According to a report available on Radiant Insights, Inc., the reconciliation software market is highly promising in nature. It is expected to expand at a remarkable CAGR during the forecast period (2017 to 2022). Growing necessity for quick and error-free financial calculations is likely to increase the demand for advanced solutions. Such software is equipped with features that can reduce risks, improve quality, and save time through automated operations.
Growing demand for cost-effective, secure, and transparent transactions is likely to propel the growth of the market. Increasing adoption of automated banking solutions owing to reduced reconciliation time and high quality can augment market growth. Growing necessity for standardized activities in banks and rising implementation of customer-centric baking solutions are expected to contribute well to the market. Continuous technological advancements and wide scope of improvement are also anticipated to drive the market over the forecast period.
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Increasing transaction volumes and high competition are likely to increase the demand for advanced reconciliation software. Considering the demand, most manufacturing companies are working continuously to make reconciliation software more efficient for consumer use. For instance, two Cleveland-based companies – MRI Software and Key Bank – have recently signed a partnership agreement.
According to this partnership, the former company is planning to provide its real estate clients access to the latter’s payment automation solution named Key Total Pay. This automation software can provide its users the ability to eliminate paper checks, streamline reconciliation, and optimize vendor payments. All post payment activities and ongoing vendor engagements are likely to be shifted to Key Bank while leaving research information with MRI’s financial management software. The software is believed to offer high conversion rate to electronic payments via Avid change’s payment network. Payments made through Key Total Pay software are likely to be transparent, secure, and cost-effective.
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High implementation cost of automated reconciliation systems as compared to conventional systems is expected to hinder the growth of the market. Increasing security concerns regarding personal and financial information can also obstruct market growth in the coming years. However, increasing adoption of mobile banking and online banking by users to perform various financial transactions through smartphones and tablets is likely to create numerous opportunities for developers inthis market.
The reconciliation software market can be segmented on the basis of product type, application, and region. Based on product type, the market can be divided into cloud-based and on-premise. By application, the market can be bifurcated into banks and enterprises.
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Regional segmentation of the reconciliation software market includes of the United States, Europe, Japan, China, India, and Southeast Asia. In the global arena,United Statesis likely to hold a major share inthe market in the coming years owing to high transaction volumes and demand for secure and reliable banking software. India, China, and Japan are also expected to exhibit strong growth in the market during the forecast period owing to increasing population and necessity for quick and automated banking solutions. In Europe, growing demand for efficient and tech-powered solutions to reduce compliance in the financial services industry can augment the growth of the market. In addition, rising investments by European banks in banking software is likely to bode well for the market.
Some of the key players contributing to the reconciliation software market are Enterprise, ReconArt, SmartStream, BlackLine, and Adra.
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