Accounts Receivable Automation Market Size, Restraints, Drivers, Trends, and Analysis 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Accounts Receivable Automation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The accounts receivable automation market size has grown rapidly in recent years. It will grow from $3.1 billion in 2023 to $3.54 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to manual process inefficiencies, growing volume of transactions, error reduction and accuracy, cost reduction initiatives, demand for faster processing.

The accounts receivable automation market size is expected to see rapid growth in the next few years. It will grow to $6.19 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to continue digital transformation, remote workforce evolution, increasing focus on cash flow optimization, demand for scalability and flexibility, customer-centric approach. Major trends in the forecast period include market competition and innovation, collaboration with suppliers/vendors, sustainability and paperless processes, focus on cybersecurity.

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Market Drivers and Trends:

Increased internet penetration is expected to propel the growth of the accounts receivable automation market going forward. The Internet penetration refers to a worldwide network that links the world wide web and billions of computers together globally. Internet penetration helps accounts receivable automation providers to access various parts of the account's payment procedures such as documentation and invoices on any device across the world and automate the process without any human intervention. For instance, as of October 2022, according to DataReportal, a Singapore-based online reference library, a total of 5.07 billion people around the world use the internet, equivalent to 63.5% of the world's total population. Additionally, in July 2022, according to Livemint, an India-based financial daily newspaper, there were a total of 692 million active internet users in India, including 351 million from rural India and 341 from urban India. Therefore, the increasing internet penetration is driving the growth of the accounts receivable automation market during forecast period.

Technical adoption is the key trend gaining popularity in the accounts receivable automation market. Major companies operating in the market are introducing new technologies to gain a competitive edge in the market. For instance, in February 2022, Quadient, a Europe-based business process automation and customer experience management company, launched an accounts payable (AP) automation solution with a more secure and easier way to approve invoices and pay vendors from anywhere.

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Major Key Players of the Market:

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., Nvoicepay Inc., Rimilia Holdings Ltd., Serrala Group, Tesorio Inc., Tradeshift Inc.

Accounts Receivable Automation Market 2024 Key Insights:

• The accounts receivable automation market size is expected to see rapid growth in the next few years. It will grow to $6.19 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%.
• Rise In Adoption Of Automation And Digitization By Smes
• Introduction Of Technologically Advanced Automation Solutions
• North America was the largest region in the accounts receivable automation market in 2023

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