U.S. Retail Recon Software Market to Reach $264.37 Mn, by 20
Rise in online transaction, increase in need for reconciliation management, and substantial savings for retailers with high volume bank reconciliation needs fuel the growth of the U.S. Retail Recon Software Market.
PORTLAND, Oregon, June 1, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "U.S. Retail Recon Software Market by Component (Software and Services), Software Type (Transaction Matching, Consolidation, Reporting & Analytics, Variance Analysis, Task Management, and Others) Deployment Model (On-Premise and Cloud), Retailer Size (Large Retailers and Small & Medium Retailers), and Reconciliation Type (Account Reconciliation, Bank Reconciliation, Payment Reconciliation and Others): U.S. Opportunity Analysis and Industry Forecast, 2020–2027."According to the report, the U.S. retail recon software industry was estimated at $108.75 million in 2019, and is anticipated to hit $264.37 million by 2027, registering a CAGR of 11.8% from 2020 to 2027.
Request for Sample Report: https://www.alliedmarketresearch.com/request-sample/6625
Drivers, restraints, and opportunities-
Rise in online transaction, increase in need for reconciliation management, and substantial savings for retailers with high volume bank reconciliation needs fuel the growth of the U.S. retail recon software market. On the other hand, different security issues faced by retailers impede the growth to some extent. However, growth in usage of machine learning and artificial intelligence in recon software is expected to create multiple opportunities in the industry.
- COVID-19 (Coronavirus) pandemic has forced many companies in the recon software market to halt their business operations in order to comply with the new government dictums.
- This pause in the operations are directly impacting the revenue flow in the market.
- However, the organic and inorganic strategies incorporated by the key market players are expected to ameliorate the situation very soon.
The software segment to dominate by 2027-
Based on component, the software segment contributed to more than two-thirds of the US retail recon software market share in 2019, and is expected to rule the roost by the end of 2027. The fact that reconciliation software is faster to deploy drives the growth of the segment. The service segment, on the other hand, would grow at the fastest CAGR of 13.3% during the forecast period. Rise in need of different services such as managed services and professional services boosts the segment growth.
The large retailers segment to maintain the dominant share-
Based on retailer size, the large retailers segment accounted for nearly three-fourths of the US retail recon software market revenue in 2019, and is projected to lead the trail till 2027. This is due to increase in adoption of these systems in large organizations. Simultaneously, the small & medium retailers segment would register the fastest CAGR of 13.4% throughout the study period. This is attributed to the rise in adoption of this software by the SMEs.
The account reconciliation segment garnered the major share in 2019 –
Based on reconciliation type, the account reconciliation segment held the largest share in 2019, generating two-fifths of the US retail recon software market, owing to the presence of the feature for identifying and quantifying the risks associated with any business so that they can be detected and avoided. At the same time, the payment reconciliation segment is projected to grow at the fastest CAGR of 12.8% by 2027, owing to rise in adoption of this software by various small and medium size retailers.
For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/6625
Key players in the industry-
- Baldwin Hackett & Meeks Inc.
- Broadridge Cashbook
- Fiserv Inc.
- Oracle Corporation
- Blackline Inc.
- ReconArt Inc.
- SAP SE
- Financial Solutions Inc.
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: +1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on: LinkedIn Twitter