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%, according to a new report by MarketsandMarkets™. The adoption of advanced technologies and need for companies to reduce costs, improve efficiency, and increase accuracy is expected to drive the market growth.
The Accounts Receivable Automation Market includes major vendors like Sage (UK), SAP (Germany), Oracle (US), Workday (US), Bottomline Technologies (US), Comarch (Poland), Esker (France), Zoho (India), BlackLine (US), and HighRadius (US). The solutions segment of the Accounts Receivable Automation market, which comprises credit evaluation & management, bill presentment & payment, dispute management, collections management, deductions management, cash application automation, and receivables analytics, is expected to hold a larger market share in 2022. This is due to the rising focus of organizations to eliminate manual accounting processes and reduce Days Sales Outstanding (DSO).
On the other hand, in terms of the Professional Services subsegment, implementation & integration services are expected to show the highest Compound Annual Growth Rate (CAGR) during the forecast period. This is due to the ability of integration services to streamline business applications by integrating various operational modules, while ensuring satisfactory user experience, adhering to IT standards, and managing budgetary guidelines.
In terms of organization size, large enterprises are expected to account for a larger market share of Accounts Receivable Automation. Organisations with more than 1,000 employees are classified in this segment. Large organisations can use Accounts Receivable Automation solutions more efficiently due to their affordability, as well as the economies of scale that enable them to get the most out of such solutions.
The Accounts Receivable Automation Market also has tremendous growth potential due to the rising adoption of AI and ML-based accounts receivable automation solutions. The vendors are using AI technology to provide innovative accounts receivable automation solutions powered with cognitive and smart decision-making capabilities. Additionally, AI-powered Solutions can offer a variety of benefits, such as quick reporting, complex predictions, reduced operational costs, improved decision-making, and enhanced productivity of financial operations.
MarketsandMarkets™ is a global market research firm that provides a comprehensive range of business intelligence and strategic research services to global and regional clients. The company offers syndicated research, strategic consulting services and customized research services. With its broad research coverage and detailed marketanalysis, MarketsandMarkets™ provides an integrated approach to market research to aid clients in making informed decisions.
