Overview and Scope
Accounts receivable automation refers to a method of automating time-consuming and repetitive accounts receivable tasks. This assists businesses in streamlining client invoicing and payment procedures.
Sizing and Forecast
The accounts receivable automation market size has grown rapidly in recent years. It will grow from $3.1 billion in 2023 to $3.54 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to manual process inefficiencies, growing volume of transactions, error reduction and accuracy, cost reduction initiatives, demand for faster processing.
The accounts receivable automation market size is expected to see rapid growth in the next few years. It will grow to $6.19 billion in 2028 at a compound annual growth rate(CAGR) of 15.0%. The growth in the forecast period can be attributed to continue digital transformation, remote workforce evolution, increasing focus on cash flow optimization, demand for scalability and flexibility, customer-centric approach.. Major trends in the forecast period include market competition and innovation, collaboration with suppliers/vendors, sustainability and paperless processes, focus on cybersecurity.
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Segmentation & Regional Insights
The accounts receivable automation market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Mode: Cloud, On-premises
3) By Organization Size: Large Enterprises, Small And Medium Sized Enterprises
4) By Vertical: BFSI, Retail snd Consumer Goods., Healthcare, IT And Telecom., Manufacturing, Energy and Utilities, Other Vertical
North America was the largest region in the accounts receivable automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the accounts receivable automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in adoption of automation and digitization by SMEs (small and medium-sized enterprises) is expected to propel the growth of the account receivable automation market. Digitalization and automation tools assist SMEs in lowering costs, standardizing processes, and reducing their reliance on labor. The automation and digitization will also drive SMEs towards the adoption of account receivable automation. For instance, in December 2021, according to a report on the digitalization of SMEs published by the World Economic Forum, a Switzerland-based non-governmental and lobbying organization indicates that 97% of global companies have accelerated technology adoption, which involves automation and digitalization, including SMEs representing more than 90% across the globe. Therefore, the increasing adoption of automation and digitization by SMEs will drive market growth for the accounts receivable automation market.
Key Industry Players
Major companies operating in the accounts receivable automation market report are BlackLine Inc., Bottomline Technologies Inc., Comarch SA, Esker SA, HighRadius Corporation, SAP SE, Oracle Corporation, Kofax Inc., YayPay Inc., SK Global Software LLC, FinancialForce Inc., The Sage Group plc, VersaPay Corporation, Bill.com Holdings Inc., Corcentric LLC, MHC Software Inc., Qvalia AB, Anytime Collect, Neopost SA, Workday Inc., Coupa Software Inc., Fidelity National Information Services Inc., Zoho Corporation, Fiserv Inc., Invoiced Inc., MineralTree Inc., Nvoicepay Inc., Rimilia Holdings Ltd., Serrala Group, Tesorio Inc., Tradeshift Inc.
The accounts receivable automation market report table of contents includes:
1. Executive Summary
2. Accounts Receivable Automation Market Characteristics
3. Accounts Receivable Automation Market Trends And Strategies
4. Accounts Receivable Automation Market – Macro Economic Scenario
5. Global Accounts Receivable Automation Market Size and Growth
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26. South America Accounts Receivable Automation Market
27. Brazil Accounts Receivable Automation Market
28. Middle East Accounts Receivable Automation Market
29. Africa Accounts Receivable Automation Market
30. Accounts Receivable Automation Market Competitive Landscape And Company Profiles
Top Major Players:
- BlackLine In
- Bottomline Technologies Inc
- Comarch SA
- Esker SA
- HighRadius Corporation
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