Account Receivable Automation Market to Reach US$ 2.9 billion by 2025 | +13.9% CAGR Value
Published | September 2019
BlueWeave Consulting reviews that, Account Receivable Automation Market is projected to reach USD 2.9 billion by 2025 and witness a significant CAGR of 13.9% during 2019-2025. Digitalized invoicing and tangible improvements to cash flow are accelerating market growth.
Automated accounts receivable software offers superior performance than the manual method. Once the invoices are generated in the ERP system, an automated electronic mail with invoice statistics is automatically sent to the consumers with reminders of payments. These automated activities help organizations to save time and cost and also improve the accuracy of data.
Accounts Receivable Automation solution augments service proficiency and delivers better customer experience. It offers benefits such as Digital onboarding, including real-time credit testing, Omni-channel invoicing, and consumer portal. Additionally, it provided real-time information collections with improved efficiency, incorporated reporting, and a Variety of delivery selections with the fully outsourced facility. It is mainly used by accountants or company employees who work on accounts receivable (AR). It is also beneficial for executives and managers to track the performance of the accounts receivable department. One of the common and broadly used key performance pointers used in the accounts receivable industry is DSO (day’s sales outstanding). This metric assists corporations to choose if they are gathering the right amount in contrast to what they’re vending.
Browse Detailed Analysis with TOC, “Global Accounts Receivable Automation Market; By Component (Solution and Services), By Organization Size (Large Enterprises And Small And Medium-Sized Enterprises), By Deployment Type (On-Premises, Cloud and Hybrid), By Industry (BFSI, IT & Telecom, Consumer Goods & Retail, manufacturing and others), And by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2015-25”
Among components, the Solution segment has been dominating the market and expected to occupy the highest market share during the forecast period.
Solution component is the leading market segment on accounts of its features providing end-to-end visibility and insight to support decision making. It enables customers to bring on-board proficiently, confirming that they permit the correct credit checks. Collections are faster, and Days Sales Outstanding (DSO) is reduced, delivering Weighted Average Cost of Capital funds and decreasing resourcing levels on short value manual tasks.
Among Organization Size, Large enterprises segment was dominating the market and expected to occupy the highest market share during the forecast period.
Large enterprise is the fastest-growing segment of the Accounts Receivable Automation market. The solution provides a complete end-to-end service that streamlines the whole AR process from customer onboarding through to credit management and risk reporting, contributing to better financial results. Automated accounts receivable categorizes, tracks, and measures the efficiency of subdivisions as well as users in a matter of minutes and with the central depository feature.
Among the Deployment type, the On-premises segment dominated the market and expected to occupy the highest market share during the forecast period.
The on-premises deployment type is the most preferred segment and expected to showcase momentous growth. On-premises are a traditional method that mitigates the risk of cyber attacking. It offers superior data security and privacy than the cloud deployment type. Accounts receivable automation helps in improvements in client service. Various consumers entail an e-invoicing solution to acquire the invoice earlier the due date. Storage of such documents is informal in ERP software and helps in creating better communication between consumers and the enterprise.
Asia-Pacific is the leading region and showcasing significant growth during the forecast period.
Technological advancements and rising R & D activities are accelerating the growth of the market in the region. Automated accounts receivables generate the procedure of calculations effectively and less time-consuming, eradicating numerous manual errors and additional time taken to analyze or recalculate with fewer resources. All such factors are driving the market of accounts receivables automation in the region.
The competitive profiling major players of the accounts receivable automation market include company and financial overview, business strategies adopted by them, their recent developments, and product offered by them, which can help in assessing competition in the market. Major players included in the report are Oracle, Sage, Workday, SAP, Comarch, Bottomline Technologies, Kofax, Esker, and Zoho, among other prominent players.