U.S. Retail Recon Software Market by Component (Software and Services); By Software Type (Transaction Matching, Consolidation, Reporting & Analytics, Variance Analysis, Task Management, and Others); By Deployment Model (On-Premise and Cloud); By Retailer Size (Large Retailers and Small & Medium Retailers); By Reconciliation Type (Account Reconciliation, Bank Reconciliation, Payment Reconciliation and Others) and Region – Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030
Recon is a comparable mechanism with the monthly statements in internal financial records with external institutions, banks, and credit card firms. Software Recon helps retail businesses to compare their accounting system payment transactions with their ERP details on their bank accounts. It also assists retail firms in identifying financial businesses and enhances the firm’s corporate influence and visibility.
The size of the US retail market in 2019 was projected USD 110 million and is expected to hit USD 300 million by 2030, rising from 2020 to 2030 at CAGR of 14 percent. The reconciliation program comprises of an internal verification mechanism and evaluating transaction history internally with externally available resources, such as bank records.
US Retail Recon Software Market: Segments
The software category has grown to over 2/3rd of the market share of component segment in 2019, and is anticipated to grow with the same trend during the forecast period. The pace of deployment of reconciliation software fuels the segment’s development. On the other hand, the service segment would increase by 15% in the forecast period in the fastest of CAGRs. The growth of the section is boosting greater need for various services such as management and professional services.
US Retail Recon Software Market: Market Dynamics
Rise in the Acceptance of Recon Management
The rise in the acceptance by retailers of digital and real-time payment services supports the growth of the recon software industry. The rising in online payment has resulted in a large volume of transactions that retailers need to handle effectively to grow their marketplace share. Recovery software, therefore, offers an effective way to handle a huge number of customers and their volume of transactions, the main factor in market development.
Specific IT expertise is not mostly available in small and medium businesses, so employing external operators can be very costly. The devices must be continually linked to the internet in this form of system. If the link is unreliable or dangerous, retailers run the risk of losing sales.
US Retail Recon Software Market: Region
US & Retail Recon Software Market is further segmented by region into:
· US Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR
US Retail Recon Software Market: Key Players
o Company Overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
• Baldwin Hackett & Meeks, Inc.
• Blackline, Inc.
• Broadridge Financial Solutions, Inc.
• Fiserv, Inc.
• Oracle Corporation
• ReconArt, Inc.
• SAP SE
• Other Prominent Players
US Retail Recon Software Market report also contains analysis on:
• US Retail Recon Software Market Segments:
• By Component
• By Software Type
Reporting & Analytics
• By Deployment Model
• By Retailer Size
Small & Medium Retailer (SMRs)
• By Reconciliation Type
• US Retail Recon Software Market Dynamics
• US Retail Recon Software Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints