The accounts receivable automation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Accounts Receivable Automation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The accounts receivable automation market size has grown rapidly in recent years. It will grow from <b>$3.1 billion in 2023 to $3.54 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. </b> 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 <b>$6.19 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. </b> 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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Scope Of Accounts Receivable Automation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Accounts Receivable Automation Market Overview
Market Drivers –
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.
Market Trends –
Technical adoption is the key trend gaining popularity in the accounts receivable automation market. Major companies operating in the market are introducing new technologies to gain a competitive edge in the market. For instance, in February 2022, Quadient, a Europe-based business process automation and customer experience management company, launched an accounts payable (AP) automation solution with a more secure and easier way to approve invoices and pay vendors from anywhere.
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
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Accounts Receivable Automation Market Report Structure
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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31. Global Accounts Receivable Automation Market Competitive Benchmarking
32. Global Accounts Receivable Automation Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Accounts Receivable Automation Market
34. Accounts Receivable Automation Market Future Outlook and Potential Analysis
35. Appendix
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