According to projections, the global accounts receivable automation market value may reach US$ 7,333.1 million by 2033. As per the earlier market reports by FMI, the market is worth around US$ 2,621 million in 2023. The adoption of accounts receivable automation is anticipated to grow at an annual average rate of 10.8%.
Automation of the accounts receivable process is gaining traction as a result of the money, time, and efficiency gains it provides accounting firms. One of the other main drivers propelling the demand for accounts receivable automation services is the requirement to increase labor productivity and efficiency.
Additionally, the need for these solutions may increase through the forecast years due to the need for rapid invoicing to decrease payment delays.
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An increase in industry stakeholders worried about data protection has made firms more wary about implementing digital solutions. So, accounts receivable automation might face significant problems with the rise in identity fraud and cybercrimes in the coming days.
Key Takeaways from the Accounts Receivable Automation Market Study Report
- The United States dominates the global market and it alone contributed to around 19.2% of the revenue in 2022.
- In Europe, Germany is the leading market and accrued a revenue share of 10.2% in the year 2022.
- The demand for accounts receivable automation in China and India is poised to progress at 9.1% and 3.2% respectively through 2033.
Competitive Landscape for the Accounts Receivable Automation Market Players
In part to the existence of prominent market participants on a worldwide scale, the competitive landscape of the market is somewhat fragmented. SAP, Oracle, SK Global Software, Quadient, Kofax, Workday, Corcentric, and HighRadius are some leading players in the global accounts receivable automation market.
New as well as existing market players are nowadays scaling up their businesses with fresh investments in creating software for small and medium-sized businesses. Regate, a SaaS platform for the finance automation sector, received a US$ 20 million Series A investment round from Valar Ventures in September 2022.
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Recent Developments by the Accounts Receivable Automation Industries
CareFabric integrated platform expanded by adding a cloud-based revenue cycle management solution which was offered by Netsmart Company in October 2022. This new solution has been designed to help healthcare companies to accelerate their cash flow, and improve efficiency. It is further expected to increase profitability while reducing account receivable collection hours by nearly 20%.
A financial automation platform named Briq which helps companies grow revealed its buyup of Swipez in September 2022. Swipez is an Indian fintech company that automates businesses’ invoicing and revenue-collection processes. Briq hopes to fully automate all financial tasks, from budgeting to making and receiving payments, by acquiring Swipez.
An American business named Tesorio started giving its clients automated solutions to manage their receivables in July 2022. With the help of AI algorithms, its solutions evaluate the payment history to predict the precise payment date. The startup is also planning to develop specially designed AI-based account receivables software products that can be advantageous to enterprises.
Esker established a collaboration in March 2022 with a regional office for the Fujitsu group of firms in ASEAN. Following the contract, Fujitsu Asia may offer its Singaporean clients consultancy, and installation, for supporting Esker’s Procure-to-Pay and Order-to-Cash suites. This partnership may complement Esker’s business plan and allow Fujitsu Asia to expand its service portfolio.
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Key Segments Covered
By Component:
- Solution
- Services
- Consulting and Implementation Services
- Support and Maintenance Services
- Other Components
By Deployment Mode:
- On Premises
- Cloud
By Organization Size:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By End-user Verticals:
- Banking, Financial Services, an Insurance (BFSI) Sector
- Information Technology (IT) and Telecom Sector
- Manufacturing Sector
- Consumer Goods and Retail Sector
- Healthcare Sector
- Energy and Utilities Sector
- Other Sectors
By Region:
- North America Market
- Latin America Market
- Europe Market
- Asia Pacific Market
- The Middle East and Africa (MEA) Market
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