Accounts Receivable Automation Market Size, Share, Industry Overview, Latest Insights And Forecast 2024-2032

(MENAFN- IMARC Group) The latest report by IMARC Group, titled“ Accounts Receivable Automation Market Report by Component (Solution, Services), Deployment (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium-sized Enterprises), Vertical (Consumer Goods and Retail, BFSI, Manufacturing, IT and Telecom, Healthcare, Energy and Utilities, and Others), and Region 2024-2032 ”, offers a comprehensive analysis of the industry, which comprises insights on the market. The global accounts receivable automation market size reached US$ 2.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.1 Billion by 2032, exhibiting a growth rate (CAGR) of 10.1% during 2024-2032.

Factors Affecting the Growth of Accounts Receivable Automation Industry:

  • Efficiency and Cost Savings:

Accounts receivable automation is increasingly driven by the need for greater efficiency and cost savings within organizations. Manual processes for managing accounts receivable can be labor-intensive, error-prone, and time-consuming. Automation streamlines these processes, reducing the need for manual intervention and thus lowering the risk of errors. By automating tasks such as invoice generation, payment reminders, and reconciliation, companies can significantly reduce the time and resources required for managing accounts receivable. One aspect driving this efficiency is the automation of repetitive tasks. With automation, invoices can be generated and sent automatically based on predefined triggers, such as specific dates or events in the billing cycle. Similarly, payment reminders can be scheduled and sent out automatically, reducing the need for manual follow-ups by accounting staff. This saves time and also ensures that consumers receive timely reminders, increasing the likelihood of prompt payments.

  • Enhanced Consumer Experience:

Another driving force behind the accounts receivable automation market is the desire to enhance the consumer experience. In the competitive business landscape today, providing a seamless and convenient payment experience is essential for retaining consumers and building long-term relationships. Accounts receivable automation plays a crucial role in improving the overall consumer experience by offering various benefits to both businesses and their consumers. One way automation enhances the consumer experience is by providing multiple payment options and flexibility. Automated systems can support various payment methods, such as credit cards, electronic funds transfer (EFT), and online payment portals, allowing consumers to choose the option that best suits their preferences and needs. This flexibility improves convenience for consumers and increases the likelihood of timely payments, as consumers can select the most convenient payment method for them.

  • Regulatory Compliance and Risk Management:

Regulatory compliance and risk management considerations are significant drivers influencing the adoption of accounts receivable automation solutions. In the increasingly complex regulatory environment, businesses face numerous compliance requirements related to billing, invoicing, and financial reporting. Non-compliance can result in severe penalties, legal consequences, and reputational damage. Therefore, organizations are turning to automation to help ensure adherence to regulatory requirements and mitigate compliance risks effectively. One aspect driving the adoption of accounts receivable automation for regulatory compliance is the need for accuracy and consistency in financial reporting. Manual processes are prone to errors and inconsistencies, which can lead to inaccuracies in financial statements and regulatory filings. By automating key accounting and reconciliation tasks, businesses can improve the accuracy and reliability of their financial data, ensuring compliance with regulatory standards such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

  • 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)
  • Zoho Corporation Private Ltd.

Accounts Receivable Automation Market Report Segmentation:

By Component:

  • Solution
  • Services

Solution dominates the market as it encompasses the comprehensive suite of software and tools necessary for end-to-end automation of accounts receivable processes, including invoice generation, payment processing, and reconciliation.

By Deployment:

  • On-premises
  • Cloud-based

Based on the deployment, the market has been divided into on-premises and cloud-based.

By Organization Size:

  • Large Enterprises
  • Small and Medium-sized Enterprises

On the basis of the organization size, the market has been segmented into large enterprises and small and medium-sized enterprises.

By Vertical:

  • Consumer Goods and Retail
  • BFSI
  • Manufacturing
  • IT and Telecom
  • Healthcare
  • Energy and Utilities
  • Others

BFSI represents the largest segment due to its extensive reliance on financial transactions, complex invoicing structures, and stringent regulatory requirements, all of which drive the demand for efficient and reliable accounts receivable automation solutions.

Regional Insights:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

North America's dominance in the accounts receivable automation market is attributed to its advanced technological infrastructure, high adoption rates of automation solutions, and the presence of a large number of established enterprises across various industries.

Global Accounts Receivable Automation Market Trends:

The increasing globalization of businesses and expansion into new markets necessitates efficient accounts receivable management across diverse regions and currencies. Automation helps standardize processes, handle multi-currency transactions, and ensure compliance with varying regulatory requirements, thus supporting companies in their global expansion efforts. Additionally, accounts receivable automation solutions offer advanced data analytics capabilities, providing valuable insights into consumer payment behaviors, trends, and preferences. By leveraging data analytics, businesses can optimize credit management strategies, identify potential risks, and tailor collection efforts to improve cash flow and reduce bad debt.

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