According to the report, the U.S. retail recon software industry was estimated at $108.75 million in 2019, and is anticipated to hit $264.37 million by 2027, registering a CAGR of 11.8% from 2020 to 2027.
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Rise in online transaction, increase in need for reconciliation management, and substantial savings for retailers with high volume bank reconciliation needs fuel the growth of the U.S. retail recon software market. On the other hand, different security issues faced by retailers impede the growth to some extent. However, growth in usage of machine learning and artificial intelligence in recon software is expected to create multiple opportunities in the industry.
Based on component, the software segment contributed to more than two-thirds of the US retail recon software market share in 2019, and is expected to rule the roost by the end of 2027. The fact that reconciliation software is faster to deploy drives the growth of the segment. The service segment, on the other hand, would grow at the fastest CAGR of 13.3% during the forecast period. Rise in need of different services such as managed services and professional services boosts the segment growth.
Based on retailer size, the large retailers segment accounted for nearly three-fourths of the US retail recon software market revenue in 2019, and is projected to lead the trail till 2027. This is due to increase in adoption of these systems in large organizations. Simultaneously, the small & medium retailers segment would register the fastest CAGR of 13.4% throughout the study period. This is attributed to the rise in adoption of this software by the SMEs.
Based on reconciliation type, the account reconciliation segment held the largest share in 2019, generating two-fifths of the US retail recon software market, owing to the presence of the feature for identifying and quantifying the risks associated with any business so that they can be detected and avoided. At the same time, the payment reconciliation segment is projected to grow at the fastest CAGR of 12.8% by 2027, owing to rise in adoption of this software by various small and medium size retailers.
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