The AP/AR Automation Global Market Report 2023, provides comprehensive information on the AP/AR automation market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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According to The Business Research Company’s authoritative AP/AR Automation Global Market Report for 2023, we anticipate a substantial increase in market size. From its 2022 valuation of $2.03 billion, it is projected to burgeon to $2.23 billion by 2023, indicating an impressive compound annual growth rate (CAGR) of 9.7%. However, global economic recovery from the COVID-19 pandemic has been jolted, particularly in the short term, due to the ongoing Russia-Ukraine conflict. The implications of this geopolitical discord have led to widespread economic sanctions, escalating commodity prices, and perturbing supply chain disruptions, catalyzing inflation across diverse sectors, thereby influencing markets globally.
Nevertheless, the market for AP/AR automation remains resilient, poised for remarkable expansion. By 2027, it is expected to attain a market size of $3.19 billion, characterized by a consistent CAGR of 9.4%. This trajectory underscores the continued importance and relevance of AP/AR automation in an ever-evolving economic landscape.
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In the realm of AP/AR automation, an unequivocal and burgeoning trend of paramount significance is the assimilation of state-of-the-art technological advancements. Prominent entities operating within the AP/AR market are ardently committed to ushering in innovative and technologically advanced solutions as a means of securing their competitive standing in the industry. Notably, a salient example materialized in May 2020, when HighRadius, a distinguished fintech enterprise SaaS company headquartered in the United States, unveiled the RadiusOne A/R Suite, a revolutionary software designed to streamline and automate accounts receivable processes, particularly tailored for mid-sized businesses.
The introduction of RadiusOne A/R Suite epitomizes HighRadius’ strategic investment in innovation, emphasizing their overarching goal of establishing accounts receivable automation as a pivotal catalyst for business triumph. The software accomplishes this through the provision of an enhanced user experience and shorter time-to-value. Through a judicious combination of an eInvoicing & Collections App, a Cash Reconciliation App, and a Credit Risk App, RadiusOne A/R Suite artfully positions itself within a sector that is historically underdeveloped and underserved.
By deploying these innovative solutions, HighRadius empowers mid-sized enterprises to harness the transformative potential of accounts receivable automation technologies, ensuring that they remain at the vanguard of modern business practices, optimizing efficiency, and bolstering financial prowess. This commitment to technological progress within the AP/AR automation domain not only propels HighRadius to the forefront of the industry but also augments the broader narrative of digital transformation and automation within the financial sector.
The AP/AR automation market is segmented:
1) By Component: Invoice Management, Electronic Purchase Order, E-Invoicing, Approval and Workflow, ERP Integration, Electronic Payment, Analysis and Reporting, Services
2) By Organization Type: Large, Small and Medium Enterprises (SMEs)
3) By End User: Banking, financial services and insurance (BFSI), Manufacturing, Energy and Utilities, Construction, Food and Beverages, Consumer Goods and Retail, IT and Telecom, Healthcare, Other End Users
Asia-Pacific was the largest region in the AP/AR automation market in 2022.
The table of contents in TBRC’s AP/AR automation market report includes:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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