Increase in online transactions in the retail industry and rise in need for reconciliation management system drive the growth of the market. In addition, substantial saving for the U.S. retailers with high volume bank reconciliation needs fuels the growth of the market. However, various security issues in reconciliation software hampers the growth of the market. Furthermore, higher adoption of recon software among the SMRs and rise in usage of machine learning and artificial intelligence in recon software are the factors expected to provide lucrative opportunities for the growth of the market.
The U.S. retail recon software market is segmented into component, software type, deployment mode, retailer size, and reconciliation type. In terms of component, it is bifurcated into software and services. As per software type, it is divided into transaction matching, consolidation, reporting & analytics, variance analysis, task management and others. By deployment model, it is segmented into on-premise and cloud. In terms of retailer size, it is segmented into large retailers and small & medium retailers. As per reconciliation type, it is divided into account reconciliation, bank reconciliation, payment reconciliation, and others. By region, it is analyzed across the U.S.
The key players profiled in the U.S. retail recon software market analysis AutoRek, Baldwin Hackett & Meeks, Inc., Blackline, Inc., Broadridge Financial Solutions, Inc., Cashbook, Fiserv, Inc., Oracle Corporation, ReconArt, Inc., SAP SE, and SigmaIQ. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits for Stakeholders:
- The study provides an in-depth analysis of the U.S. retail recon software market forecast along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the U.S. retail recon software market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market for the period 2019–2027 is provided to determine the market potential.
Key Market Segments
By Component
- Software
- Service
By Software Type
- Transaction Matching
- Consolidation
- Reporting & Analytics
- Variance Analysis
- Task Management
- Others
By Deployment Model
- On-Premise
- Cloud
By Retailer Size
- Large Retailers
- Small & Medium Retailer (SMRs)
By Reconciliation Type
- Account Reconciliation
- Bank Reconciliation
- Payment Reconciliation
- Others
KEY MARKET PLAYERS
- AutoRek
- Baldwin Hackett & Meeks, Inc.
- Blackline, Inc.
- Broadridge Financial Solutions, Inc.
- Cashbook
- Fiserv, Inc.
- Oracle Corporation
- ReconArt, Inc.
- SAP SE
- SigmaIQ
Table of Contents
Executive Summary
According to the report titled, 'U.S. Retail Recon Software Market by Component, Software Type, Deployment Model, Retailer Size and Reconciliation Type: U.S. Opportunity Analysis and Industry Forecast, 2020-2027” the U.S. retail recon software market was valued at $108.75 million in 2019, and is projected to reach $264.37 million by 2027, growing at a CAGR of 11.8% from 2020 to 2027.Reconciliation (Recon) software helps retail industry to identify the risk associated with their business and helps to eradicate human errors while accounting. In addition, it provides real-time updates at every stage of the accounting process. It offers different benefits, which include reducing errors, tracking interest fees, tracking receivable, and reducing the risk of fraud.
Surge in online transactions in the retail industry and rise in need for reconciliation management system drive the growth of the U.S. retail recon software market. In addition, substantial saving for U.S. retailers with high volume bank reconciliation needs fuels the growth of the market. However, various security issues in reconciliation software hamper the growth of the market. Furthermore, higher adoption of recon software among the SMRs and surge in usage of machine learning and artificial intelligence in recon software are expected to provide lucrative opportunities for the growth of the U.S. retail recon software market.
By reconciliation type, the U.S. retail recon software market was led by the account reconciliation segment in 2019 and is projected to maintain its dominance during the forecast period. Account reconciliation helps in identifying and quantifying the risks associated with their business so that they can be detected and avoided which is the major factor driving the growth of the market. However, the payment reconciliation segment is expected to grow at the highest rate during the forecast period, owing to the rise in adoption of this software by various small and medium size retailers.
The transaction matching segment is expected to garner a significant share during the forecast period. Surge in need to identify high-risk transaction activities and increase in need to protect transactional data boost the market growth in this segment. However, the SMRs segment is expected to grow at the highest rate during the forecast period, owing to various benefits provided by reporting & analytic software such as enabling better strategic decision-making, reducing inventory cost, enhancing profitability, and enabling organizations to improve their market position are expected to drive of the U.S. retail recon software market.
Key Findings Of The Study
On the basis of component, the software segment led the retail recon software market, in terms of revenue in 2019.
By deployment model, the cloud segment accounted for the highest retail recon software market share in U.S. in 2019.
Depending on reconciliation type, the account reconciliation segment is anticipated to exhibit substantial growth during the forecast period.
The key players profiled in the U.S. retail recon software market analysis AutoRek, Baldwin Hackett & Meeks, Inc., Blackline, Inc., Broadridge Financial Solutions, Inc., Cashbook, Fiserv, Inc., Oracle Corporation, ReconArt, Inc., SAP SE, and SigmaIQ. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Companies Mentioned
- AutoRek
- Baldwin Hackett & Meeks Inc.
- Blackline Inc.
- Broadridge Financial Solutions Inc.
- Cashbook
- Fiserv Inc.
- Oracle Corporation
- ReconArt Inc.
- SAP SE
- SigmaIQ
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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