The accounts receivable automation market is expected to experience significant growth, with a CAGR of 10.8% from 2022 to 2032. This means that the market is projected to expand substantially. By the year 2033, it is predicted to reach a total value of US$ 7,333.1 million, a substantial increase from its 2023 value of US$ 2,621 million.
This study explains that the key factors such as growing volumes of financial transactions have led to a need for an efficient cash management system, which in turn fuels the market growth.
The major factors that are expected to accelerate the growth of the Accounts Receivable Automation Market during the forecast period include improving cash position, increase control over cash and working, increased account receivable management efficiency, and improved customer communication, with rise in customer service and satisfaction with reduced administrative cost in minimizing credit risk.
Moreover, the rising workflow automation practices across different industry sectors have led to automation in account receivable processes.
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These solutions help in improving the cash flow as well as reduce the accounting cycle time. All these factors are aiding the growth of the accounts receivable automation market.
In addition, due to the continuously changing environment every business is focusing on enhancing their business efficiency, which can be achieved with the help of better managing of account receivables such as digital invoice and payments which is another factor that is expected to accelerate the growth of the Accounts Receivable Automation market during the forecast period.
Key Takeaways from the Accounts Receivable Automation Market Report:
- Global Accounts Receivable Automation Market was valued at US$ 2.4 Billion by 2022-end
- The US to account for the highest value share of US$ 2.4 Billion of global market demand for Accounts Receivable Automation Market in 2032
- From 2015 to 2021, Accounts Receivable Automation demand expanded at a CAGR of 12.2%
- By Component, the Solution constitutes the bulk of Accounts Receivable Automation Market with a CAGR of 10.2%.
Recent Developments:
- In May 2021, Esker announced a strategic partnership with KPMG France to guide businesses in their transition to e-invoicing. The alliance may combine their respective expertise to accompany administrative and financial departments in their digital transformation.
- In May 2021, Quadient announced that its software-as-a-service (SaaS) accounts receivable (AR) automation solution Yay-Pay by Quadient shall be available to small and medium-sized businesses. Through the web-based marketplace of Sage which is a provider of cloud business management solutions. Partnering with Sage shall enable the company to build a fast-growing AR automation SaaS solution in the market.
- In March 2021, HighRadius and Sage Intacct Inc. collaborated on Artificial intelligence (AI)-based autonomous systems for automating treasury and accounts receivables processes.
- In January 2021, SAP SE received a seed investment for its new venture Paid Pronto. The application helps in automating accounts receivable processes.
Leading Key Players:
- SAP SE
- Oracle Corporation
- SK Global Software
- Quadient (YayPay Inc.)
- Kofax Inc.
- Workday, Inc.
- Corcentric LLC
- HighRadius Corporation
- Qvalia AB
- MHC Automation
- Bill.com Holdings Inc.
- Comarch SA
- Esker Inc.
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Accounts Receivable Automation Market Segmentation:
By Component:
- Solution
- Services
- Consulting and Implementation Services
- Support and Maintenance Services
By Deployment Mode:
- On-Premises
- Cloud
By Organization Size:
- SMEs
- Large Enterprises
By Vertical:
- BFSI
- IT and Telecom
- Manufacturing
- Consumer Goods and Retail
- Healthcare
- Energy and Utilities
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa(MEA)
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