Segments - Accounts Receivable Automation Market by Deployment (On-premise and Cloud), Organization Size (Small & Medium Enterprises and Large Enterprise), Verticals (Energy & Utilities, Manufacturing, IT & Telecom, Healthcare, Retail & Consumer Goods, BFSI, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030
The accounts receivable automation market size was valued at USD 3.2 Bn in 2021 and is projected to reach USD 6.5 Bn by 2030, expanding at a CAGR of around 10% during the forecast period, 2022 – 2030. The growth of the market is attributed to the growing focus on improving cash flow and reducing day sales.
Accounts receivable automation is tool that simplifies the trade receivables operations. Accounts receivable are the company's current assets that generate revenue once the credit cycle has completed its competition. Traditionally, accounts receivable was managed manually; however, with the use of accounting software by businesses, the necessity for accounts receivable automation has grown.
After receiving the receivables statement from the ERP/core account application, accounts receivable automation begins to work. Some of the key functions include e-mail invoices, monitoring, communication, and reporting. Accounts receivable automation improves the total customer relationship by increasing cash flow, lowering average day sales outstanding (DSO), lowering personnel costs, and streamlining the invoice administration system.
COVID-19 has affected the operation of various industries, including technology, robotics, and finance. Foreign and domestic small & medium businesses (SMEs) and multinational corporations (MNCs) are suffering as a result of the impact, with some even closing down operations. The COVID-19 is projected to have two primary effects on revenue and cash flow receipts: new sales is estimated to become difficult to come by, and existing customers are projected to pay invoices at a slow rate, which is anticipated to hinder the market growth.
The report on the global accounts receivable automation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Accounts Receivable Automation Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2021 |
Historic Data |
2019–2020 |
Forecast Period |
2022 – 2030 |
Segmentation |
Deployments (On-premise and Cloud), Organization Size (Small & Medium Enterprises and Large Enterprise), Verticals (Energy & Utilities, Manufacturing, IT & Telecom, Healthcare, Retail & Consumer Goods, BFSI, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
HighRadius; BlackLine; Zoho; Esker; Comarch; Bottomline Technologies; Workday; Oracle; SAP; Sage; Microsoft Corp; IBM Corporation; Kofax corp.; Yapay Inc.; Emagia corp.; and Vanguard systems |
Based on deployments, the market is bifurcated into on-premise and cloud. The on-premise segment is projected to hold a major market share during the forecast period. To achieve complete control over their corporate accounts and transaction data, enterprises opt to employ on-premises accounts receivable systems. Organizations in the BFSI and healthcare verticals are projected to choose the on-premises deployment because both verticals deal with crucial and sensitive data connected to national income and healthcare.
On the basis of organization size, the market is segregated into small & medium enterprises and large enterprise. The small & medium enterprises segment is anticipated to expand at a rapid pace during the forecast period.
To increase operational efficiency, the majority of SMEs in the United States have integrated or are planning to implement their work flow with automation. As a result, accounting software such as reconciliation software and accounts receivable automation has been more widely used globally. Increasing adoption of automation by SMEs is expected to drive the market.
In terms of verticals, the market is classified as energy & utilities, manufacturing, IT & telecom, healthcare, retail & consumer goods, BFSI, and others. The BFSI segment is projected to account for a major market share during the forecast period. The BFSI sector is a pioneer in adopting new technologies.
Financial firms use the accounts receivable automation system to increase cash collection from customers. The automated accounts receivable solution increases employee productivity by eliminating the time spent entering, reviewing, and confirming invoices in order to provide accurate reports.
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is estimated to register a high CAGR during the forecast period. As one of the fastest-growing regions, Asia Pacific is a lucrative market for accounts receivable automation. Growth of the market in the region is attributed to rapid economic advancements, globalization, digitalization, and greater internet penetration.
Government measures to enhance digital infrastructure is estimated to drive the market. Organizations can efficiently drive the transition of their accounts receivable departments by utilizing an accounts receivable automation solution to overcome the obstacles of manual and paper-based operations.
The global accounts receivable automation market has been segmented on the basis of
Key players competing in the accounts receivable automation market include HighRadius; BlackLine; Zoho; Esker; Comarch; Bottomline Technologies; Workday; Oracle; SAP; Sage; Microsoft Corp; IBM Corporation; Kofax corp.; Yapay Inc.; Emagia corp.; and Vanguard systems. Some of these players are using several market strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares. For instance,
IBM Corporation; Kofax corp.; Yapay Inc.; Emagia corp.; and Vanguard systems are some of the leading players in the accounts receivable automation market.
The accounts receivable automation market is projected to reach USD 6.5 billion by 2030.
The accounts receivable automation market size was valued at USD 3.2 billion in 2021.
The accounts receivable automation market is projected to expand at a CAGR of around 10% during the forecast period, 2022 – 2030.
Deployment, Organization Size, Verticals are the segments provided in the accounts receivable automation market report.