Accounts Receivable Automation Market Size to Reach USD 8.19 Billion in 2030 | Emergen Research

VANCOUVER, BC, Feb. 1, 2023 /PRNewswire/ -- The accounts receivable automation market size reached USD 2.64 Billion in 2021 and is expected to register a CAGR of 13.3% during the forecast period, according to latest analysis by Emergen Research. Requirement for prompt invoicing to reduce payment delays is the key factor expected to drive revenue growth in the market.

Automation of the invoicing process allows businesses to quickly and efficiently send invoices to customers, which can help to reduce payment delays and improve cash flow. Additionally, automation can also help to improve accuracy and efficiency of the invoicing process, which can further reduce the likelihood of errors and disputes and improve overall customer satisfaction.

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Drivers:

The growing demand for digital platforms for tracking daily accounting activities is also driving the growth of the accounts receivable automation market. With increasing popularity of cloud-based solutions and mobile apps, businesses are looking for digital platforms that allow them to easily track and manage their accounts receivable activities from anywhere. These platforms provide real-time visibility into accounts receivable data, which can help businesses quickly identify and address any issues that may arise. Additionally, these platforms can also automate tasks such as invoice generation and payment reminders, which can help to improve efficiency and reduce the risk of errors.

Restraints:

Lack of technical staff can be a restraint on the growth of the accounts receivable automation market. Implementing and maintaining automated accounts receivable systems requires a certain level of technical expertise, and many businesses may not have the in-house staff to effectively manage these systems. This can lead to delays in implementation and difficulties in troubleshooting and resolving issues that may arise. Additionally, businesses may also have to invest in training their staff to use the new system effectively. This can be a significant cost and can make it difficult for small and medium-sized businesses to afford to implement automated accounts receivable systems.

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Growth Projections:

The accounts receivable automation market is expected to register a CAGR of 13.3% over the forecast period and revenue is projected to increase from USD 2.64 Billion in 2021 to USD 8.19 Billion in 2030.

Current Trends and Innovations:

Currently, the accounts receivable automation market is registering a number of innovations, including use of artificial intelligence (AI) and machine learning (ML) technology to improve accuracy and efficiency of the invoicing process. Some solutions are using Natural Language Processing (NLP) to automatically extract invoice data and match it to purchase orders and contracts, reducing manual data entry and errors.

Another innovation is the integration of blockchain technology, which is allowing for secure, real-time tracking of invoices and payments and increases transparency in the accounts receivable process. Also, some solutions have integrated with electronic payment systems and digital wallets, which allow customers to pay invoices instantly through the system, improving the speed and efficiency of the payment process. Additionally, some solutions are utilizing data analytics to provide businesses with real-time insight into their accounts receivable data, which can help them to identify patterns and trends and make more informed decisions.

Strategic Initiatives:

Major companies included in the market report are Oracle Corporation, Kofax Inc., Quadient, SK Global Software, Sage Group plc, BlackLine Inc., Bottomline Technologies, Inc., Microsoft Corporation, Kofax Inc., and MHC Automation.

• On 2 February 2022, Oracle NetSuite introduced Cash 360 as a component of their NetSuite ERP solution. NetSuite Cash 360 simplifies a complex process by providing customers with everything they need to effectively manage cash flow, ensuring they have enough cash reserves to maintain day-to-day operations, pay employees and suppliers, fund sales and marketing efforts, service debt, acquire capital equipment, and make other long-term investments.

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Scope of Research

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Emergen Research has segmented the global accounts receivable automation market on the basis of component, deployment type, organization size, end-use, and region:

• Component Outlook (Revenue, USD Billion; 2019-2030)
• Solutions 
     a. Dispute Management
     b. Deductions Management
     c. Credit Evaluation & Management
     d. Collections Management
     e. Bill Presentment & Payment   
     f. Cash Application Automation
     g. Receivables Analytics
• Services
     a. Managed Services
     b. Professional Services
•  
• Implementation & Integration
• Consulting
• Support & Maintenance
• Deployment Type Outlook (Revenue, USD Billion; 2019-2030)
• On-Premises
• Cloud
• Organization Size Outlook (Revenue, USD Billion; 2019-2030)
• Small and Medium-Sized Enterprises
• Large Enterprises

• End-Use Outlook (Revenue, USD Billion; 2019-2030)
• BFSI
• Energy & Utilities
• Healthcare
• IT and Telecom
• Manufacturing
• Transportation and Logistics
• Others
• Regional Outlook (Revenue, USD Billion; 2019–2030)
• North America
     a.  U.S.
     b.  Canada
     c.  Mexico
• Europe
     a.  Germany
     b.  France
     c.  U.K.
     d.  Italy
     e.  Spain
     f.  Benelux
     g.  Rest of Europe
• Asia Pacific
     a.  China
     b.  India
     c.  Japan
     d.  South Korea
     e.  Rest of APAC
• Latin America
     a.  Brazil
     b.  Rest of LATAM
• Middle East & Africa
     a.  Saudi Arabia
     b.  UAE
     c.  South Africa
     d.  Turkey
     e.  Rest of MEA

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