What Has Been the Growth of the Accounts Receivable Automation Market So Far?
The accounts receivable automation market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a swift growth in the size of the accounts receivable automation market. It is projected to expand from $3.52 billion in 2024 to $4.03 billion in 2025, growing at a compound annual growth rate (CAGR) of 14.3%. Factors such as inefficiencies in manual processes, an increasing amount of transactions, accuracy improvement and error reduction, initiatives to cut costs, and the demand for quicker processing have contributed to the growth experienced during the historic period.
What Are the Future Growth Projections for the Accounts Receivable Automation Market?
The Accounts Receivable Automation market is expected to maintain its strong growth trajectory in upcoming years.
• The market for automating accounts receivable is anticipated to undergo substantial growth in the forthcoming years, with its value predicted to reach $7.22 billion by 2029, experiencing a compound annual growth rate (CAGR) of 15.7%.
This growth over the projected period can be credited to the ongoing shift towards digitalization, expansion of the remote workforce, a heightened emphasis on optimizing cash flows, requirements for scalable and flexible solutions, and a client-focused approach. Key trends expected to emerge during the forecast period consist of market rivalry and innovation, partnerships with suppliers/vendors, commitment towards sustainability and the move towards paperless procedures, with an emphasis on cybersecurity.
What Are The Core Factors Supporting Growth In The Accounts Receivable Automation Market?
The surge in the embracement of automation and digitization by small and medium-sized enterprises (SMEs) is projected to stimulate the expansion of the account receivable automation market. These digital and automated tools offer SMEs the ability to decrease costs, unify processes, and minimize labor dependence. Furthermore, such automation and digitization is anticipated to encourage SMEs to adopt account receivable automation. As an illustrative example, a report from February 2024, produced by the UK's Department for Science and Technology, estimated that the digital sector contributed £158.3 ($206.66) billion to the UK economy in 2022. This amounted to 7.2% of the total UK Gross Value Added (GVA), a rise from 7.1% in 2021. Consequently, the escalating uptake of digitization and automation by SMEs is expected to fuel growth in the accounts receivable automation market.
What Are The Major Segments Within The Global Accounts Receivable Automation Market?
The accounts receivable automation market covered in this report 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
Subsegments:
1) By Solution: Invoice Processing Software, Payment Processing Solutions, Collections Management Software, Reporting And Analytics Tools
2) By Services: Consulting Services, Implementation Services, Managed Services, Support And Maintenance Services
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Which Trends Are Expected To Transform The Accounts Receivable Automation Market?
The primary trend emerging in the accounts receivable automation market is the uptake of technological innovations. Leading companies in the market are integrating novel technologies to gain a competitive advantage. As an example, Quadient, a French firm specializing in business process automation and customer experience management, unveiled an accounts payable (AP) automation solution in February 2022. This innovative solution offers a more secure and convenient method for approving invoices and making vendor payments, regardless of location.
Who Are the Key Players In The Accounts Receivable Automation Market?
Major companies operating in the accounts receivable automation market include:
• BlackLine Inc.
• Bottomline Technologies Inc.
• Comarch SA
• Esker SA
• HighRadius Corporation
• SAP SE
• Oracle Corporation
• Kofax Inc.
• YayPay Inc.
• SK Global Software LLC
• FinancialForce Inc.
• The Sage Group PLC
• VersaPay Corporation
• Bill.com Holdings Inc.
• Corcentric LLC
• MHC Software Inc.
• Qvalia AB
• Anytime Collect
• Neopost SA
• Workday Inc.
• Coupa Software Inc.
• Fidelity National Information Services Inc.
• Zoho Corporation
• Fiserv Inc.
• Invoiced Inc.
• MineralTree Inc.
• Nvoicepay Inc.
• Rimilia Holdings Ltd.
• Serrala Group
• Tesorio Inc.
• Tradeshift Inc.
What Is The Most Dominant Region In The Accounts Receivable Automation Market?
North America was the largest region in the accounts receivable automation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the accounts receivable automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
