"Smart Strategies, Giving Speed to your Growth Trajectory"

Reconciliation Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud, On-premise), By Enterprise Size (Small and Medium-sized Enterprises and Large Enterprises), By End-use (Banks, Financial Institutions, and Insurance), and Regional Forecast, 2023-2030

Region : Global | Format: PDF | Report ID: FBI103761



Play Audio Listen to Audio Version

The global reconciliation software market size was valued at USD 1.13 billion in 2022 and is projected to grow from USD 1.28 billion in 2023 to USD 3.40 billion by 2030, exhibiting a CAGR of 14.9% during the forecast period.

Reconciliation software matches two financial records to ensure that they are in unison. It compares the balances in a business’s accounting records to the equivalent information on a bank statement. Reconciliation helps organizations to confirm that their internal records are accurate, consistent, and complete. Key players in the global market include Broadridge Financial Solutions, Inc., Tata Consultancy Services Limited, Xero Limited, Gresham Technologies plc, and BlackLine Inc. are offering various reconciliation solutions. Major market players are focused on seeking relevant partnerships that help them reach a huge customer base. These partnerships help in the launch of enhanced solutions. For instance,

In January 2023, FLX Networks, which specializes in modernizing, simplifying, and driving engagement between financial advisors and asset managers, partnered with Broadridge Financial Solutions, Inc. With this partnership, the company became a preferred data and analytics provider for asset management firms.


Robust Growth Opportunities Amid COVID-19 Pandemic Propelled Market Development

Automated banking software has benefited banks over the past few years. However, with the advent of the COVID-19 pandemic, the market witnessed a steady rise in 2020. This rise is attributed to the cashless transactions adopted due to governments enforcing lockdown restrictions worldwide.

Additionally, the rise in the usage of e-commerce due to the pandemic and the increase in online transactions across the globe escalated the usage of reconciliation solutions during the pandemic. Furthermore, integrating advanced technologies such as AR/VR and artificial intelligence (AI), among others, has enhanced the solution's capabilities. Thus, the market is anticipated to flourish in the upcoming years after the recovery from the COVID-19 pandemic globally. Thereby promising healthy growth for the market.

Along with this, the rise in demand for e-commerce services and early adoption of neobanks across the BFSI sector expects the global account reconciliation software market size in the upcoming years to grow significantly.


Request a Free sample to learn more about this report.

Integration of Advanced Technologies in Reconciliation Software to Support Market Expansion

Digitization has been rising daily across all industry verticals. Rapidly transforming financial services ensure a growing customer base and advanced capabilities of solutions. According to a survey conducted by Deloitte, the most widely implemented technology in the banking sector covered by the study is the cloud, which accounted for about 45%, followed by business intelligence at 37%.

Companies are investing in advanced technology such as artificial intelligence to benefit from these enhanced features and cope with rapidly changing user preferences. For instance, in December 2021, Xero enhanced its existing reconciliation solution with an artificial intelligence-based bank reconciliation prediction feature. This feature predicts contact and account codes for business transactions that cannot be tied to specific bills or invoices. Thus, the rising amount of innovative software across the globe is expected to drive the market in the coming years.


Growing Volume of Security Breaches and Frauds to Accelerate the Adoption of Reconciliation Solutions

The rising volume of security breaches and frauds has crippled several industries across the globe. In financial sectors, fintech-related frauds have showcased a higher percentage than in other industries. According to PwC’s Global Economic Crime and Fraud Survey, financial services experienced 44% of customer fraud. Along with this, 38% experienced cybercrime in 2022.

Banks and financial institutes are increasingly adopting reconciliation solutions to mitigate these security breaches. Reconciliation tools help prevent bank losses and disputes due to lack of reconciliation of incomplete and reversed transactions. Adopting an automated banking solution can simplify operations, facilitate resolving and identifying bottlenecks, and optimize efforts. It allows standardization of procedures and prioritization & supervision of key accounts, leading to real-time information and analysis delivery, benefiting strategic business decision-making.

Thus, an increase in financial services fraud drives the global account reconciliation software market growth in the recent years.

Rising Number of Strategic Alliances Among Key Players to Aid Market Augmentation

Strategic collaborations and partnerships are a boon for any business’s internal growth. Key market players are increasingly engaging in strategic alliances to enhance their existing solutions with the capabilities of the partnered firm. This strategy adopted by market players helps them reach a huge customer base, positively impacting their position in the reconciliation ecosystem.

Several companies, including Trintech, ReconArt, and Gresham Technologies plc are collaborating with major reconciliation players worldwide to boost their portfolio and offerings.

For instance, in April 2022, ReconArt expanded its partnership relations across the Asia Pacific region. The company's technologically advanced account reconciliation and transaction matching platform is gaining acclamation and visibility among financial management consultants and technology integrators in Hong Kong, Indonesia, India, Vietnam, and Pakistan.


Higher Premium Cost of Reconciliation Solutions to Hinder Market Growth

The market is likely to be hindered by the high cost of reconciliation software. Along with this, freely available solutions lure small businesses to conduct their basic reconciliation processes. Most small businesses cannot invest in high-premium software tools. Instead, these businesses tend to adopt freely available solutions. Thus, the higher premium cost of reconciliation solutions and the availability of free solutions could limit the market development during the forecast duration.


By Deployment Analysis 

On-premises Segment to Dominate Due to Better Data Security

Based on deployment, the market share is bifurcated into cloud and on-premises. The on-premises deployment of reconciliation software has been dominating the market in recent years. This demand is due to the better data security and higher rate of adoption of the software among the SME’s.

On the flip side, the cloud segment is expected to thrive at an accelerated pace in the upcoming years. Neo banking is an emerging concept in the banking sector. The popularity of neo-banking has grown significantly during the COVID-19 pandemic. Social distancing norms during the pandemic and increased reliance on technology have pushed users to embrace digital banking instead of traditional banking to fulfill their financial needs. This adoption has surged the demand for cloud-based reconciliation solutions at a rapid pace.

By Enterprise Size Analysis

Rising Popularity of Reconciliation Software to Provide Large Enterprises Significant Traction

By enterprise size, the global reconciliation software market share is bifurcated into Small and Medium-sized Enterprises (SMEs) and large enterprises. The large enterprises are expected to hold the largest share in 2022. An automated banking solution enables large businesses to eliminate human error and provide efficient reconciliation capabilities.

SME’s are expected to rise at a steady CAGR during 2023-2030 owing to the growing demand for cloud based reconciliation services.

By End-Use Analysis

To know how our report can help streamline your business, Speak to Analyst

Market Share to Rise Due to Rising Adoption of Reconciliation Solutions across Banks

In terms of end-use, the market share is segmented into banks, financial institutions, and insurance. Banks segment is anticipated to capture the largest market share in 2022. Traditional manual reconciliation processes are the most cost-demanding and the least efficient in a company. According to an EY survey, up to 59% of a financial sector's tools and resources are spent managing transaction-intensive processes.

Adopting an automated banking solution follows a standard, risk-based approach irrespective of the number of companies, banks, businesses, and accounts. It includes a recorded trail of all reconciliation activity for the internal and external auditors, enhancing the reconciliation processes and reducing the security issues accompanying the process. Thus, these advantages over traditional processes have surged software adoption among banking sectors. Along with holding the largest market share in 2022, the banks are expected to hold similar dominance in upcoming years.


North America Reconciliation Software Market Size, 2022 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample

Based on geography, the market is subdivided into five key regions: Europe, North America, South America, Asia Pacific, and the Middle East & Africa.  

The market for reconciliation in North America is likely to experience healthy growth owing to the early adoption of advanced technologies and a highly competitive landscape. The regional growth is also attributable to the healthy rate of cloud adoption and the readiness of end-users to adopt advanced solutions. The rising demand for cloud-based reconciliation solutions across the region constantly drives market growth.

Asia Pacific is expected to record significant growth during 2023-2030. This growth is attributable to the rising number of startups adopting advanced reconciliation solutions. The region is expected to have the highest growth rate among other developed regions over the forecast period. One of the primary reasons is that various regional governments are actively supporting developing nations to adopt reconciliation solutions, which helps the Asia Pacific region to lead the market in every aspect.

Furthermore, Europe is expected to grow steadily in the upcoming years. According to European organizations, around 70% of the organizations in Europe are migrating their workloads to the cloud. This is primarily attributed to optimizing costs due to cloud usage and around 50% of organizations have deployed a cloud-first strategy to increase business efficiency. This will create various market opportunities for key players to expand their core banking software offerings across the U.K., Germany, France, Spain, Italy, and other countries.


The global market is consolidated with leading players such as BlackLine Inc., Broadridge Financial Solutions, Inc., Tata Consultancy Services Limited, Xero Limited, Gresham Technologies plc, SmartStream Technologies Ltd, and DUCO. These market players are expanding by adopting business strategies such as acquisitions, mergers, product launches, partnerships, and collaborations. For instance,

Soaring Emphasis on Strategic Acquisition and Partnerships Among Market Players to Impact Market Positively

  • In June 2021, Gresham acquired Electra Information Systems, Inc. to reinforce its market leadership position in reconciliation software for financial markets and strengthen its rapidly accelerating operations in North America.

  • In October 2021, Stripe acquired an India headquartered payments reconciliation software provider, Recko. With this acquisition, the company aims to speed up its internet businesses to automate payments reconciliation.


  • BlackLine Inc. (U.S.)

  • Broadridge Financial Solutions, Inc. (U.S.)

  • Tata Consultancy Services Limited (India)

  • Xero Limited (New Zealand)

  • Gresham Technologies plc (U.K.)

  • SmartStream Technologies ltd (U.K.)

  • DUCO (U.K.)

  • ReconArt, Inc. (U.S.)

  • SolveXia (Australia)

  • StatementMatching.com Limited (U.K.)


  • June 2022 - DUCO expanded its footprint by opening its Boston office to cater to its increased customer base in North America.

  • March 2022 – DimeTyd introduced an enhancement of its platform with the availability of reconciliation consultancy and cash application. This new feature integrates machine learning and automation to help online product merchants process through Amazon's Marketplace, audit invoices, and ensure remittances.

  • January 2022 - BlackLine, Inc. acquired FourQ Systems, Inc. to augment its present intercompany accounting automation abilities. This acquisition further strengthens the company’s long-term plan of modernizing and transforming finance and accounting.

  • August 2021 – SmartStream Technologies launched SmartStream Air Version 4, an enhancement to provide uninterrupted streaming of reconciliation software using advanced technologies such as AI and the cloud. This enhanced version manages large portions of data, supporting continuous and real-time reconciliations. Additionally, it checks for completeness and accuracy without reloading unmatched items.

  • June 2021 - Order2Cash partnered with Cashbook to enhance automation, integration, and quicker reconciliation processes across the order-to-cash sequence on a global scale.


An Infographic Representation of Reconciliation Software market

To get information on various segments, share your queries with us

The report analyzes prime regions globally to provide a better understanding of the prominent aspects driving industry growth. Furthermore, the report highlights the latest industry and market trends at a global level. Along with this, it also highlights some of the growth-stimulating factors and restraints, helping the reader to gain an overview of the market.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 14.9% from 2023 to 2030


Value (USD Billion)


By Deployment

  • Cloud

  • On-premise

By Enterprise Size

  • Small and Medium-sized Enterprises (SMEs)

  • Large Enterprises

By End-use

  • Banks

  • Financial Institutions

  • Insurance

By Region

  • North America (Deployment; Enterprise Size; End-Use; and Country)

    • U.S.

    • Canada

    • Mexico

  • South America (Deployment; Enterprise Size; End-Use; and Country)

    • Brazil

    • Argentina

    • Rest of South America

  • Europe (Deployment; Enterprise Size; End-Use; and Country)

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Benelux

    • Nordics

    • Rest of Europe

  • Middle East & Africa (Deployment; Enterprise Size; End-Use; and Country)

    • Turkey

    • Israel

    • GCC

    • North Africa

    • South Africa

    • Rest of MEA

  • Asia Pacific (Deployment; Enterprise Size; End-Use; and Country)

    • China

    • India

    • Japan

    • South Korea

    • ASEAN

    • Oceania

    • Rest of Asia Pacific

Frequently Asked Questions

The market is projected to reach USD 3.40 billion by 2030.

In 2022, the market size stood at USD 1.13 billion.

The market is projected to grow at a CAGR of 14.9% over the study period.

The banks were leading the market in 2022.

An increase in online transactions among various countries due to the pandemic is driving the market.

BlackLine Inc., Broadridge Financial Solutions, Inc., Tata Consultancy Services Limited, Xero Limited, Gresham Technologies plc, SmartStream Technologies Ltd, and DUCO are the top companies in the market.

North America is expected to hold the highest market share.

Asia Pacific is expected to grow at a significant CAGR.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • May, 2023
  • 2022
  • 2019-2021
  • 130


  • $4850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- UGlobal hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.