Increasing Adoption of Cloud-Based Platform Leading to the Expansion of Account Receivable Automation Market Globally

The increasing adoption of Cloud-based computing & AI and the rising focus on the improvement of cash flow & reduction in days sales outstanding (DSO) are one of the key factors driving the growth of the AR Automation Market. Further, rise in utilization of AR Automation solutions to simplify the processing of bills & receipts & minimize the time spent by accountants in collecting payments from the customers. Businesses are shifting their workload to cloud-based computing systems, with AWS being the first & foremost primary cloud platform driving account receivable market due to internet connection, cloud accounting software which enables finance personnel to oversee crucial procedures from any location.

According to Marketlook Consulting’ research report “Global Account Receivable Automation Market Analysis, 2021”, the Global Account Receivable Automation Market is anticipated to grow at a CAGR 12.7% during 2022-29 The market would reach to USD 6.21 Mn by 2029.

Based on Component, the market is segmented into cloud & on premises. Cloud-based platform is the most-highest growing segment as it is the most cost effective & efficient way of managing big data issues. The ease of implementation & low cost has made the cloud a highly desirable delivery mode among organizations.

Based on end user, market is further bifurcated into BFSI, Consumer goods & Retail, Manufacturing, IT & Telecom, Healthcare, Energy & Utilization and Others. BFSI segment holds the largest market share as it has been an early adopter of new technologies. AR Automation enables financial institutions to improve cash collection from customers.

“Global Account Receivable Automation Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Account Receivable Automation providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

 Asia Pacific Dominated the Market

Based on Leading regions, Asia Pacific dominated the global account receivable market in 2021 and is projected to maintain its dominance during the forecasted period 2022-29. Asia Pacific is expected to robust the growth of the market further in the forecast due to the growing need to automate day-to-day operational processes. Due to increasing demand for precise accounting procedure management & timely processing of payment processes from customers, accounts enterprises in the region adopt receivable automation to boost payment collection.  Furthermore, rapid modernization & increased internet penetration. Government initiatives to accelerate digitalization & growing need for adequate methods to reduce errors and the time spent on accounting processes can further accelerate the market in the forthcoming period as stated in Marketlook Consulting research report “Global Account Receivable Automation Market Analysis, 2021”. 

According to Marketlook Consulting’, the key players with a considerable market share in the global account receivable market are BlackLine Inc., Bottomline Technologies,Comarch SA, Esker SA,  HighRadius Corporation, Invoiced Inc., Oracle Corporation, Sage Group plc, SAP SE, ScienceSoft USA Corporation, VersaPay Corporation, Yaypay Inc., Zoho Corporation Private Ltd.

Market Segmentation:

1. By Component (Solution & Service)
2. By Deployment (Cloud & On-premises)
3. By Organization size (Large enterprises & small, medium enterprises)
4. By End Users (BFSI, Consumer goods & Retail, Manufacturing, IT & Telecom, Healthcare, Energy & Utilization and Others)
5. By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
6. By Company (BlackLine Inc., Bottomline Technologies,Comarch SA, Esker SA,  HighRadius Corporation, Invoiced Inc., Oracle Corporation, Sage Group plc, SAP SE, ScienceSoft USA Corporation, VersaPay Corporation, Yaypay Inc., Zoho Corporation Private Ltd)

Key questions answered in the study:

1. What are the current and future trends of the Account Receivable Automation industry?
2. How the industry has been evolving in terms of end-user demand and Deployment areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Account Receivable Automation industry?
5. What is the customer orientation, purchase behavior, and expectations from the Account Receivable Automation organizations across various regions?