Global Accounts Receivable Automation Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Accounts Receivable Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global accounts receivable automation market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global accounts receivable automation market size reached US$ 2.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 11.6% during 2023-2028.
The growing adoption of accounts receivable (AR) automation on account of the rising focus on enhanced cash flow management in an organization is offering a positive market outlook. In addition, an automation tool provides real-time visibility into the status of outstanding invoices and payments and allows companies to forecast cash flows accurately. Apart from this, organizations can expedite invoice delivery and payment collections by automating the AR process, which is propelling the growth of the market. Moreover, improved cash flow management enables companies to allocate resources more efficiently, invest in growth opportunities, and meet their financial obligations without disruptions.
The increasing use of AR automation to streamline financial processes in companies is bolstering the growth of the market. AR automation allows businesses to reduce the need for manual intervention and save time. Besides this, automation facilitates quicker invoice delivery and processing and enables organizations to enhance cash inflows. In addition, AR automation benefits in minimizing the risk of errors and eliminating the costs incurred in rectifying errors, which is contributing to the market growth.
The growing demand for valuable data insights in an organization is positively influencing the market. In line with this, AR automation platforms are valuable tools that provide companies with actionable data insights, enabling them to make informed and data-driven decisions. These platforms collect and analyze huge financial data, such as payment history, invoice aging, and transaction patterns. Additionally, organizations gain a comprehensive view of their AR operations by leveraging advanced analytics and reporting capabilities. Furthermore, data analysis reveals payment trends of individuals and allows companies to tailor collection strategies, credit policies, and communication methods.
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Global Accounts Receivable Automation Market Trends and Drivers:
The rising adoption of AR automation, as it enhances the overall experience of individuals by providing faster invoice processing, electronic payment options, and self-service portals, is propelling the growth of the market. Moreover, it improves payment cycles and fosters loyalty and potential referrals among people.
Furthermore, enterprise resource planning (ERP) systems are crucial for organizations. In line with this, AR automation solutions seamlessly integrate with existing ERP systems that assist in enhancing operational efficiency and data accuracy, making them more attractive to organizations.
Global Accounts Receivable Automation Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: BlackLine Inc., Bottomline Technologies Inc., Comarch SA, Esker SA, HighRadius Corporation, Invoiced Inc., Oracle Corporation, Sage Group plc, SAP SE, ScienceSoft USA Corporation, VersaPay Corporation, Yaypay Inc. (Quadient) and Zoho Corporation Private Ltd.
The report segmented the market on the basis of region, component, deployment, organization size and vertical.
Component Insights:
- Solution
- Services
- Deployment Insights:
- On-premises
- Cloud-based
Organization Size Insights:
- Large Enterprises
- Small and Medium-sized Enterprises
Vertical Insights:
- Consumer Goods and Retail
- BFSI
- Manufacturing
- IT and Telecom
- Healthcare
- Energy and Utilities
- Others
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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