The latest report by IMARC Group, titled “Accounts Receivable Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the accounts receivable automation market report. The global market size reached US$ 2.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 11.6% during 2023-2028.

Factors Affecting the Growth of the Keyword Industry:

Adoption of Cloud-Based Solutions: The global market's shift towards cloud-based accounts receivable automation solutions is largely due to their scalability, flexibility, and cost-effectiveness. Unlike traditional on-premise software, cloud-based solutions can easily adapt to the changing needs of businesses, allowing for the management of increased transaction volumes without significant infrastructure investments. Additionally, cloud platforms facilitate regular updates and enhancements without disrupting the user experience, ensuring that businesses can leverage the latest technologies and features to streamline their accounts receivable processes efficiently.

Emphasis on Improving Cash Flow: Improving cash flow and reducing Days Sales Outstanding (DSO) are paramount for businesses aiming to enhance their financial health and operational efficiency. Accounts receivable automation plays a crucial role in achieving these goals by streamlining the invoicing and collections process, reducing the time it takes for companies to get paid. Automated reminders, electronic invoicing, and online payment options make it easier for customers to pay promptly, thereby accelerating cash inflows. This automation also minimizes the likelihood of errors and disputes that can delay payments, further improving cash flow and enabling businesses to reallocate resources more effectively toward growth and investment opportunities.

Rise of Digital Payment Methods: The surge in digital payment methods and e-invoicing is transforming the landscape of accounts receivable management. Digitalization facilitates faster and more secure transactions, offering both businesses and their customers a more convenient and efficient payment experience. By incorporating digital payment options, such as credit cards, e-wallets, and bank transfers, into their accounts receivable processes, companies can cater to a broader range of customer preferences, thereby speeding up the payment cycle. E-invoicing, on the other hand, eliminates the need for paper-based processes, reducing costs and environmental impact while also enhancing data accuracy and speeding up the invoice delivery process.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • BlackLine Inc.
  • Bottomline Technologies Inc.
  • Comarch SA
  • Esker SA
  • HighRadius Corporation
  • Invoiced Inc.
  • Oracle Corporation
  • Sage Group plc
  • SAP SE
  • ScienceSoft USA Corporation
  • VersaPay Corporation
  • Yaypay Inc. (Quadient)
  • Zoho Corporation Private Ltd.

Keyword Market Report Segmentation:

By Component:

  • Solution
  • Services

Solutions represented the largest segment by component in the accounts receivable automation market because they are the foundational tools enabling businesses to automate invoicing, payment tracking, and cash application processes, which are critical for improving efficiency and accuracy in financial operations.

By Deployment:

  • On-premises
  • Cloud-based

By the deployment, the market has been divided into on-premises and cloud-based.

By Organization Size:

  • Large Enterprises
  • Small and Medium-sized Enterprises

On the basis of organization size, the market has been segmented into large enterprises and small and medium-sized enterprises.

By Vertical:

  • Consumer Goods and Retail
  • BFSI
  • Manufacturing
  • IT and Telecom
  • Healthcare
  • Energy and Utilities
  • Others

BFSI (banking, financial services, and insurance) represented the largest segment by vertical due to the high volume of transactions processed daily, necessitating robust accounts receivable automation solutions to manage cash flow, ensure compliance, and enhance customer satisfaction efficiently.

Regional Insights:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

North America was the largest market by region, primarily because of the early adoption of advanced technologies, the presence of a large number of enterprises with sophisticated financial operations, and the region's strong focus on improving operational efficiencies through automation in financial processes.

Global Keyword Market Trends:

The global accounts receivable automation market is experiencing significant growth, driven the increasing adoption of cloud-based solutions offers scalable, flexible, and cost-effective options for automating accounts receivable tasks, making it accessible for businesses of all sizes. In line with this, the growing emphasis on improving cash flow and reducing days sales outstanding (DSO) compels companies to seek efficient ways to accelerate payment collections and minimize manual errors, which is fueling the market growth.

Additionally, the rise of digital payment methods and e-invoicing is streamlining transactions and enhancing customer experiences, which is propelling the market growth. Furthermore, advancements in artificial intelligence (AI) and machine learning (ML) technologies are enabling more sophisticated automation capabilities, such as predictive analytics for better decision-making and risk assessment, which is accelerating the market growth.

Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/accounts-receivable-automation-market

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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