Brooklyn, NY — 02/05/2018 — The comprehensive study on the global reconciliation software market offers detailed insights covering the key growth drivers and notable trends, industry challenges, emerging prospects, lucrative avenues, and recent advancements in technologies.
The study analyzes the share and size of prominent application segments. The analysis evaluates the current competitive landscape, popular business models, and the likely innovations in offerings by major players in the coming years. It takes a closer look at the prevailing regulatory landscape in various regions, including the U.S., Japan, India, China, Southeast Asia, and European Union.
The intensifying need for a sound financial practices and the adoption of robust financial reporting system among businesses across regions is a primary factor propelling the demand for reconciliation (recon) software. The growing demand for financial close management solutions among accounting teams has bolstered the uptake of recon software. The rising demand for recon solutions and technologies among businesses in a range of industries, including banking, education, food and beverages, and healthcare for reducing financial risk, improving compliance, and boosting operational requirement is a crucial trend accentuating the market.
The pressing need for replacing legacy software is a noteworthy factor driving the market. With account reconciliations becoming an integral part of financial close, recon software is gaining significance in organizations of all sizes.
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The rising demand for bank reconciliation software in developed and developed countries is a crucial factor boosting the market. The need for bringing transparency in accounting transactions is also bolstering the demand for recon software and solutions. Furthermore, the rising need for meeting compliance demands for banks and enterprises is a crucial factor stoking the demand for recon software.
The rising adoption of automation in recon software has opened lucrative prospects for market players. The rising adoption of best practices for controls and audits in all financial and accounting transaction in a growing number of enterprises in developed regions is a significant factor catalyzing the adoption of recon software. A burgeoning international trade activities in various developing regions is expected to aid in the expansion of the recon software market.
The growing demand for ensuring visibility into inter and intra-company reconciliations is fueling the growth of the market. The need for reducing receivables write-offs in the financial services sector is a notable factor boosting the market. The market is also increasingly benefitting from the reconciling of custodian accounts. The need for better compliance in custodian accounts, such as those for meeting BASEL III norms, bodes well for the market.
Businesses engaged in cross-border sales and transactions needs updated data on exchange rate, source currency, and various elements of foreign transactions. The potential of recon software to automate data feeds and reconcile chargebacks and returns is a notable factor boosting the market.
The recon software market will immensely benefit from the rising popularity of cloud-based offerings. The growing demand for transaction lifecycle reconciliation among organizations for financial as well as non-financial transactions is aiding in the expansion of the market.
The advent of end-to-end recon solutions for various enterprises in emerging and developed nations is expected to create lucrative prospects for market players through 2022. The growing availability of recon solutions that accept data feeds in a variety of file formats is a welcome trend in the market.
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Prominent companies operating in the recon software market include Oracle Corporation, Open Systems, Fiserv, Inc., Trintech Group PLC, Unit4, Xero, AutoRek, Aurum Techno Solutions Pvt. Ltd., iStream Financial Services, Flatworld Solutions Pvt. Ltd., SAP, BlackLine, SmartStream Technologies, and ReconArt.
Table of Contents
Global Recon Software Market Size, Status and Forecast 2022
1 Industry Overview of Recon Software
1.1 Recon Software Market Overview
1.1.1 Recon Software Product Scope
1.1.2 Market Status and Outlook
1.2 Global Recon Software Market Size and Analysis by Regions
1.2.1 United States
1.2.6 Southeast Asia
1.3 Recon Software Market by Type
1.3.1 Cloud based
1.3.2 On premise
1.4 Recon Software Market by End Users/Application
2 Global Recon Software Competition Analysis by Players
2.1 Recon Software Market Size (Value) by Players (2016 and 2017)
2.2 Competitive Status and Trend
2.2.1 Market Concentration Rate
2.2.2 Product/Service Differences
2.2.3 New Entrants
2.2.4 The Technology Trends in Future
3 Company (Top Players) Profiles
3.1.1 Company Profile
3.1.2 Main Business/Business Overview
3.1.3 Products, Services and Solutions
3.1.4 Recon Software Revenue (Value) (2012-2017)
3.1.5 Recent Developments
3.2.1 Company Profile
3.2.2 Main Business/Business Overview
3.2.3 Products, Services and Solutions
3.2.4 Recon Software Revenue (Value) (2012-2017)
3.2.5 Recent Developments
4 Global Recon Software Market Size by Type and Application (2012-2017)
4.1 Global Recon Software Market Size by Type (2012-2017)
4.2 Global Recon Software Market Size by Application (2012-2017)
4.3 Potential Application of Recon Software in Future
4.4 Top Consumer/End Users of Recon Software
5 United States Recon Software Development Status and Outlook
5.1 United States Recon Software Market Size (2012-2017)
5.2 United States Recon Software Market Size and Market Share by Players (2016 and 2017)
6 EU Recon Software Development Status and Outlook
6.1 EU Recon Software Market Size (2012-2017)
6.2 EU Recon Software Market Size and Market Share by Players (2016 and 2017)
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