The accounts receivable automation market is expected to experience significant growth, with a CAGR of 10.8% from 2022 to 2032. This means that the market is projected to expand substantially.
This study explains that the key factors such as growing volumes of financial transactions have led to a need for an efficient cash management system, which in turn fuels the market growth.
The major factors that are expected to accelerate the growth of the Accounts Receivable Automation Market during the forecast period include improving cash position, increased control over cash and working, increased account receivable management efficiency, and improved customer communication, with rise in customer service and satisfaction with reduced administrative cost in minimizing credit risk.
Moreover, the rising workflow automation practices across different industry sectors have led to automation in account receivable processes.
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The Accounts Receivable Automation Market refers to the industry focused on automating processes related to managing and collecting payments owed to a company. This includes streamlining invoicing, payment tracking, and reconciliation through technology such as AI, machine learning, and robotic process automation (RPA). The market is driven by the need for efficiency, cost reduction, and improved cash flow management among businesses across various sectors.
The Accounts Receivable Automation Market refers to the industry focused on automating processes related to managing and collecting payments owed to a company. This includes streamlining invoicing, payment tracking, and reconciliation through technology such as AI, machine learning, and robotic process automation (RPA). The market is driven by the need for efficiency, cost reduction, and improved cash flow management among businesses across various sectors.
These solutions help in improving the cash flow as well as reducing the accounting cycle time. All these factors are aiding the growth of the accounts receivable automation market.
In addition, due to the continuously changing environment, every business is focusing on enhancing their business efficiency, which can be achieved with the help of better managing of account receivables such as digital invoices and payments which is another factor that is expected to accelerate the growth of the Accounts Receivable Automation market during the forecast period.
Recent Developments:
In May 2021, Esker announced a strategic partnership with KPMG France to guide businesses in their transition to e-invoicing. The alliance may combine their respective expertise to accompany administrative and financial departments in their digital transformation.
In May 2021, Quadient announced that its software-as-a-service (SaaS) accounts receivable (AR) automation solution Yay-Pay by Quadient shall be available to small and medium-sized businesses. Through the web-based marketplace of Sage which is a provider of cloud business management solutions. Partnering with Sage shall enable the company to build a fast-growing AR automation SaaS solution in the market.
In March 2021, HighRadius and Sage Intacct Inc. collaborated on Artificial intelligence (AI)-based autonomous systems for automating treasury and accounts receivables processes.
In January 2021, SAP SE received a seed investment for its new venture Paid Pronto. The application helps in automating accounts receivable processes.
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