Global Accounts Receivable Automation Market Witnessing Massive Growth: Expected to Grow at a CAGR of 12.2% by 2027
Published | 22 September 2021
Increasing business efficiency and the availability of various accounts receivable automation software are driving the growth of the global accounts receivable automation market at a high CAGR..
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global accounts receivable automation market was worth USD 1.8 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 12.2%, earning revenue of around USD 4.0 billion by the end of 2027. Due to the surge in data volumes over the years and a desire for better cash management systems, the global accounts receivable automation market is growing at a rapid rate. Furthermore, a wide range of software offerings, such as invoice tracking, dashboards, etc., is also propelling the demand for accounts receivable automation, fueling the market growth. Additionally, small and medium-sized enterprises are increasingly adopting accounts receivable automation to manage their business operations efficiently. SMEs, however, may face major market growth constraints due to a lack of technological knowledge and skills.
Growing Focus Towards Efficient Business Management Is Expected to Drive the Global Accounts Receivable Automation Market
Automating accounts receivables, invoice generation, and transfer can be done automatically and digitally without involving humans. When delays occur, the automation software automates reminders and follow-up communications for faster payments and maintaining cash flow in the business. Furthermore, automation of accounts receivable also proves to be cost-efficient as it automates repetitive tasks. As a result of these advantages, more organizations are opting for accounts receivable automation, moving the industry forward.
Increasing Adoption of SaaS Solutions Is Projected to Boost the Global Accounts Receivable Automation Market in the Forecast Period
The market is flooded with Saas (Software-as-a-Service) solutions that offer accounts receivable automation, along with other useful services. Therefore, the businesses have a very wide range of options to choose from based on their requirements and budget. For instance, ‘Tesorio’, accounts receivable automation software offers accurate real-time predictions and actionable insights based on behavioral trends, which makes the collection of cash faster and makes the businesses efficient. Other accounts receivable automation software that is gaining immense popularity in the market are QuickBooks, FreshBooks, Sage Intacct, Xero, NetSuite, etc.
Global Accounts Receivable Automation Market - By End-User Industry
Based on end-users, the global accounts receivable automation market is segmented into banking, financial services, insurance, IT & telecom, manufacturing, consumer goods and retail, healthcare, energy and utilities, and others. Due to the large number of transactions regularly that occur on a credit basis, the banking, financial services, and insurance (BFSI) segment dominated the market in 2020 and is likely to maintain its supremacy even during the forecast period. The manufacturing segment is also gaining significant transactions because of the high amount of accounts receivables for raw materials and final product purchases and sales on credit in this industry. Therefore, manufacturers and businesses associated with the manufacturing, warehousing, and production industry are increasingly turning to accounts receivable automation for the efficient tracking and management of their payments.
Request For Free Sample Report @ https://www.blueweaveconsulting.com/report/global-accounts-receivable-automation-market-bwc19279/report-sample
Global Accounts Receivable Automation Market - Regional Insights
Geographically, the global accounts receivable automation market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the market as countries like India are emerging as a strong financial hub globally. The increasing number of financial firms offering outsourced accounting services to global companies in these regions is emerging as the primary factor for the growth of the global accounts receivable automation market. Furthermore, the high concentration of skilled and trustworthy accountants offering a wide range of services and the presence of software offering smart features, such as online tracking and payment, mobile access, invoice dashboards, etc., is also propelling the growth of the global accounts receivable automation market.
Impact of COVID-19 on Global Accounts Receivable Automation Market
The global accounts receivable automation market is among a few that saw lucrative growth after the outbreak of the COVID-19 pandemic. As soon as the coronavirus pandemic broke out, the significant number of SMEs who were formerly dependent on manual management of accounts receivable, rapidly shifted towards automation to keep their cash flow going. Additionally, many financial institutions and firms invested in the accumulation of accounts receivable automation software as the lockdown was imposed. In addition to streamlining financial transactions, automating accounts receivable provided businesses with several advantages, such as faster data acquisition, analysis, real-time status updates, and faster financial processing with fewer human-induced accounting errors, without physically transporting documents.
The leading players in the global accounts receivable automation market are SAP, Sage, Bottomline Technologies, Workday, Comarch, Esker, Kofax, YayPay, HighRadius, FinancialForce, Corcentric, Pagero, Catalytic, Bill.com, chaserHQ, Celonis, Billtrust, Synder, EBizCharge, and other prominent players.
The market is highly fragmented, with several industry participants who offer smooth automation and other services as a package and stand-alone. The companies compete based on the price factor. They are significantly focusing on increasing their penetration in emerging economies like India, China, etc. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaborations, etc., is also very prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global accounts receivable automation market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global accounts receivable automation market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- 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
Publish Date: September 2019
Relevant Press Releases
- Global Waterjet Cutting High-Pressure Pumps Market Size Set to Grow at Steady CAGR of 5.49% Touching USD 1.75 Billion by 2029
- GCC Building Automation and Control Systems (BACS) Market Size Set to Touch USD 3.95 Billion by 2029
- India Industrial Robotics Market Size Booming to Touch USD 11.3 Billion by 2029
- Global Automatic Labeling Machine Market to Grow at a CAGR of 5.5%, during Forecast Period
- Vietnam Warehouse Robotics Market Size More Than Doubles at Robust 15.5% CAGR During 2023–2029