U.S. Retail Recon Software Market Statistics - 2027
The U.S. retail recon software market size was valued at $108.75 million in 2019, and is projected to reach $264.37million by 2027, growing at a CAGR of 11.8% from 2020 to 2027.Reconciliation software consists of a process of verifying and comparing internal records of transaction history with external resources such as bank records. This process ensures that the money leaving an account matches the amount spent at the end of each recording period. The key objective of reconciliation software is to enhance the productivity of the retailers and to produce better outcomes.
Surge 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 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 small & medium retailers (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 market.
Thelarge retailer segment is expected to garner a significant share during the forecast period. Increase in need to manage huge number of customers along with rise in awareness of security events drives the growth of the recon software among large retailer. However, the SMRs segment is expected to grow at the highest rate during the forecast period, owing to rapid adoption of cloud-based recon software by various SMRs to enhance their operational efficiency and reduce the operating cost.Thisdrives the growth of the market in this segment.
By Component
Software is projected as one of the most lucrative segments.
The report focuses on the growth prospects, restraints, and trends of the U.S. retail recon software market. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the U.S. retail recon software market.
By Software Type
Transaction Matching is projected as one of the most lucrative segments.
Segment review
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 classified into on-premise and cloud. In terms of retailer size, it is categorized into large retailers and small & medium retailers. As per reconciliation type, it is divided into account reconciliation, bank reconciliation, payment reconciliation, and others.
By Deployment Model
Cloud is projected as one of the most lucrative segments.
The key players profiled in the U.S. retail recon software market analysis are 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.
By Retailer Size
Large Retailers is projected as one of the most lucrative segments.
Top impacting factors
Growth in online transactions
Rise in digitization in the retail industry has led to an increase in the demand for reconciliation software. In addition, retail industry has emerged as one of the most agile sectors in the U.S. owing to the surge in urbanization, favorable government policies, and rise in online transactions. Moreover, the U.S. is considered as one of the fastest growing countries in the e-commerce industry. This is a major factor that drives the growth of the market. For instance, according to a survey 2019, the U.S. consumers have spent $589.92 billion on various e-commerce sites. Thus, rise in sales on e-commerce sites have led to an increase in online payments and electronic billings, hence to maintain record of online data, retailers are adopting recon software, which boosts the growth of the market. In addition, different small & medium size retailers are increasing their popularity and market share by providing online products. This surges the need for reconciliation software.
By Reconciliation Type
Account Reconciliation is projected as one of the most lucrative segments.
Rise in need for reconciliation management
An increase in the adoption of digital and real-time payment systems by the retailers fosters the growth of the recon software market. Rise in online payment has led to huge number of transactions, which need to be managed efficiently by the retailers to increase their market share. Thus, reconciliation software provides an efficient way to manage large number of customer and their transaction volume, which is the major factor that drives the growth of the market. Moreover, increase in need by the retailer to manage various types of bills such as online bill, account bill, and electronic bills fosters the growth of the market. In addition, retailers, with high business volume are adopting reconciliation software to identify internal administrative issues and to reduce employee fraud. This is boosting the growth of the market.
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 share 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.
U.S. Retail Recon Software Market Report Highlights
| Aspects | Details |
 By Component |
|
 By Deployment Mode |
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 By Retailer Size |
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 By Reconciliation Type |
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 By Software Type |
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 Key Market Players | ORACLE CORPORATION, CASHBOOK, BALDWIN HACKETT & MEEKS, INC., AUTOREK, SAP SE, BLACKLINE INC., BROADRIDGE FINANCIAL SOLUTIONS, INC., FISERV, INC., RECONART, INC., SIGMAIQ |
Analyst Review
The adoption of recon software has increases over time due to the developments in the retail industry and enhancements in supportive government regulations across the U.S. In addition, the ability of the software to improve the accounting flow of the organization is increasing its popularity among the retailers. Furthermore, small & medium retailers are adopting cloud-based recon software for reducing the operational cost of the company and increase the security of the transactions.
According to CXOs of leading companies, increase in economic strength in the U.S. is expected to provide lucrative opportunities for the market growth. Key players are focusing toward product development and increasing their presence in the U.S., owing to growth in competition among local vendors, in terms of features, quality, and price. In addition, these players are adopting various business strategies to enhance their product offerings and strengthen their foothold in the market. For instance, in March 2020, AutoRek partnered with Nationwide to provide AutoRek client with cloud-based financial controls and data management platform for a period of three years.
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