The Accounts Receivable Automation Market is projected to grow at an astounding CAGR of 10.7% between 2022 and 2032. From US$ 2.4 Billion in 2022, the Accounts Receivable Automation Market is projected to grow to US$ 6.6 Billion in 2032.
A increasing focus on enhancing cash flow and reducing day sales, outstanding debt, and accounting cycle time has led to an increase in the need for accounts receivable automation. A strong cash management system is now required due to crucial factors like the increase of financial transactions.
The management of client invoices, payments, and collections is streamlined and automated via the use of technology and software solutions, which is referred to as the accounts receivable automation market. This involves chores like creating invoices, taking care of payments, and managing credit. As organisations look to increase cash flow, decrease manual errors, and strengthen customer relationships through quicker and more effective payment processing, the market for accounts receivable automation is expanding quickly. Software companies like SAP, Oracle, and Infor, as well as specialty suppliers like Billtrust and AvidXchange, are major players in this sector.
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Key Takeaways from the Market Study
- Global Accounts Receivable Automation Market was valued at US$ 2.4 Bn by 2022-end
- The US to account for the highest value share of US$ 2.4 Bn of global market demand for Accounts Receivable Automation Market in 2032
- From 2015 to 2021, Accounts Receivable Automation demand expanded at a CAGR of 12.2%
- By Component, the Solution constitutes the bulk of Accounts Receivable Automation Market with a CAGR of 10.2%.
“The growing focus on the improvement of cash flow and reduction in days sales outstanding and reduced accounting cycle time are the major factors fueling the growth of the Accounts Receivable Automation market,” remarks an FMI analyst.
Recent Developments
- In May 2021, Esker announced a strategic partnership with KPMG France to guide businesses in their transition to e-invoicing. The alliance will combine their respective expertise to accompany administrative and financial departments in their digital transformation.
- In May 2021, Quadient announced that its software-as-a-service (SaaS) accounts receivable (AR) automation solution Yay-Pay by Quadient shall be available to small and medium-sized businesses through the web-based Marketplace of Sage which is a provider of cloud business management solutions. Partnering with Sage shall enable the company to build a fast-growing AR automation SaaS solution in the market.
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Key Players
- SAP SE
- Oracle Corporation
- SK Global Software
- Quadient (YayPay Inc.)
- Kofax Inc.
- Workday, Inc.
- Corcentric LLC
- HighRadius Corporation
- Qvalia AB
- MHC Automation
- Bill.com Holdings Inc.
Key Segments Covered
By Component:
- Solution
- Services
- Consulting and Implementation Services
- Support and Maintenance Services
By Deployment Mode:
- On-Premises
- Cloud
By Organization Size:
- SMEs
- Large Enterprises
By Vertical:
- BFSI
- IT and Telecom
- Manufacturing
- Consumer Goods and Retail
- Healthcare
- Energy and Utilities
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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