Pune, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Accounts Receivable Automation Market Size Analysis:
“According to SNS Insider, the Accounts Receivable Automation Market was valued at USD 3.5 billion in 2023 and is expected to reach USD 10.5 billion by 2032, growing at a CAGR of 13.1% from 2024 to 2032.”
Market Analysis
The demand for digitalization is expected to be one of the key factors driving growth in this market across regions. To enable new solutions, governments continue to invest in technology infrastructure throughout the world updating their business processes and breaking down barriers that prevent private institutions from collaborating with them. For example, as per the World Bank 64% of the world's governments have deployed some form of digital transformation initiatives to aid in automating their financial processes and for more transparency. For example, Digital Government Strategy in the US has called for a re-engineering of operations and offering $10 billion annual savings by 2025 from automated workflow across government as well as personal-sector services. This is further backed by schemes like India's Digital India where automated invoicing as well as collecting payment mechanisms would directly be a part of the financial transactions in both government and commercial establishments alike. These numbers underscore the continued focus on automation in order to streamline accounts receivable processes and enable businesses to improve their cash flow while reducing payment lags.
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Major Players Analysis Listed in this Report are:
- Workday, Inc.
- Corcentric LLC
- HighRadius Corporation
- Qvalia AB
- MHC Automation
- Bill.com Holdings Inc.
- SAP SE
- Oracle Corporation
- SK Global Software
- Quadient (YayPay Inc.)
- Kofax Inc.
Accounts Receivable Automation Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 3.5 Bn |
| Market Size by 2032 | USD 10.5 Bn |
| CAGR | CAGR of 13.1% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Automation helps reduce days sales outstanding (DSO) and enhances cash flow. • Integration of AI and Machine Learning, Enhances predictive analytics, decision-making, and customer • payment behavior insights. |
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Segment analysis
- On the basis of deployment, Cloud segment dominated the market and held the largest share more than 54.25% In 2023. Cloud deployments feature improved scalability and flexibility along with reduced upfront costs which are appealing to businesses of all sizes. As per the International Telecommunication Union (ITU), over 70% of organizations worldwide are moving towards cloud-first strategies, with cloud adoption growing at a rate of 22% annually. This trend is further boosted by the rapidly increasing availability of high-speed internet coupled with governmental initiatives for cloud adoption. One of the goals set out in its Cloud Computing Strategy is to increase cloud use by companies, with an aim that 60% of businesses will be using this technology by 2025. As these cloud-based solutions allow businesses remotely automate manage their accounts receivable processes that results in increasing operational efficiency and reducing the manual support, it is one of key factor driving to grow market overcloud provided for global account receivables automation.
- In terms of verticals, the Banking Financial Services and Insurance (BFSI) sector is lead the accounts receivable automation market. This is in part due to the massive number of transactions processed by BFSI industry players and also regulatory pressures pushing for even more accurate financial reporting. As per the statistics of World Bank, there has been a growth in transaction volume by 17 percent over last five years for BFSI sector hence automation solution needs to be even more automated and efficient. Furthermore, the increase in fintech companies has forced banks and other financial institutions to deploy automated technologies to remain relevant. The European Central Bank stated that automating receivables can cut operational expenses by 25%, influencing the growth of this market in BFSI. Retail and manufacturing are also seeing slight growth; however, BFSI is the largest existing sector using accounts receivable automation due to its adherence to compliance.
Accounts Receivable Automation Market Segmentation:
By Deployment
- Cloud
- On-premises
By Vertical
- Consumer Goods and Retail
- BFSI
- Manufacturing
- Healthcare
- IT and Telecom
- Others
By Component
- Services
- Solution
By Organization Size
- Large Enterprises
- Small & Medium Sized Enterprises
Regional Dominance: North America at the Forefront
North America has been the dominant region in the global accounts receivable automation market, with well-established technological infrastructure and presence of a large number of major industry players. The U.S. government’s fiscal year 2023 federal budget which allocated $2.3 billion for the adoption of digital financial solutions in both private and public sectors, Additionally, Canada’s Digital Economy Strategy has set ambitious targets, with 95% of businesses expected to implement digital solutions by 2025. The region's favourable regulatory environment and high penetration of cloud computing services have fostered significant growth in automation technologies. This will ensure North America is able to maintain its dominance in the market as enterprises continue rolling out accounts receivable automation at scale, driving both innovation and adoption globally.
Recent News:
- The new accounts receivable automation platform built by Billtrust in January 2024 incorporates AI capabilities and is aimed at achieving further efficiencies during the invoice management process, eventually contributing to an average payment collection time decrease of as much as 18%.
- The need to automate invoices was recognized when in July 2023, due an announcement of a strategic partnership between HighRadius (a leading provider for AR automation) and Microsoft Azure which enables companies with cloud-based receivables solutions integrated onto the AI platform.
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Key Takeaways:
- Government-driven digital initiatives and cloud adoption are major drivers of growth.
- The BFSI sector leads market adoption due to high transaction volumes and regulatory compliance needs.
- North America dominates the market due to robust technological infrastructure and government support.
- Cloud-based solutions are gaining traction due to scalability and cost efficiency.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Accounts Receivable (AR) Automation Market Segmentation, by Deployment
8. Accounts Receivable (AR) Automation Market Segmentation, by Vertical
9. Accounts Receivable (AR) Automation Market Segmentation, by Component
10. Accounts Receivable (AR) Automation Market Segmentation, by Organization Size
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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