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Accounts Receivable Automation Market Report 2023 | Industry Growth, Share, Size, Demand and Forecast by 2028

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 Global Accounts Receivable Automation Industry:

  • Increasing Need for Efficiency and Time Savings:

One of the primary factors driving the market is the significant efficiency and time savings these solutions offer to businesses. Automation in accounts receivable (AR) streamlines the entire process of managing invoices and collections, reducing the time and effort required for manual entries and follow-ups. This enhanced efficiency is crucial for businesses as it speeds up the cash flow cycle and also minimizes errors associated with manual data entry. Automated systems can seamlessly integrate with existing accounting software, ensuring a smooth workflow and providing real-time updates on payment statuses. By automating routine tasks, employees can focus on more strategic activities, thereby improving overall productivity and operational effectiveness.

  • Regulatory Compliance:

The increasing emphasis on regulatory compliance and the need for enhanced security measures are critical factors propelling the market. With the growing instances of financial fraud and data breaches, companies are adopting automated AR solutions to ensure compliance with financial regulations and standards. These solutions provide robust audit trails, real-time monitoring, and adherence to compliance requirements, thereby reducing the risk of penalties and reputational damage. Automated systems are equipped with advanced security features like encryption and multi-factor authentication, which safeguard sensitive financial data against unauthorized access. Additionally, automation enables better management of customer data privacy, an essential aspect in the era of stringent data protection laws like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).

  • Technological Advancements:

Technological advancements play a pivotal role in driving the market. The integration of technologies such as artificial intelligence (AI), machine learning (ML), and cloud computing has transformed AR processes. AI and ML algorithms are particularly effective in predicting payment behaviors, assessing credit risks, and providing insights for decision-making. The integration of AR automation with existing enterprise resource planning (ERP) systems and customer relationship management (CRM) software further enhances its appeal. This integration enables seamless data flow and better coordination between sales, finance, and customer service departments. Moreover, the adoption of cloud-based AR solutions offers scalability and accessibility, allowing businesses of all sizes to benefit from automation without significant upfront investments in IT infrastructure.

For an in-depth analysis, you can request the sample copy of the report: https://www.imarcgroup.com/accounts-receivable-automation-market/requestsample

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.

Accounts Receivable Automation Market Report Segmentation:

By Component:

  • Solution
  • Services

Solution accounts for the largest market share as it minimizes human errors associated with calculation, manual data entry, and reconciliation.

By Deployment:

  • On-premises
  • Cloud-based

A detailed breakup and analysis of the accounts receivable automation market based on the deployment has also been provided in the report. This includes on-premises and cloud-based.

By Organization Size:

  • Large Enterprises
  • Small and Medium-sized Enterprises

A detailed breakup and analysis of the accounts receivable automation market based on the organization size has also been provided in the report. This includes 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 accounted for the largest market share due to the increasing transaction volumes across the globe.

By Region:

  • 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 leads the market due to the increasing adoption of AR automation in various industry verticals and the increasing focus on the improvement of cash flow.

Accounts Receivable Automation Market Trends:

Cloud-based accounts receivable automation software is gaining popularity due to its scalability and flexibility. It allows companies to access their financial data securely from anywhere, promoting remote work and collaboration. Besides, AI and machine learning algorithms are being integrated into accounts receivable automation tools to enhance accuracy in invoice matching, reduce errors, and predict payment behaviors. Moreover, companies are implementing self-service portals for customers, enabling them to view and pay invoices online. This not only improves customer satisfaction but also accelerates the payment process.

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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