According to a recent study done by FMI, the Accounts Receivable Automation Market is expected to reach US$ 6.6 Billion by 2032, up from US$ 2.4 billion in 2022, expanding at a high CAGR of 10.7%. This study explains that the key factors such as growing volumes of financial transactions have led to a need for an efficient cash management system, which in turn fuels the market growth.
The major factors that are expected to accelerate the growth of the Accounts Receivable Automation Market during the forecast period include improving cash position, increase control over cash and working, increased account receivable management efficiency, and improved customer communication, with rise in customer service and satisfaction with reduced administrative cost in minimizing credit risk.
Moreover, the rising workflow automation practices across different industry sectors have led to automation in account receivable processes. These solutions help in improving the cash flow as well as reduce the accounting cycle time. All these factors are aiding the growth of the accounts receivable automation market. In addition, due to the continuously changing environment every business is focusing on enhancing their business efficiency, which can be achieved with the help of better managing of account receivables such as digital invoice and payments which is another factor that is expected to accelerate the growth of the Accounts Receivable Automation market during the forecast period.
Key Takeaways from the Market Study
• Global Accounts Receivable Automation Market was valued at US$ 2.4 Bn by 2022-end
• The US to account for the highest value share of US$ 2.4 Bn of global market demand for Accounts Receivable Automation Market in 2032
• From 2015 to 2021, Accounts Receivable Automation demand expanded at a CAGR of 12.2%
• By Component, the Solution constitutes the bulk of Accounts Receivable Automation Market with a CAGR of 10.2%.
“The growing focus on the improvement of cash flow and reduction in days sales outstanding and reduced accounting cycle time are the major factors fueling the growth of the Accounts Receivable Automation market,” remarks an FMI analyst.
Players in the global Accounts Receivable Automation Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
• In May 2021, Esker announced a strategic partnership with KPMG France to guide businesses in their transition to e-invoicing. The alliance will combine their respective expertise to accompany administrative and financial departments in their digital transformation.
• In May 2021, Quadient announced that its software-as-a-service (SaaS) accounts receivable (AR) automation solution Yay-Pay by Quadient shall be available to small and medium-sized businesses through the web-based Marketplace of Sage which is a provider of cloud business management solutions. Partnering with Sage shall enable the company to build a fast-growing AR automation SaaS solution in the market.
• In March 2021, HighRadius and Sage Intacct Inc. collaborated on Artificial intelligence (AI)-based autonomous systems for automating treasury and accounts receivables processes.
• In January 2021, SAP SE had received a seed investment for its new venture Paid Pronto. The application helps in automating accounts receivable processes.
Know More About What the Accounts Receivable Automation Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Accounts Receivable Automation Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the Accounts Receivable Automation Market, the market is segmented on the basis of component, deployment mode, organization size, vertical across five major regions.
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