Pune, April 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global accounts receivable automation market is expected to grow from USD 1.4 Billion in 2021 to USD 3.8 Billion by 2030, at a CAGR of 11.8% during the forecast period 2022-2030.
Accounts receivable is the money that is due to a firm for the services and products that they have rendered to clients and customers. The growing number of transactions in an organization and the need for an effective and precise cash management system is driving the growth of the market.
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Automating the system of accounts receivable helps in saving time, preventing errors, and reducing costs. With the rising demand for precise cash management and timely processing of payments from customers, accounts receivable automation is adopted by organizations to boost the payment collection procedure. However, the rising cost associated with the maintenance of the infrastructure is the factor constraining the market growth. The increasing cost of the softwares used for accounts receivable automation is also restraining the growth of the market over the forecast period. The complexity of the accounting system in automation is also restraining the market growth. The adoption of new technologies in the development of the software for maintaining the accounts receivable is an opportunity for the growth of the market in the forecast period. Accounts receivable automation also saves organizations from bad debts and encourages them to go paperless. Furthermore, key market players of the accounts receivable automation solution are offering new solutions of integrating the software with leading Enterprise Resource Planning (ERP) systems, credit bureaus, leading banks, and payment gateways which is a great opportunity for the growth of the market. However, several businesses are still not ready to adapt to new technology and change their traditional way of working which is a challenge for the growth of the market. They are still cautious about data privacy and data security that exists in the softwares used for accounts receivable automation.
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Key players operating in the Global Accounts Receivable Automation Market are:
● Sage
● Oracle
● Bottomline technologies
● High Radius
● Financial Force
● Rimilia
● Emagia
● Zoho
● Comarch
● Yay Pay
To enhance their market position in the global accounts receivable automation market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In March 2021, High radius which is a fintech enterprise Software-as-a-Service (SaaS) company announced a new partnership with Sage. The main aim of the partnership was to provide end-to-end accounts receivable automation.
The on-premise segment dominated the market with around 63% in 2021
The deployment type segment is divided into on-premise and cloud. The on-premise segment dominated the market with a market share of around 63% in 2021. This growth of the segment is attributed to the privacy issues and data security issues that organizations face cloud-based deployments. Organizations operating in industries such as BFSI and healthcare deal with critical and sensitive data for the national income and the healthcare industry prefer the deployment based on the on-premises which is driving the segmental growth.
The manufacturing segment dominated the market with the largest market share of 23% in 2021.
The industry vertical segment is divided into BFSI, retail & consumer goods, healthcare, IT & telecom, manufacturing, energy & utilities, and others. In 2021, the manufacturing segment dominated the market, accounting for around 23% of global revenue. Manufacturers are adapting themself to the new trends and technologies to remain competitive and ahead of the competitors in the market. Accounts receivable automation is a way of keeping themself ahead of the competitors and creating trust among customers. The manufacturing industry is always ahead of the time and is ready to adapt to the new technologies to improve the process of production, support employees' way of simplifying work while maintaining accuracy, and adapt to new and innovative ways of doing the work accurately and on time.
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Regional Segment Analysis of the Accounts Receivable Automation Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, & the Rest of Europe)
● Asia-Pacific (China, Japan, India, & the Rest of Asia Pacific)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of the Middle East and Africa)
Among all regions, the Asia Pacific region emerged as the largest market for the global accounts receivable automation market, with a market share of around 39.8% in 2021. The Asia Pacific leads the accounts receivable automation market, owing to the rising demand for secured and automated payable processes. An automated accounts receivable solution helps in streamlining the process of sending invoices and improves the performance of the accounts department by utilizing e-Invoicing. Several manufacturing companies in the Asia Pacific are using accounts receivable automation for online tracking of payments and for creating analytics for all invoices.
About the report:
The global accounts receivable automation market is analyzed based on value (USD Billion). All the segments have been analyzed globally, regional and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the clients objectives of high-quality output within a short time. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. The customized solutions are tailored to meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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