The global recon software for the financial Service market is anticipated to grow at a CAGR of 8.5% during the forecast period (2022-2028). Recon Software for the financial service is an automated system to perform financial activities. The major factor that is accelerating the growth of the market is the rising popularity of automation in financial services among the bank and insurance firms. In addition, the growing automation for reconciliation process in several finance-related businesses and the rising demand for effectiveness, instant, and accuracy in financial activities are some factors boosting the market growth. The rising small financial businesses and insurance companies in developing countries who are looking forward these kinds of software for business enhancement in financial service areas will further contribute to the market growth during the forecast period. Furthermore, the global recon software for the financial service market is expected to leverage owing to its optimal support in improving the accounting lifecycle consisting of account, cash, and position reconciliations and it provides more control over accounting methods in financial organizations by reducing risk and saving time. It provides the ability to eliminate paper checking, accelerate vendor payments, and streamline reconciliation and its use in banks to retrieve real-time balances from the general ledger and for data comparison. These are some factors that will further propel the market growth during the forecast period.
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Some major players in the market include Smart Stream Technologies Ltd., SAP SE, and Fiserv, Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in April 2020, Smart Stream Technologies Ltd. announced that for the reconciliation payment Jumhouria Bank registered in Libya has implemented Smart Stream’s solution. Further, the company said that by installing reconciliation solutions the bank aims to ensure greater visibility into the card, cash, central bank, and payment transactions.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Deployment Type
- By End-User
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- SmartStream Technologies Ltd., SAP SE, and Fiserv, Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Recon Software for the Financial Service Market Report by Segment
By Deployment Type
- Cloud-Based
- On-Premises
By End-User
- Banks
- Insurance Companies
- Retail
- Government
- Others
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