Accounts Receivable Automation Market Booms, Forecasting US$ 7,333.1 Million by 2033

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Accounts Receivable Automation Market Booms, Forecasting US$ 7,333.1 Million by 2033

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 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. By the year 2033, it is predicted to reach a total value of US$ 7,333.1 million, a substantial increase from its 2023 value of US$ 2,621 million.

The major factors that are expected to accelerate the growth of the Accounts Receivable Automation Market during the forecast period include improving cash position, increase 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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These solutions help in improving the cash flow as well as reduce 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 invoice and payments which is another factor that is expected to accelerate the growth of the Accounts Receivable Automation market during the forecast period.

Key Takeaways from the Accounts Receivable Automation Market Report:

The global Accounts Receivable Automation Market, valued at $2.4 billion by the end of 2022, is projected to see significant growth, with the U.S. expected to dominate, accounting for the highest value share of $2.4 billion by 2032. Between 2015 and 2021, the demand for Accounts Receivable Automation expanded at a robust CAGR of 12.2%. Within the market, the Solution component plays a crucial role, experiencing a CAGR of 10.2%.

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.

Leading Key Players:

Leading key players in the Accounts Receivable Automation Market include major software and technology firms such as SAP SE, Oracle Corporation, and Workday, Inc., which offer comprehensive ERP solutions. HighRadius Corporation and Esker Inc. specialize in cloud-based automation for financial processes, while Bill.com Holdings Inc. focuses on SMBs with its AP/AR automation solutions. SK Global Software, Quadient (YayPay Inc.), and Corcentric LLC provide specialized AR automation services, enhancing cash flow and operational efficiency. Other notable players include Kofax Inc., Qvalia AB, MHC Automation, and Comarch SA, all contributing to innovations in the automation and management of accounts receivable.