Accounts Receivable Automation Market Predicted to Grow from $3.52 Billion in 2024 to $7.22 Billion in 2029 Amid Rapid Digital Transformation
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.
Get Your Free Sample of The
Global Accounts Receivable Automation Market Report Here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=8368&type=smp
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
Order Your Report for Immediate
Delivery Here:
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.
Purchase the Exclusive Report
Now to Unlock Valuable Market Insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=8368
About The Business Research
Company
With over 15000+ reports from 27
industries covering 60+ geographies, The Business Research Company has built a
reputation for offering comprehensive, data-rich research and insights. Armed
with 1,500,000 datasets, the optimistic contribution of in-depth secondary
research, and unique insights from industry leaders, you can get the
information you need to stay ahead.
Our flagship product, the Global
Market Model, is a premier market intelligence platform delivering
comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Comments
Post a Comment