Global Account Reconciliation Software Market Size is Estimated to Reach USD 6930 million by 2030, Growing at a CAGR of 14.8%: Straits Research

The rise in digitization across various industries has led to an increase in demand for reconciliation software. In addition, the retail industry has emerged as one of the most agile sectors in the U.S., owing to a surge in urbanization, favorable government policies, and a rise in online transactions.

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 account reconciliation software market is bifurcated into software and services. The software segment was the highest contributor to the market and is estimated to grow at a CAGR of 14.1% during the forecast period. 
  • By deployment model, the global account reconciliation software market is segmented into on-premise and cloud. The on-premise segment was the highest contributor to the market and is estimated to grow at a CAGR of 13.6% during the forecast period. 
  • In terms of enterprise size, the global account reconciliation software market is segmented into large enterprises and small & medium enterprises. The large enterprise segment was the highest contributor to the market and is estimated to grow at a CAGR of 13.7% during the forecast period. 
  • As per reconciliation type, the global account reconciliation software market is divided into bank reconciliation, customer reconciliation, intercompany reconciliation, and others. The bank reconciliation segment was the highest contributor to the market and is estimated to grow at a CAGR of 13.2% during the forecast period. 
  • In terms of industry vertical, the global account reconciliation software market is divided into BFSI, manufacturing, retail & eCommerce, healthcare, IT & telecom, energy & utilities, government & public, and others. The BFSI segment was the highest contributor to the market and is estimated to grow at a CAGR of 13.1% during the forecast period. 

Regional Insights

By region, the global account reconciliation software market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor and is estimated to grow at a CAGR of 13.7%. The growth of the North American account reconciliation software market is propelled by the increasing adoption of advanced technologies in the fintech and banking sectors and the growing requirement to manage a large volume of data created by online transactions. In addition, several North American banks have deployed account reconciliation software to detect real-time banking fraud and automate the client transaction process. In addition, an increase in the usage of transaction data across the area and an increase in the use of mobile banking and online banking by individuals drive the expansion of the industry. 

Europe is the second largest region. The Europe account reconciliation software market will grow at a CAGR of 14.2%. Businesses in Europe have embraced account reconciliation software to effectively manage their vast client base and reduce the time staff spend on non-essential chores such as bookkeeping and accounting. In addition, BFSI organizations are increasingly utilizing account reconciliation software tools, which enable them to minimize the amount of time spent on data preparation by 15x and streamline operations to enhance client satisfaction. This allows businesses to raise customer retention rates and expand their market share. In addition, many fintech companies and government agencies struggle with expensive operational tasks such as manual reconciliation processes and statement reconciliation. Numerous British banks have used account reconciliation software to overcome this obstacle, stimulating market growth. 

Asia-Pacific is the third largest region. Large enterprises in this region concentrate on locating and implementing solutions that enable their businesses to apply intelligent ways to automate their accounting process to enhance the entire client experience. In addition, many regional companies have used cloud-based reconciliation solutions to boost staff productivity and business success. Future cloud-enabled account reconciliation software expansion is projected to be facilitated by a robust IT infrastructure. In the Asia-Pacific region, there are several SMBs and new ventures.

In comparison to on-premise account reconciliation software, these startups prefer cloud-based account reconciliation software. It is anticipated that cloud-enabled account reconciliation software usage would expand due to its multiple benefits, such as optimizing financial processes, increasing audit preparedness, and enhancing accounting process accuracy. Moreover, rising regions in Asia-Pacific, such as India, China, and Singapore, are more focused on using account reconciliation software due to population expansion and increased demand for rapid and automated banking systems. In addition, the necessity to quicken payment processing time and the need for improved customer relationship management fuel the market's expansion.

Competitive Landscape

The key players profiled in the global account reconciliation software market analysis include AutoRek, BlackLine, Inc., Broadridge Financial Solutions, Inc., Fiserv, Inc., Oracle Corporation, Quickbooks (Acquired by Intuit Inc.), ReconArt, Inc., SAP SE, Sage Software Solution Pvt. Ltd., and Xero Limited

Market News

  • February 2022 - Building on its investment in the Google Cloud Platform two years ago, BlackLine, Inc. (Nasdaq: BL) announced it is joining forces with Google Cloud once again to bring enhanced automation solutions for finance and accounting (F&A) to organizations around the world. Under the terms of a new agreement, the two companies will collaborate on joint selling and go-to-market activities to further help companies on their digital finance transformation and modern accounting journeys.
  • January 2022 - Accounting automation software leader BlackLine, Inc. (Nasdaq: BL) announced today that it had acquired FourQ Systems, Inc., a leader in intercompany financial management technology. With FourQ, BlackLine enhances its existing intercompany accounting automation capabilities, further strengthening its position with the Office of the Controller by driving end-to-end automation of traditionally manual intercompany accounting processes and accelerating BlackLine's more significant, long-term plan for transforming and modernizing finance and accounting (F&A).

Global Account Reconciliation Software Market: Segmentation

By Components

  • Software 
  • Services

By Deployment Mode

  • On-Premise
  • Cloud

By Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises

By Reconciliation Type

  • Bank Reconciliation
  • Customer Reconciliation
  • Inter Company Reconciliation
  • Others

By Industry Verticals

  • BFSI
  • Manufacturing
  • Retail & E-Commerce
  • Healthcare
  • IT & Telecom
  • Energy & Utilities
  • Government & Public
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific

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