Developing Countries
- Online Transactions Across The Globe
Restraints
- Security Issues
- High Cost Associated With the Implementation of Automated Reconciliation Systems
Challenges
- Covid-19 Impact
- Too Many Organizations Are Still Struggling With the Account Reconciliation Process, Especially Those Using Manual Workflows
Key Target Audience
Reconciliation Software Developers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, Research Institutes, End Users and Others