Due to an increasing requirement for accurate management of accounting processes along with timely managing of payment procedures from the customers, the AR automation solutions is implemented by organizations to enhance payment collection methods. The AR automation industry has gained traction, due to the growing need for secured and automated payable methods. These solution simplifies and radically enhances performance by utilizing scanning, e-invoicing & workflow, electronic invoice dashboards & analytics, online tracking & reporting abilities, as well as mobile solutions for all invoices. The AR automation software enables businesses to effectively drive the transformation of their AR departments to tackle the challenges of paper-based and manual processes. Thus, the demand for AR automation market is anticipated to grow in the coming future with its growing application in small & medium enterprises, as well as large enterprises.

Component Segment

The global accounts receivable automation market contains both solution and service segment. The solution segment has maximum revenue share within the global accounts receivable automation market in 2019. The invoice and payment processes generated within the organizations throughout the verticals is growing at a staggering rate. This has given rise to businesses to emphasize on extracting insights through the generated data in several departments so as to gain a competitive advantage.

Organization Size Segment

Based on the organization size segment, the market is bifurcated into two sub-segments that are small & medium, and large enterprise. In 2019, the large segment gathered the largest market revenue and it is anticipated to govern the accounts receivable automation market throughout the forecast period. However, the small & medium segment is anticipated to grow at a substantial growth rate over the forecast period.

Deployment Segment

Based on the deployment segment, the market is bifurcated into two sub-segments that are on-premise, and cloud. In 2019, the on-premise segment gathered the largest market revenue and it is anticipated to dominate the market throughout the forecast period. However, the cloud segment is anticipated to grow at a substantial growth rate over the forecast period. The cloud enables organizations with unified platform with SaaS based services providing improved security.

Application Segment

Based on the application, the market is segmented into BFSI, telecom & IT, healthcare, retail, manufacturing, media & entertainment, and others. The market for manufacturing sector is anticipated to possess the largest market share in 2019 since the manufacturing companies today are predominantly developing to match their user needs. Moreover, the growing regulatory scrutiny coupled with enhanced customer satisfaction, as well as enhancing production processes, create innovative products, as well as facilitate employees for streamlining work while retaining precision are some of the factors responsible for the accounts receivable automation demand.

The global accounts receivable automation market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. North America is considered a mature market in the accounts receivable automation applications, owing to an outsized presence of organization with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the accounts receivable automation market in North America. However, the Asia Pacific is anticipated to grow at a significant growth rate over the forecast period.

The major players of the global accounts receivable automation market are Sage, SAP, Oracle, Workday, Bottomline Technologies, Comarch, Esker, Kofax, Zoho, HighRadius, FinancialForce, Emagia, VersaPay, and more. The accounts receivable automation market is fragmented with the existence of well-known global and domestic players across the globe.