BL - Global Account Reconciliation Software Market Size is Estimated to Reach USD 6930 million by 2030 Growing at a CAGR of 14.8%: Straits Research | Benzinga
New York, United States, March 06, 2024 (GLOBE NEWSWIRE) -- Reconciliation is the technique accounting experts use to compare two sets of records to verify an individual's monthly statements. In addition, reconciliation software assists businesses in enhancing the quality and precision of their accounting processes while minimizing errors and inaccuracies. In addition, it gives enterprises complete control over the automation process by managing essential procedures securely and effectively. In addition, numerous industries, such as BFSI and retail, embrace this software to obtain complete control over the billing procedure and achieve accounting transparency. In addition, the increasing usage of cloud-based reconciliation software by various SMBs is anticipated to create a profitable market opportunity.
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Growth in Online Transaction to Drive the Global Account Reconciliation Software Market
According to Straits Research, "The global account reconciliation software market size was valued at USD 2001.23 million in 2021 and is estimated to reach an expected value of USD 6930 million by 2030, registering a CAGR of 14.8% during the forecast period (2022 – 2030)." The demand for reconciliation software has increased due to industry-wide digitization. In addition, the retail sector has become one of the most adaptable in the United States due to the rise in urbanization, favorable government regulations, and increased internet transactions. In addition, the United States is one of the countries with the most rapid growth in the e-commerce industry. This is a fundamental component driving market expansion. According to a 2019 analysis by eMarketer, U.S. consumers have spent $589.92 billion on various e-commerce websites. Thus, the increase in sales on e-commerce websites has led to a surge in online payments and electronic billings; consequently, retailers are adopting recon software to keep track of online data, stimulating market growth. In addition, various small and medium-sized businesses are boosting their market share and appeal by offering online products. In turn, this increases the demand for reconciliation software.
Growth in Use of Machine Learning and Artificial Intelligence In Recon Software to Provide Opportunities for the Global Account Reconciliation Software Market
Artificial intelligence (AI) is crucial to creating various recon software. Oracle Corporation, SAP SE, and Fiserv, among others, are using machine learning and artificial intelligence to make their recon software models, which gives them lucrative potential for market expansion. In 2018, SAP SE unveiled its cash application, which optimizes the reconciliation process and cash flow management by employing artificial intelligence and machine learning techniques. In addition, several retailers are incorporating artificial intelligence into their reconciliation software to eliminate human error in the accounting process and boost the security of bank transactions. In addition, AI enables merchants to gain a deeper understanding of client transactions and enhances the visibility of every transaction. Thus, giving attractive market potential.
Key Highlights
- In terms of components, the global ...