Global Retail Recon Software Market

The Global Recon Software Market Size was valued at 6.8 Billion in 2021, and it is expected to reach 19.4 Billion in 2028 with a CAGR of 18.2% during the forecast period 2022-2028. The Growing retail companies and growing industrialization fuel the demand for retail recon software. Retail business is in a continuous condition of change. At retail companies, accounting branches face enormous challenges. A retail business requires to reconcile inventory ledgers against the physical stock periodically. Ascertaining inventory records is a massive task for retail businesses, whether small or big. Most businesses miss out on sales prospects they would otherwise enjoy. Retail recon software is the best method to save this long and time-consuming effort.

What is Retail Recon Software?

Retail Recon Software is a computer program that constantly monitors the market and collects data from different social media outlets. Can then utilize this information to find directions, notice new opportunities or dangers, monitor competitors’ interpretation or analyze consumer behavior. The Bank and Insurance industry segments are predicted to overwhelm the market, as they need a lot of data for making conclusions and offer high margins. Moreover, these two initiatives also have higher IT systems investments and will cause demand for software solutions over time.

Growth Drivers

Increasing Number of Organizations and Growing Advanced Technologies

The retail recon software, the retail sector, is considered one of the largest sectors to execute advanced technologies such as artificial intelligence: blockchain, machine learning, and others. AI produces enhanced data management, personalized knowledge, predictive analysis, and real-time assistance. Other applications of AI, such as cohabits, virtual assistants, and more, are supporting the retailer to stay connected with the customers. It streamlines the enterprise workflow by handling several requests automatically and improves companies’ profitability by informing customers about the advertisements and sales. AI has helped personalized customer experience by collecting data from purchase history and analyzing it to help retailers make a better consumer knowledge.

Opportunities

Overflowing Focus on Product Inventory Management & Shelf Area Allocation is Vital Sensation

Product inventory and shelf space allocation are the key resources of a retailer. It refers to analytics to determine product offerings at the right place in the right quantity for the right customers. This trend has become a continuous process in the retail industry regarding micro-level analysis and diversity planning. Shelf space management is being investigated regarding the specific selection of customers in the store and the financial impact of various assortments.

Restraints

Stringent Data Regulations

Enforcing the General Data Protection Regulation impacts retail solutions that use big data technology. It has evolved challenging for vendors to gain entrance to the customer’s data owing to the security protocols made by the data privacy restrictions. The growing awareness regarding consumer privacy in retail is hampering many multinational companies and international retailers’ businesses. Additionally, it limits retailers from delivering personalized experiences as the regulations restrict satisfactory data. Thus, the sophistication in acclimating tools as per the regulations decreases dependability, indirectly influencing the adoption of retail media.

Pre-Covid-19 Impact on Global Retail Recon Software Market

Before the Covid-19 outbreak, financial institutions such as banks and insurance companies are collecting payments at an increasing rate across several touchpoints: cash, debit & credit cards, and mobile and online payments. Automating retail recon software allows financial institutions and businesses to match transactions on a unified platform. The automated recon software introduces automated workflow procedures that minimize data manipulation and deliver a comprehensive audit trail analysis. As the volume of transactions increases, automated reconciliation empowers businesses with enhanced flexibility and efficiency to meet consumer expectations for security and convenience. These factors are likely to drive market growth.

Covid-19 Impact on Global Retail Recon Software Market

During the Covid-19 Outbreak, the physical retail shops are rapidly moving on the virtual store through e-commerce and mobile apps. The Covid-19 pandemic has augmented e-commerce businesses conducted by online grocery shopping. The growing online shopping trend has increased the market for customer-level analytics. Also, due to narrow logistics services and the advancement in online demand, different retailers enforced progressive solutions to track inventory and supply chains. Governments worldwide encouraged people to stay at home and enforce social distancing protocols that have further increased online shopping. It has drastically increased the demand for retail analytics during the pandemic.

Post Covid-19 Impact on Global Retail Recon Software Market

After the Covid-19, the adoption of smart retail tools and the database of its stores has helped in outpacing guiding e-retailers. Similarly, many market players have started offering solutions for efficient product supply, intelligent in-store management, financial forecasting, and customer demand forecasting during the pandemic. The digital and online payment adoption trend shows exponential growth among consumers and businesses. This extraordinary growth has streamed end-users requirements for automated retail recon software processes. Therefore, the global market is calculated to showcase a significant growth rate after the covid-19.

By Component Segment Analysis

Based on the component segmental analysis, the market is bifurcated into Software and Services. The software is anticipated to dominate the market share. It allows businesses to examine the customer’s data to gain insights. Its functionalities enable the organization to understand the recent global market movements better and experience a particular level of enhanced interpretation. Services are predicted to gain rapid demand as it helps the retailers and store managers install, manage, and professional services for its implementation.

By Deployment Model Segmental Analysis

The market is bifurcated into on-premises and cloud-based on deployment model segmental analysis. Cloud is predicted to dominate the market share with rapid CAGR. Its real-time service and insights help in boosting customer satisfaction while shopping. Further, it offers a competitive advantage to utilize the analytical data for achieving greater business intelligence with user-friendliness, security, and safety observation.

By Retailer Size Segmental Analysis

Based on retailer size, the market is bifurcated into Large Retailers and Small & Medium Retailers. Large channel retailing has become a preferred business model by most retailers. It, however, becomes challenging to manage this huge network and is seen as one of the major factors driving the retail management system market. Further, ensuring product availability across all channels while keeping optimal inventory levels is one of the issues retailers face.

By Reconciliation Segmental Analysis

Based on the reconciliation segment, the market is bifurcated into Transaction, Consolidation, Reporting & Analysis, Variance Analysis, Task Management and others. An increase in online transactions among different industries and a rise in the need for reconciliation management systems drive the growth of the account reconciliation software market. In addition, the growing adoption of automated banking solutions across the globe to reduce reconciliation time fuels the growth of the market.

By Regional Segmental Analysis

Based on regional segment, the market is classified into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. North America is anticipated to occur dominantly in the global retail recon software market. The significant advancement in digitization services across industries, robust government policies, and rapid adoption of online transaction services are some of the top impacting elements driving market growth across the region. Europe is expected to maintain a substantial market share. Rising demand for customized retail recon software solutions appreciative of the new GDPR procedures is likely to expand the market size across the region.

Competitors Analysis

The Company includes AutoRek, Baldwin Hackett & Meeks, Inc., Blackline, Inc., Broadridge Financial Solution, Inc., Cashbook, Fiserv, Inc., Oracle Corporation, ReconArt, Inc., SAP SE, SigmalQ and other prominent players in the global retail recon software market. Key Stakeholders

• Market research and consulting firms
• Retail Recon Software Associations
• Local Governments
• Regulatory bodies
• Retail Recon Software Market
• Suppliers
• Retailers
• Service Providers

Recent developments

• In April 2020, SmartStream Technologies declared that Jumhouria Bank registered in Libya had enforced SmartStream’s solution for reconciling cash payments. The bank aims to ensure greater visibility into the card, cash, central bank, and payment transactions by enforcing reconciliation solutions.
• In October 2019, Blackline Inc. declared that NHS National Services Scotland (NSS) selected Blackline’s automation software to automate financial operations. NSS plans to deploy Blackline’s Account reconciliation mechanism incorporated with the abilities of transaction matching and journal entry to move the transformation of its finance processes.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 6.8 Billion
The revenue forecast in 2028	USD 19.4 Billion
Growth Rate	CAGR of 18.4 % from 2022 to 2028.
Historical data	2018 – 2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include AutoRek, Baldwin Hackett & Meeks, Inc., Blackline, Inc., Broadridge Financial Solution, Inc., Cashbook, Fiserv, Inc., Oracle Corporation, ReconArt, Inc., SAP SE and SigmalQ are the key players.

Market Modelling

By Component

• Software
• Services

By Software Type

• Transaction Matching
• Consolidation
• Reporting & Analysis
• Variance Analysis
• Task Management
• Others

By Deployment Model

• On-Premise
• Cloud

By Retailer Size

• Large Retailers
• Small & Medium Retailer
• By Reconciliation
• Account Reconciliation
• Bank Reconciliation
• Payment Reconciliation
• Others

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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