Increased online retail transactions and a surge in need for reconciliation management systems are some of the factors driving the U.S. Retail Recon Software Market's rapid growth.
Covid-19 Impact & Market Status
The U.S. Retail Recon Software market size was taken for a hit due to the advent of Covid-19. Many firms in the recon software sector have been forced to cease operations in order to comply with new government rules as a result of Covid-19. This has resulted in impacting the revenue flow for the companies. However, the companies are now coming back on track due to increased demand and new strategies being adopted.
This research examines the present market, regulatory considerations, possible prospects, and difficulties in specific market segments in the United States. The paper also includes a comprehensive analysis of the competitive environment.
The Software Segment to Emerge as the Most Lucrative Segment
Based on component, the software segment contributed to the highest market share, accounting for almost 50% of the global U.S. Retail Recon Software. This is due to the advantages that these software solutions provide. It's also due to the fact that reconciliation software is easier to set up.
Transaction Matching is the highest revenue-generating segment
The transaction matching type held the largest market share because of its ability to match millions and millions of transactions effectively.
Large Retailers to remain the highest revenue-generating segment
By retailer size, the U.S. Retail Recon Software market is divided into large retailers and Small & Medium retailers. It was led by the large retailers in 2020 accounting for almost three fourths of the revenue. and is projected to maintain its dominance during the forecast period. This is because of the rise in number of these retailers adopting recon software and an increased number of people buying online. The small and medium retailers are expected to move with a great CAGR during the forecast period.
Account reconciliation is the most used
The Account reconciliation type held the largest market share because of its ability to identify the metrics and quantify risks associated with business so that they can be detected and avoided.
Payment reconciliation is expected to grow at a hefty CAGR during the forecast period.
The rise of the U.S. Retail Recon Software Market is being fueled by rising savings for retailers with high-volume bank reconciliation demands.
The use of reconciliation software is that it helps in comparing the internal financial records of the company against monthly statements from external sources. The benefits like reduced human errors made in accounting ledger and stability improvement in the accounting process have resulted in the growth of the U.S. Retail Recon Software Market.
Rapid Urbanization, supportive policies are some of the factors that are helping this market grow at a rapid pace. The increase in population and a rapid rise in e-commerce purchases, further the need for maintaining different types of bills such as bills of accounts, online bills, promoting future growth. These variables have a combined impact on the worldwide U.S. Retail Recon Software market, resulting in a market size of 296.7 million by 2028, with an annual growth rate of 11.8 percent throughout the forecast period.
The rise in the adoption of technology and growth in digitization among the retail industry to improve efficiency and reduce the complexities is one of the reasons due to which this market is gaining importance. The unique feature of this system is that it results in maximized efficiency, minimized manpower, fewer human errors, and managed records.
Improvements in AI technology, the rise in the usage of machine learning can play an important role in the growth of this market. Additionally, increased adoption of recon software among SMRs is also one factor that is likely to help in providing interesting opportunities for this market.
However, security issues in reconciliation software are impeding the market's growth. Nevertheless, U.S. Retail Recon Software Market has growth prospects, because of the increasing need for highly efficient systems to reduce complexities.
The major players of this market are AUTOREK, BLACKLINE INC., BALDWIN HACKETT & MEEKS, INC., BROADRIDGE FINANCIAL SOLUTIONS, INC., ORACLE CORPORATION, SAP SE, CASHBOOK, FISERV, INC., RECONART, INC., and SIGMAIQ. Product launches, acquisitions, and R&D activities are key strategies adopted by players in the U.S. Retail Recon Software market. By applying technology, the R&D teams of the companies must try to mitigate the risks associated with security concerns. The Graphic User Interface i.e., ease of use, size of the software and useful features will prove to be essential factors determining the dominant player in the market.
Latest Innovations in the U.S. Retail Recon Software Market: A Snapshot
• Cashbook raised 2.3 million USD in a seed fundraising round on September 28, 2021.
Retail Recon Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 296.7 million|
|Growth Rate||CAGR of 11.8 % during 2021-2028|
|Segment Covered||Components, Software Type, Retailer, Reconciliation Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||AUTOREK, BLACKLINE INC., BALDWIN HACKETT & MEEKS, INC., BROADRIDGE FINANCIAL SOLUTIONS, INC., ORACLE CORPORATION, SAP SE, CASHBOOK, FISERV, INC., RECONART, INC., and SIGMAIQ|
Key Segments of the U.S. Retail Recon Software Market
Components Overview, 2018-2028 (USD Million)
Software Type Overview, 2018-2028 (USD Million)
- Transaction Matching
- Reporting & Analytics
- Variance Analysis
- Task Management
Retailer Size, 2018-2028 (USD Million)
- Large Retailers
- Small & Medium Retailers
Reconciliation Type, 2018-2028 (USD Million)
- Account Reconciliation
- Bank Reconciliation
- Payment Reconciliation