by Market Overview:
Accounts receivable automation streamlines the billing, payment and collections process using cloud-based technology. It enables organizations to digitize and automate manual tasks such as processing invoices, sending payment reminders and reconciling payments, thereby improving efficiency and reducing overhead costs associated with accounts receivable processes.
Market key trends:
One of the major trends in the accounts receivable automation market is the growing adoption of cloud-based solutions. Cloud-based accounts receivable automation provides the flexibility for distributed teams to access invoice and payment information from anywhere using an internet connection. It eliminates the need for on-premise hardware and reduces upfront costs. As cloud technologies evolve, more organizations are transitioning from traditional on-premise receivables systems to cloud-based platforms to improve agility, collaboration and scalability. This is expected to drive the demand for cloud solutions in the accounts receivable automation market over the forecast period.
One of the key trends in the accounts receivable automation market is the increasing adoption of cloud-based solutions. More companies are shifting from on-premise to cloud-based accounts receivable automation systems as cloud offers advantages such as flexibility, scalability, lower upfront costs and automatic software updates. The cloud-based deployment model is expected to continue gaining popularity over the forecast period.
The global Accounts Receivable Automation Market Size is estimated to be valued at US$ 3313.82 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Cloud-based deployment offers flexibility and scalability advantages to businesses.
Weakness: High initial investment requirements for implementation of accounts receivable automation solutions.
Opportunity: Growing digital transformation across industries is opening new opportunities for accounts receivable automation software providers.
Threats: Cyber security threats and data privacy concerns restrict the adoption of accounts receivable automation systems to some extent.
Key Takeaways
The global Accounts Receivable Automation Market is expected to witness high growth exhibiting a CAGR of 13% over the forecast period, due to increasing digital transformation across industries.
The global Accounts Receivable Automation Market size was valued at USD 3313.82 Mn in 2023 and is expected to reach over USD 8000 Mn by 2030 as more companies automate manual accounts receivable processes to gain efficiencies.
Regional analysis: North America dominates the global Accounts Receivable Automation Market currently, owing to rapid technology adoption. Asia Pacific is expected to witness the highest growth over the forecast period supported by growing economies and digitization in countries like China and India.
Key players operating in the Accounts Receivable Automation Market are Esker Inc., SAP SE, Comarch SA, Oracle Corporation, Bill.com Holdings Inc., SK Global Software, MHC Automation, Quadient(YayPay Inc.), Qvalia AB, Kofax Inc., HighRadius Corporation, Workday Inc., and Corcentric LLC.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
