What Does the Historic and Forecasted Market Size Data Indicate for the Global Accounts Receivable Automation Market?
The accounts receivable automation market size has seen significant growth in recent years. It will grow from $3.52 billion in 2024 to $4.03 billion in 2025 at a compound annual growth rate (CAGR) of 14.3%. This growth in the historic period can be attributed to manual process inefficiencies, growing volume of transactions, error reduction and accuracy, cost reduction initiatives, and demand for faster processing.
The market size is expected to witness a rapid surge in the upcoming years, growing to $7.22 billion in 2029 at a compound annual growth rate (CAGR) of 15.7%. This growth in the forecast period can be associated with the continued digital transformation, an evolution in remote workforce, heightened focus on cash flow optimization, demand for scalability and flexibility, and a customer-centric approach. Notable trends of the forecast period include market competition and innovation, collaboration with suppliers/vendors, sustainability focus on paperless processes, and emphasis on cybersecurity.
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What is Driving the Accounts Receivable Automation Market?
The increase in the adoption of automation and digitization by small and medium-sized enterprises (SMEs) is fuelling the growth of the account receivable automation market. Automation and digitization tools assist SMEs in lowering costs, standardizing processes, and reducing their reliance on labor. Accordingly, in February 2024, a report published by the Department for Science and Technology, UK, indicated that the digital sector contributed £158.3 ($206.66) billion to the UK economy, making up 7.2% of the total UK Gross Value Added (GVA), an increase from 7.1% in 2021. The growing adoption of automation and digitization by SMEs is therefore a significant driver in market growth for the accounts receivable automation market.
What Are the Key Segments Within the Global Accounts Receivable Automation Market?
The Accounts Receivable Automation Market is segmented as:
– By Component: Solution, Services
– By Deployment Mode: Cloud, On-premises
– By Organization Size: Large Enterprises, Small And Medium Sized Enterprises
– By Vertical: BFSI, Retail And Consumer Goods., Healthcare, IT And Telecom., Manufacturing, Energy And Utilities, Other Verticals
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Who Are the Major Players in the Accounts Receivable Automation Market?
High-profile companies operating in the accounts receivable automation market include BlackLine Inc., Bottomline Technologies Inc., Comarch SA, Esker SA, HighRadius Corporation, SAP SE, Oracle Corporation, Kofax Inc., YayPay Inc., SK Global Software LLC, FinancialForce Inc., The Sage Group PLC, VersaPay Corporation, Bill.com Holdings Inc., Corcentric LLC, MHC Software Inc., Qvalia AB, Anytime Collect, Neopost SA, Workday Inc., Coupa Software Inc., Fidelity National Information Services Inc., Zoho Corporation, Fiserv Inc., Invoiced Inc., MineralTree Inc., and many more.
What Are the Trends in the Accounts Receivable Automation Market?
Technical adoption is gaining momentum as a key trend in the accounts receivable automation market. Companies are introducing new technologies to secure a competitive edge. For example, in February 2022, business process automation and customer experience management company, Quadient, launched an accounts payable (AP) automation solution that provides a more secure and easier way to approve invoices and pay vendors from any location.
Which Region is Predominant in the Accounts Receivable Automation Market?
North America was the largest region in the accounts receivable automation market in 2024. Asia-Pacific, on the other hand, is projected to be the fastest-growing region in the forecast period. The other regions covered in the accounts receivable automation market report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
What Does The Accounts Receivable Automation Market Report 2025 Offer?
Accounts receivable automation refers to a method of automating tedious and repetitive accounts receivable tasks to assist businesses in streamlining client invoicing and payment procedures. The Accounts Receivable Automation Market Research Report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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