Global Accounts Receivable Automation Market Report, Industry Analysis and Forecast to 2029

The global accounts receivable automation market was valued at USD 3.5 billion in 2021 and is projected to reach USD 6.21 billion in 2029, at a Compound Annual Growth Rate (CAGR) of 12.7% during the forecast period 2022-2029.

Accounts receivable refers to the money due to an organization for the purchase of goods & services on credit. AR automation is an operation that enables businesses to have simple & accurate credit choices, corporate borrowing, liquidity management, corporate sales report & sales commission. In other words, AR Automation is modernization of accounts receivable processes via electronic systems which helps in reducing repetitive & time-consuming process.

Nowadays, companies are adopting AR automation solutions that replace AR management to streamline financial transactions and modernize operations. These solution helps reduce human error & minimize disputes and deductions. Automation helps free-up the time for accounts receivable teams to focus on higher value work by optimizing their schedules & reducing task dependencies.

Global Account Receivable Automation Market Overview

AR Automation solutions find extensive applications in large businesses, small & medium enterprises too and in other industrial verticals. The utilization of AR automation solutions to simplify the processing of bills & receipts & minimize the efforts and time spent by accountants in collecting payments form their customers. Thus, AR Automation solution helps organizations in modernization of accounts processes via electronic systems helps in reducing time-consuming tasks.

Accounts Receivable Automation Market Dynamics

Increasing adoption of Technologies such as cloud computing & AI are influencing the prominent growth of the AR automation market. Businesses are increasingly shifting their workload to cloud platform, companies are using cloud services with AWS being the former primary cloud platform driving account receivable automation market due to an internet connection, cloud accounting software enables finance personnel to oversee crucial procedures from any location. APIs are reshaping the market globally and making cloud-based platforms simple to integrate with any ERP systems due to which., demand for cloud-based account receivable tools in increasing. They provide dashboards, account selections, compliance policies & approvals to enhance the functioning of an organization this further, coupled with demand for cloud-based AR automation solutions is strengthening the market growth.

However, increasing data security, identity frauds & cybercrimes are increasingly hampering the market in adopting automation receivable automation.

Accounts Receivable Automation Market Report Outlook

The Accounts receivable automation market report focuses on different aspects regarding component of account receivable automation, and across the components used for in the finance sector. The research analyses the different types, and vehicle types of the product in order to obtain a better understanding regarding the growth and trends of the market since 2019 which also facilitates the estimation of the upcoming growth of the market in the next 7 years.

Accounts Receivable Automation Market Competitive Landscape

The report also holds competitive analysis which can be used to differentiate different types of products; technologies used in manufacturing the products; prices; innovation in R&D; organic and inorganic growth strategies; financial analysis to determine the revenue generation and other key aspects of the finance; new partnership, joint ventures, collaborations, and acquisitions; market share of the top competitors in the market; and understand the growth strategies being undertaken by these major players to analyse the future market trends.

In October 2022, Netsmart introduced a cloud-based revenue cycle management solution featured as one of the most recent additions to the CareFabric integrated platform. This solution enables healthcare providers to cut down on account receivable collection hours by up to 20% while accelerating cash flow, enhancing productivity, and boosting profitability.

Other major players holding prominent share in the Account Receivable Automation market include SAP SE, Oracle Corporation, Kofax Inc., YayPay Inc., SK Global software among the others. There are several regional and local players in this market across the globe which are contributing towards the revenue growth of the market and thus expected to flourish with new launches and expansion in the upcoming years.

Accounts Receivable Automation Market Regional Analysis

The market synopsis will also cover the regional dynamics and growth prospects which would include regions- North America, Asia Pacific, Europe, Latin America, Middle East and Africa. These regions will be analysed per countries on the basis of market drivers, restraints, opportunities, and trends to get a closer view of the market studied.

Asia Pacific is expected to robust the growth of the market 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 are further accelerating the market.

Scrutinizing these factors for the countries are expected to enhance the value chain of the account receivable automation market and aid us with better insights about the same.

Accounts Receivable Automation Market In-depth Analysis Aspects

To mention certain other aspects which will include the Porter Five Forces, Pricing analysis, PESTEL Analysis, Export-Import data, and Industry Value Chain will also bind the analysis of the report.

Research Methodology

The study period of the market is considered to be 10 years (2019-2029) which will be analysed through the two major research techniques – Primary and Secondary Research methods. The primary research method includes the interviews of the key personnel in the industry considered as the industry experts, major distributors, suppliers, and consumer base sample survey to understand the direct perspective of the market. Additionally, these data are backed by the secondary research method which includes company overview through websites, annual reports, SEC filings, investor presentations, news, and databases. The growth trends are always measured on the basis of current and past scenarios considering any recent news which can drastically impact the growth rate of the market studied. Moreover, the consumption forecast depends on the company’s upcoming plans and revenue generation aspects.

Benefits of The Report

• The report is designed to understand the past, present and future market scenarios considering all the growth, restraining, and other factors influencing the market studied.
• The report is designed with the assistance of the industry experts for better understanding on the market studied
• The market is analysed with in-depth study of the company’s view on the market considering the present economical, political, social, geographical, and legal factors.
• To gain a clear insight for better future perspective of the market studied in 360 degree synopsis.
• Understand the competition in the market being a part of the market or a new entrant in the market.
• Analyse the different aspects in different geographies influencing the growth of the market through diverse consumer base.