Summary

Market Overview
The global hunting apparel market reached US$ XX million in 2021 and is expected to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 2.9% during the forecast period (2022-2029).
Reconciliation is a process that involves comparing monthly statements from external sources like banks, financial institutions and credit card providers with internal financial data. The primary factor driving the global account reconciliation software market is growing standardized bank activities. It is owing to factors such as this software that help reduce risk, improve quality and save time through automated operations in accounting.
Market Dynamics
The Increasing application of machine learning and artificial intelligence in reconciliation software is a major market driver for the global hunting apparel market. However, high implementation costs could be a major market restraint.
Increasing application of machine learning and artificial intelligence in reconciliation software
Artificial intelligence is used in a variety of recon software and development projects. Various recon software producers, including Oracle Corporation, SAP SE, Fiserv and others, are incorporating machine learning and artificial intelligence into developing their recon software models, creating a potential possibility for market growth. In addition, Reconciliation solutions powered by artificial intelligence (AI) have emerged as a smart approach to streamline reconciliations. Artificial intelligence (AI) and machine learning change how firms manage their end-to-end reconciliation processes.
Clients can get 99% real-time reconciliation with modern technological solutions like Ascent AutoRecon, a first-in-industry, easily configurable, AI-enabled solution. The reconciliation process aids financial services in increasing efficiency and value. For instance, In 2018, SAP SE released its SAP cash application, which improves reconciliation and cash flow management with artificial intelligence and machine learning. Furthermore, several merchants are incorporating artificial intelligence into reconciliation software to reduce human errors in the accounting process and increase the security of bank transactions.
Furthermore, AI enables merchants to have a deeper understanding of client transactions and aids in enhancing transaction visibility. As a result, the market has a lucrative opportunity in the forecast period. In addition, Using artificial intelligence to improve day-to-day financial procedures, including data entry, transaction categorization, reconciliation and analytics, can save companies a lot of money over time. Indeed, it is anticipated that implementing AI and robotic process automation (RPA) can save financial services costs by up to 80%.
High Implementation Cost
high implementation costs of this software are restraining the global account reconciliation software market. Some accounting software offers fewer features but at high prices. Some accounting software products are complicated and not user-friendly; thus, they do not fully enable users to use their keyboards. They can lack features, capabilities, expend abilities and compatibility. Customers will always have to invest in upgrading versions to get the features they want or switch to another provider. An On-premise ERP solution generally requires a larger up-front investment and a longer pay-back period before an organization would benefit from an ROI compared to the cloud platform.
COVID-19 Impact Analysis
The market for account reconciliation software had grown before 2019, but the COVID-19 pandemic outbreak is predicted to present the sector with hitherto unheard-of prospects during the projection period. Many banks and fintech companies used account reconciliation software before the epidemic to keep track of payments in their internal cash register and spot human errors. Another factor is driving the sector before the pandemic was the expanding need for banks and other financial institutions worldwide to improve their mistake-detection software.
However, the sudden lockdown due to the coronavirus outbreak has shown positive market opportunities for the account reconciliation software market in the coming years. Furthermore, because of the outbreak of COVID-19, various industries have shifted to online platforms to reduce the transmission of the virus. In addition, due to the pandemic, a surge in e-commerce usage and online transactions worldwide is likely to present profitable prospects for the market.
The digital payments sector has seen a 30% drop in transaction value in the current COVID-19 situation. Recent data from the NPCI attested to a sharp decline in the months when lockdowns were implemented (primarily due to the impact on the travel, hospitality and retail sectors).
However, in such instances, the Indian government and regulators have encouraged digital payments such as National electronic funds transfer (NEFT), Immediate payment service (IMPS), UPI and others to prevent the use of physical currency, which carries a lower risk of COVID-19 transmission. Such efforts, combined with the liberalization of the economy, are evident in the rapid recovery of various digital payment systems on the National Payments Corporation of India (NPCI). Thus growing digital payment system across the globe has created immense opportunities for account reconciliation software post-COVID-19.
Segment Analysis
The global hunting apparel market is classified based on type, application and region.
Increased volume of transactions and increased the need for automated financial reconciliation to avoid growing fraud
Over US$ 750 trillion in bank transactions is made via wire, ACH and checks yearly. Many of these payments take one to three days to clear and finance teams spend hours tracking them from initiation to approval to accounting and reporting. The essential activity in bank reconciliation is matching individual bank transactions (via statement or detailed activity report) against appropriate internal data (typically the GL) to assure that all data recorded by the bank is correct and accounted for in the business finance system. The procedure might be complex due to the number of bank accounts, diverse data sources (e.g., every bank statement format is slightly different), the volume of transactions and the inability to keep the reconciliation daily consistently. Other issues, such as using foreign currencies, check clearing, complex transaction linkages (one-to-one, one-to-many, many-to-many) and exception management requirements, may develop in some circumstances. All the issues are addressed by account reconciliation software, which fully automates bank reconciliation operations, including the import and data matching process for bank account activity.
The reconciliation software supports the automation of the financial closing process, which is replaced by a centralized online system. Preparers can access real-time balances from a general ledger, carry over information and open items from previous periods and compare data from bank statements and invoices using the software. Many account reconciliation software packages have standardized templates for highlighting reconciliation data and a layer of automation for grabbing financial data from banks, general ledgers and other accounts.
The increased volume of transactions has only increased the need for automated financial reconciliation. Traditional, manual transaction matching and account reconciliation processes only produce erroneous financial reporting, resulting in non-compliance and fraud. According to studies, 88% of spreadsheets have errors. The migration to financial automation gives a more significant potential for financial services in an era of digital technology. While using spreadsheets alone may have been acceptable and feasible, the demand for financial software is growing rapidly. Accounting and financial professionals can focus on long-term growth strategies by moving away from manual operations.
Various banks have recently shifted to account reconciliation software for optimizing their operations. For instance, in 2021, Deutsche Bank has chosen SmartStream Technologies' Centre of Excellence to provide an off-site operations platform, including three services that will help the bank simplify, consolidate and lower the costs of its reconciliations environment. SmartStream will supply Deutsche Bank with three unique managed services resulting from the CoE: Reconciliations Production Support, On-Boarding and Operational Reconciliation Services. The new services will improve reconciliation processing by making it faster and less expensive. The complete service will be integrated progressively, with Deutsche Bank increasing efficiency and lowering costs through mutualization. A credit card is a frequent payment mechanism for corporations to pay invoices from their suppliers. Credit card reconciliation includes various corporate procedures, including sales, vendor payments and employee costs. It usually necessitates regular matching transactions on a company's credit card statements to the corresponding items on its internal ledgers.
Geographical Analysis
High public awareness, intense competition and consistently increasing transaction volume
North America account reconciliation software market is expanding due to the region's high public awareness, intense competition and consistently increasing transaction volume. Account reconciliation software enhances the quality and accuracy of financial data while decreasing errors and inaccuracies. Account reconciliation software saves time and allows highly qualified accountants to concentrate on more challenging duties, including analysis, risk reduction and exception handling. The account reconciliation software industry is expanding in U.S. due to new technological breakthroughs for simplicity of use, less time consumption, increased internet and mobile banking and improvements in the country's banking and financial sectors.
Companies in the region are focused on automated account reconciliation since it saves time and eliminates errors. Sigma IQ Inc., based in Seattle, offers a software-as-a-service (SaaS) platform that allows businesses to automate their financial account reconciliations. The software uses machine learning. Digital banking is also widespread in the region. Mobile banking offers convenient features that are becoming increasingly sophisticated and can replace in-person services. The usage of apps and web tools for banking is growing as people become more comfortable and competent with mobile technologies. According to a survey done in 2019, approximately 58% of U.S. population uses mobile banking for money transfers. In 2016, about 62% of U.S. population chose digital banking as their primary banking method.
For enhanced customer service and increased protection against online frauds that may be traced by account reconciliation software, digital banking necessitates user-friendly financial software. Because of safer data handling and reduced demand on core employees, 67% of Canadians used cloud-based technology for account reconciliation operations in 2017. Therefore, there is a higher need for account reconciliation software.
The account reconciliation software market in Canada is expanding due to increased employee productivity, improved data accuracy, the creation of consolidated financial statements, the popularity of digital banking and technical improvements such as cloud computing. In Canada, digital banking is widely used, necessitating the usage of simple reconciliation software for consumer convenience. According to the Canadian Bankers Association (CBA), around 76 percent of the Canadian population conducts most online and mobile digital banking transactions. Banks in Canada adapt to their clients' changing demands by incorporating technology improvements into their operations.
New banking innovations such as account reconciliation are revolutionizing and empowering people's lives in Canada in a digital era. Broadridge Financial Solutions, ReckonArt Inc., Oracle Corporation, SS&C Technologies, Trintech, Blackline Inc., Treasury Software Corp. and Fiserv Inc. are the leading market participants in North America.
Global Account Reconciliation Software Market Competitive Landscape
The global account reconciliation software market is competitive due to the presence of major players such as Oracle Corporation, Fiserv, Inc., Broadridge Financial Solutions, Inc., SmartStream Technologies ltd., Trintech Inc., SS&C Technologies Holdings, Inc., ReconArt, Inc., AutoRek, Treasury Software Corp., Cashbook Limited, Xero Limited and BlackLine, Inc. The market is fragmented and market players employ market tactics such as mergers, acquisitions, product launches, contributions and collaborations to gain a competitive advantage and recognition.
For instance, on August 13, 2020, Trintech Inc. announced the release of Cadency 9.0, the latest version of its financial reconciliation software. The newest version of the respective software provides an artificial intelligence-based comprehensive accounting system with support for journal entries, systems integration and transaction reconciliation.
Trintech Inc
Overview: Performance management software (FCPM) can incorporate cloud and similar innovative solutions to offer top-notch financial operations and insights. The company's financial solution portfolio includes Cadency Platform, Adra Suit, ReconNet, T-Recs and UPCS, which are pieces of software that find applications in streamlining high-volume transactions, month-end closures, GL account reconciliation and journal entry. The company handles over 3,500 clients, including numerous Fortune 100 companies scattered across more than 100 countries in Nordics, Asia-Pacific, Latin America and South Africa.
Product Portfolio:
• Recon – Investment Reconciliation Software: Recon is a highly scalable reconciliation management software that controls the accounting lifecycle, including position, account and cash reconciliations.
Key Development:
• On July 20, 2021, Trintech Inc. announced a strategic partnership with Planful Inc., a financial planning & analysis (FP&A) and consolidations cloud software developer. As per the partnership, both companies would resell each other's products, promoting growth for one and the other.
Why Purchase the Report?
• To visualize the global hunting apparel market segmentation based on type, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global hunting apparel market by analyzing trends and co-development.
• Excel data sheet with numerous data points of hunting apparel market-level with four segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players
The global hunting apparel market report would provide approximately 59 tables, 48 figures and almost 161 pages.
Product Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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