The Accounts Receivable Automation Market is anticipated to have a prodigious CAGR of 10.7% during the period of 2022-2032. The Accounts Receivable Automation Market is anticipated to reach US$ 6.6 Billion in 2032, from US$ 2.4 Billion in 2022.
“Growing focus on the improvement of cash flow and reduction in day sales, outstanding and reduced accounting cycle time are the major factors fueling the growth of the accounts receivable automation market.”
Key factors such as growing volumes of financial transactions have led to a need for an efficient cash management system.
The services segment is expected to grow at a higher growth rate during the forecast period.The services segment has been broadly classified into professional and managed services.
Accounts receivable automation vendors offer services to plan, design, implement, and deploy accounts receivable solutions. The increasing number of digital transactions in emerging economies is expected to fuel the demand for accounts receivable automation services.
• By Professional Services, the support & maintenance subsegment to hold the largest market share
The support & maintenance subsegment is expected to hold the largest market size.Support & maintenance services include support related to implementing and using the accounts receivable automation solution.
They include the support provided during, before, and after installation and other maintenance exercises. The demand for support & maintenance services is growing as they enable organizations to reap the maximum advantage from investments in the accounts receivable automation solution deployment.
• By Organization size, the SMEs segment to grow at the higher CAGR during the forecast period
The small & medium sized enterprises (SMEs) segment is projected to grow at the higher CAGR during the forecast period.Organizations with an employee range between 1 and 1,000 are categorized under the SMEs segment.
The accounts receivable automation solution enables SMEs to enhance their overall productivity by helping them reduce the time for processing an invoice. Hence, SMEs are increasing the adoption of the accounts receivable automation solutions to improve business outcomes.
The breakup of the profiles of the primary participants is given below:
• By Company: Tier 1 – 30%, Tier 2 – 45%, and Tier 3 – 25%
• By Designation: C-Level Executives – 40%, Directors – 35%, Others – 25%%
• By Region: North America – 38%, Europe – 32%, Asia Pacific – 18%, Middle East & Africa – 7%, and Latin America – 5%
Note: Others include sales managers, marketing managers, and product managers.
Note 1: Tier 1 companies’ revenues are more than USD 1 billion; tier 2 companies’ revenues range between USD 1 billion and USD 500 million; tier 3 companies’ revenues range between USD 500 million and 100 million.
Note 2: The figure above represents the indicative list of primary profiles
The following key Accounts receivable automation vendors are profiled in the report:
• Sage (UK)
• SAP (Germany)
• Oracle (US)
• Workday (US)
• Bottomline Technologies (US)
• Comarch (Poland)
• Esker (France)
• Zoho (India)
• BlackLine (US)
• HighRadius (US)
• Kofax (US)
• FinancialForce (US)
• Emagia (US)
• Versapay (Canada)
• Corcentric (US)
• Bill.com (US)
• Billtrust (US)
• Qvalia (Sweden)
• Accounting Seed (US)
• Redwood Software (Netherlands)
Research Coverage
MarketsandMarkets segments the Accounts receivable automation Market based on Component (Solutions and Services), Deployment Mode (Cloud and On-premises), Organization Size (Large Enterprises and SMEs), Vertical (BFSI, IT & Telecom, Manufacturing, Consumer Goods & Retail, Healthcare, Energy &, Utilities, and Other Verticals), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
The report also provides a comprehensive review of the drivers, restraints, opportunities, and challenges in the accounts receivable automation market. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
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