Jul 1, 2020 3:25 PM ET
iCrowd Newswire – Jul 1, 2020
The U.S. Retail Recon Software Market is estimated to grow at a CAGR of 11.8% during the forecast period 2020-2027. As per the detailed market study, the regional market is estimated to reach $264.37 million by the end of the year 2027.
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SigmaIQ, SAP SE, ReconArt, Inc., Oracle Corporation, Fiserv, Inc., Cashbook, Broadridge Financial Solutions, Inc., Blackline, Inc., Baldwin Hackett & Meeks, Inc. and AutoRek among others are key players included in the research study of the U.S. retail recon software market.
The U.S. retail recon software market is driven by various growth factors such as increase in demand for reconciliation management system in the region and rise in number of online transactions in the retail industry. Whereas, security issues related to reconciliation software impedes the market growth over the forecast period. Moreover, increase in usage of artificial intelligence and machine learning in recon software and increasing adoption of recon software among the Small & Medium Retailers (SMRs) act as lucrative opportunities for the market players operating in the U.S. retail recon software market.
Segmentation Overview of the U.S. Retail Recon Software Market
The U.S. Retail Recon Software Market is segmented on the basis of component, software type, deployment model, retailer size and reconciliation type. These major market segments are further categorized into various sub-segments to study the market in detail considering various market determinants and geographical conditions.
As per the market study, the software component recorded more than 2/3rd of the regional market share in the year 2019 and is estimated to maintain the dominance over the forecast period. The segment dominance is attributed to high adoption of software in retail industry in the region. While, the service segment is estimated to grow at fastest growth rate of ~13% over the forecast period in the form of managed and professional services.
In the retailer segment, the large retailer category is estimated to hold the dominant position with ~3/4th of the market share; and SMRs accounted to grow at fastest growth rate with ~13% CAGR during 2019-2024.
Based on reconciliation type, the account reconciliation segment dominated the marketplace in the year 2019 with 2/5th of the US retail recon software market. While, the payment reconciliation segment is estimated to grow at the fastest growth rate of 12.8% CAGR during the forecast period, owing to increasing adoption of recon software by numerous SMRs.
Furthermore, the major market segments are further categorized into various categories to get detailed insights about the regional market:
The Component Segment of the U.S. Retail Recon Software Market is Sub-Segmented into:
The Software Type Segment of the U.S. Retail Recon Software Market is Sub-Segmented into:
- Task Management
- Variance Analysis
- Reporting & Analytics
- Transaction Matching
The Deployment Model Segment of the U.S. Retail Recon Software Market is Sub-Segmented into:
The Retailer Size Segment of the U.S. Retail Recon Software Market is Sub-Segmented into:
- Large Retailers
- Small & Medium Retailer (SMRs)
The Reconciliation Type Segment of the U.S. Retail Recon Software Market is Sub-Segmented into:
- Payment Reconciliation
- Bank Reconciliation
- Account Reconciliation
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Keywords: United States (U.S.) Retail Recon Software Market