Increasing focus on reduction in day’s sales outstanding and enhancement of cash flow, along with decreased accounting cycle time drives the demand for accounts receivable automation market
The market size for accounts receivable automation is anticipated to reach at USD 4 billion by 2025. 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.
The industry verticals including manufacturing, banking & finance, as well as retail & consumer goods are adopting and deploying new technologies in order to manage their enormous volumes of payment invoices and documents. The AR automation solutions helps to streamline operations and enhance accounting processes within the organizations. However, reluctance of businesses towards automating their accounts receivable methods is likely to hinder the market growth.
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 has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
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
Segment Overview of Global Accounts Receivable Automation Market
Component Overview, 2018-2025 (USD Billion)
Organization Size Overview, 2018-2025 (USD Billion)
- Small & Medium
Deployment Overview, 2018-2025 (USD Billion)
Application Overview, 2018-2025 (USD Billion)
- Telecom & IT
- Retail & Consumer Goods
- Energy & Utilities
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America