Global Accounts Receivable Automation Market Report 2023: Forecast Market Size, Growth Drivers And Key Trends
24 May, 2023
The global accounts receivable automation market size is expected to grow from $2.72 billion in 2022 to $3.10 billion in 2023 at a compound annual growth rate (CAGR) of 13.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The accounts receivable automation market is expected to grow to $5.17 billion in 2027 at a CAGR of 13.7%.
Global Accounts Receivable Automation Market Key Driver
The increased adoption of automation and digitization by SMEs (small and medium-sized enterprises) is expected to drive the growth of the account receivable automation market. Digitalization and automation tools help SMEs cut costs, standardize processes, and reduce their reliance on labor. Automation and digitization will also drive SMEs to adopt account receivable automation. For instance, in December 2021, according to a report on the digitalization of SMEs published by the World Economic Forum, a Switzerland-based non-governmental and lobbying organization indicates that 97% of global companies have accelerated technology adoption, which involves automation and digitalization, including SMEs representing more than 90% across the globe. Therefore, the increasing adoption of automation and digitization by SMEs will drive market growth for the accounts receivable automation market.
Get a sample of the global accounts receivable automation market reportGlobal Accounts Receivable Automation Market Segments
The global accounts receivable automation market is segmented:
1) By Component: Solution, Services
2) By Deployment Mode: Cloud, On-premises
3) By Organization Size: Large Enterprises, Small And Medium Sized Enterprises
4) By Vertical: BFSI, Retail and Consumer Goods, Healthcare, IT And Telecom, Manufacturing, Energy and Utilities, Other Vertical
5) By Geography: The regions covered in the accounts receivable automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global accounts receivable automation market.
Major Accounts Receivable Automation Industry Players
BlackLine Inc., Bottomline Technologies Inc., Comarch SA, Esker SA, HighRadius Corporation, Oracle Corporation, Sage Group plc., SAP SE, Zoho Corporation Private Ltd., Yapay Inc., Kofax Corp., Workday Inc., ScienceSoft USA Corporation, VersaPay Corporation, and SK Global Software.
Get the full global accounts receivable automation industry reportAccounts Receivable Automation Market Overview
Accounts receivable automation is a technique for automating time-consuming and repetitive receivable tasks. This helps businesses streamline client billing and payment procedures.
Accounts Receivable Automation Global Market Report 2023 provides data on the global accounts receivable automation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The accounts receivable automation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.