The ‘Accounts Receivable Automation Global Market Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global accounts receivable automation market, assessing the market on the basis of its segments like components, deployment modes, organisation sizes, end users, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Accounts Receivable Automation Market Price, Trends, Growth, Analysis, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 3.2 Billion
• Forecast CAGR (2023-2028): 13.9%
• Forecast Market Size (2028): Nearly USD 6.99 Billion
A major driver of the global accounts receivable automation market is the cost-effectiveness and high efficiency of such solutions, boosting their preference for payment-related tasks. It also aids with repetitive tasks such as filing and scanning invoices, processing, tracking the payment, and offering customers a quick service. Furthermore, it improves the productivity of the workplace by completing the work in a short duration and automating tasks prone to errors.
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AR automation also improves the cash flow of businesses by reducing the overall time between the generation of invoices and providing payment receipts to customers. Moreover, the growing digitalisation also surges the automation of manual operations to reduce errors and speed up financial tasks.
Accounts receivable automation technology can also be integrated with customer relationship management (CRM) systems or other accounting software in enterprises to improve their functionality. Additionally, it improves customer experience through scheduled payment reminders while easing the payment procedure.
Cloud deployment holds a significant share in the global accounts receivable automation market due to its cost-effectiveness and scalability. Furthermore, it faciliates the collaboration of different parties, provides scalability benefits, and supports enterprises in managing and monitoring automation processes.
Accounts Receivable Automation Industry Definition and Major Segments
Accounts receivable automation refers to the process of automating payment-related tasks and invoice generation to enhance efficiency, save time, and minimise manual errors. It streamlines common financial tasks such as processing online payments, reminders of payment dates, and invoice generation, among others, so the human resources can focus on important tasks.
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On the basis of component, the market is classified into:
• Solutions
• Services
Based on deployment mode, the accounts receivable automation market is segmented into:
• On-premises
• Cloud
On the basis of organisation size, the market is categorised into:
• Small and Medium Enterprises
• Large Enterprises
Based on end user, the market is classified into:
• BFSI
• IT and Telecom
• Manufacturing
• Healthcare
• Retail and Consumer Goods
• Transportation and Logistics
• Others
On the basis of region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Accounts Receivable Automation Market Trends
A key trend propelling the growth of the global accounts receivable automation market is the growing implementation of artificial intelligence and machine learning to enhance the performance of AR automation software and systems. Moreover, the rising usage of smartphones also augments the market growth as businesses are optimising AR automation processes for mobile phones.
Market players are also focused on developing innovative techniques to stay ahead of their competitors. It includes the implementation of digital currency such as Bitcoin for receiving payments and the usage of predictive analytics to predict cash flow behaviour and modify the financial strategy accordingly.
The increased usage of AR automation in credit scores is also a crucial trend as it can utilise previous records, financial history, and payment behaviour to decide the accurate credit score of a customer. Moreover, banks and financial institutions can use this record to determine customer eligibility for loans.
The Asia Pacific accounts for a substantial share of the global accounts receivable automation market owing to the increased digitalisation and growing penetration of the internet in the region. Additionally, the growing attempts to reduce manual labour and increase the efficiency of financial operations also provide lucrative growth opportunities to the market.
Key Market Players
The major players in the global accounts receivable automation market report are:
- SAP SE
- Oracle Corporation
- Kofax, Inc
- Quadient (Yaypay, Inc)
- SK Global Software
- Corcentric, LLC
- HighRadius Corporation
- Qvalia Group AB
- MHC Software Holdings, Inc
- Bill.com, LLC
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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