Accounts Receivable Automation Market by Component (Software and Service), Deployment Type (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium-Size Enterprises), Industry Vertical (Energy and Utilities, BFSI, Consumer Goods and Retail, Healthcare, IT and Telecom, and Others): Global Market Size Estimates and Forecast (2022–2030)
The accounts receivable automation market crossed US$ 3.0 billion mark in 2022 and is expected to hit US$ 7.6 billion by 2030, recording a CAGR of 12.2% during the forecast period.
The accounts receivable automation market has been significantly growing with the adoption of artificial intelligence (AI) and machine learning (ML)-based accounts receivable automation
Vendors of accounts receivable automation invest in AI and ML technology to enable finance and accounting professionals to increase their financial efficiency. ML and AI can contribute to more effective finance-related operations by providing deeper insights into the business process. For instance, the use of AI to examine each business process and identify areas where improvements can be made to achieve higher value. AI and ML also help in understanding consumer behavior and payment trends for spotting any potential payment danger.
Within the report, the accounts receivable automation market is segmented into authentication type, model type, industry vertical, and geography. On the basis of component the accounts receivable automation market is segmented as software and services. On the basis of deployment type the accounts receivable automation market is segmented as on-premise and cloud. On the basis of enterprise size the accounts receivable automation market is segmented as large enterprises and small and medium-size enterprises. On the basis of industry vertical the accounts receivable automation market is segmented as energy and utilities, BFSI, consumer goods and retail, healthcare, IT and telecom, and others. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The accounts receivable automation market in Asia Pacific holds the highest growth rate and is expected to retain its position during the forecast period (2022-2030). The high growth is due to the presence of most populous countries such as China and India in the region.
BFSI segment in industry vertical to hold largest share of accounts receivable automation market during the forecast period (2022-2030)
Based on industry vertical, the BFSI segment is estimated to account for a larger market share in 2022 and is expected to hold its position during the forecast period. The BFSI industry is a pioneer in implementing new technologies. The accounts receivable automation solutions enable BFSI institutions to increase the amount of money they collect from consumers. The accounts receivable automation solution increases employee productivity and saves staff time from other tasks such as entering, editing, and confirming invoices to produce accurate reports.
Rising demand for quick invoicing is one of the major factors accelerating the accounts receivable automation market growth.
Automating accounts receivable shortens the time between sending invoices and receiving payments by helping send invoices to clients and customers on time. Customers can directly pay bills by clicking on links created by the accounts receivable automation, which speeds up payment and cuts down on time spent auditing accounts. Additionally, accounts receivable automation aids businesses in accelerating invoicing and managing transactions for a seamless and improved customer experience, giving the enterprise a competitive advantage.
Recent strategic developments in accounts receivable automation market
The accounts receivable automation market has undergone several significant developments, and a few of these have been mentioned below:
- In May 2022, SAP SE partnered with Google to introduce new integrations between Google Workspace and SAP’s flagship cloud ERP, SAP S/4HANA Cloud.
- In January 2022, Oracle launched Oracle NetSuite Cash 360 to help businesses make more strategic cash decisions and improve forecasting. Cash 360 simplifies cash management by providing a configurable dashboard that can include links to key cash management activities, cash flow trends, and a rolling six-month cash flow forecast.
The accounts receivable automation market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Bottomline Technologies, Comarch, Esker, Highradius, Kofax, Oracle, Sage, SAP, Workday, and Zoho are among the prominent players operating in the market.
Target audience for the report:
- Accounts Receivable Automation software providers
- Accounts Receivable Automation service providers
- Accounts Receivable Automation associations, organizations, forums, and alliances
- Venture capitalists, private equity firms, and start-up companies
- End users of Accounts Receivable Automation
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the accounts receivable automation market has been segmented on the basis of:
- Deployment Type
- Enterprise Size
- Large Enterprises
- Small and Medium-Size Enterprises
- Industry Vertical
- Energy and Utilities
- Consumer Goods and Retail
- IT and Telecom
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Bottomline Technologies
- Bottomline Technologies