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 share, size, 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.
Accounts receivable automation (ARA) refers to the use of technology and software solutions to streamline and optimize the processes involved in managing and collecting receivables for a business. It comprises invoice automation software, which focuses on automating the creation, distribution, and tracking of invoices, reducing the time and effort required for billing processes. It also consists of payment processing software, which is used to automate the handling of payments, from transaction initiation to reconciliation, improving the speed and accuracy of financial transactions. It includes collection management systems, which assist in tracking and managing collections, automating the process of sending reminders and notifications for overdue payments. It automates the creation and distribution of invoices, ensuring that customers receive accurate and timely billing information. It also streamlines payment processing by integrating with various payment methods and platforms, reducing manual efforts and the risk of errors. It assists in managing collections by automating the tracking of overdue payments and sending reminders to customers, improving the overall efficiency of the collections process. It minimizes the risk of errors in receivables management by automating data entry processes, ensuring that information is consistently accurate. It seamlessly integrates with enterprise resource planning (ERP) systems, providing a holistic view of financial operations. It enhances customer satisfaction by providing a smooth and transparent billing process. It also conducts timely and accurate invoicing, along with automated communication regarding overdue payments.
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Global Accounts Receivable Automation Market Trends and Drivers:
At present, the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies by businesses to streamline and automate complex tasks associated with accounts receivable management represents one of the crucial factors impelling the growth of the market. Besides this, the rising popularity of cloud-based solutions as they facilitate real-time collaboration among stakeholders, irrespective of their geographical locations, fostering a more efficient and collaborative work environment is contributing to the market growth. Businesses are also integrating automation tools to streamline invoicing and payment processes, ensuring a seamless and transparent experience for their customers. Automated communication channels, such as personalized payment reminders and interactive customer portals, are becoming standard features in modern accounts receivable solutions. In addition, automation solutions equipped with compliance features help organizations stay abreast of regulatory requirements, reducing the risk of non-compliance and associated penalties. Businesses are also increasingly recognizing the need to modernize their financial processes to stay competitive in a rapidly evolving business environment. Apart from this, organizations are seeking automation solutions that support remote collaboration and enable seamless access to financial data due to adoption of work from home (WFH) models. Additionally, the rising use of ARA systems for strategic decision-making as they provide detailed insights into receivables, allowing businesses to generate reports and conduct analyses more efficiently, is propelling the market growth. Moreover, the increasing awareness about the inaccuracies of manual data entry is encouraging businesses to utilize ARA systems to reduce human involvement and errors in operations.
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.
- Deployment Insights:
Organization Size Insights:
- Large Enterprises
- Small and Medium-sized Enterprises
- Consumer Goods and Retail
- IT and Telecom
- Energy and Utilities
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- 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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