Chicago, March 27, 2023 (GLOBE NEWSWIRE) -- The global Accounts Receivable Automation Market size is estimated to grow from USD 3.3 billion in 2022 to USD 6.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period, according to a new report by MarketsandMarkets™.
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297 - Tables
63 - Figures
267 - Pages
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Scope of the Report
| Report Metrics | Details |
| Market size available for years | 2018-2027 |
| Base year considered | 2021 |
| Forecast period | 2022-2027 |
| Forecast units | Value (USD Billion) |
| Segments covered | By Component, Deployment Mode, Organization Size, Vertical, and Region |
| Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Companies covered | Major vendors include Sage (UK), SAP (Germany), Oracle (US), Workday (US), and Bottomline Technologies (US), (Total 30 companies) |
The adoption of advanced technologies such as data analytics in the accounts receivable automation processes would help to optimize processes to increase the overall efficiency of an organization. Implementing analytics helps enterprises to understand their accounts receivable processes at every level, providing them with key information to improve productivity, efficiency, and cash collection. Furthermore, it helps analyze critical information, such as sales and payment performance data, customer payment trends, and days sales outstanding (DSO), to enable business stakeholders to better manage risk exposure and develop strategies to improve operational performance.
By Component, the solutions segment to hold a larger market share in 2022. The accounts receivable automation solutions include credit evaluation & management, bill presentment & payment, dispute management, collections management, deductions management, cash application automation, and receivables analytics. They help to automate payment receivable processes and offer visibility of entire accounts receivable processes, such as invoicing, receipt, and timely payment collection management. The adoption of solutions is rising due to growing focus of organizations to eliminate manual accounting processes and reduce DSO.
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By Professional Services, the implementation & integration subsegment to grow at the highest CAGR during the forecast period. Implementation and integration services aim to streamline business applications by integrating various operational modules. The integration services ensure a satisfactory user experience, adhere to IT standards, and manage budgetary guidelines.
By Organization Size, the large enterprises segment is estimated to account for a larger market share. Organizations with more than 1,000 employees are categorized under the large enterprises segment. The adoption of accounts receivable automation solutions in large enterprises is said to be high due to the affordability and high economies of scale that enables large organizations to leverage the benefits of the accounts receivable automation solution.
The Accounts Receivable Automation Market has promising growth potential such as rising adoption of AI and ML based accounts receivable automation. The vendors are leveraging AI technology to offer innovative accounts receivable automation solutions powered with cognitive and smart decision-making abilities. AI and ML can help enhance finance-related operations efficiently by providing deeper insights into the business process. The AI-powered solutions provide clients with various benefits, such as quick reporting, complex predictions, reduced operational costs, improved decision-making, and enhanced productivity of financial operations.
Market Players
Major vendors in the Accounts Receivable Automation Market include Sage (UK), SAP (Germany), Oracle (US), Workday (US), Bottomline Technologies (US), Comarch (Poland), Esker (France), Zoho (India), BlackLine (US), and HighRadius (US).
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