Accounts receivable automation solutions are software tools that streamline billing, invoice generation, payment processing and customer service activities for businesses. They help organizations reduce costs associated with manual receivables management processes by automating repetitive tasks. Accounts receivable automation tools integrate emerging cognitive technologies like machine learning and artificial intelligence to learn customer patterns and automatically resolve payment issues. This helps businesses accelerate cash flow and improve customer experience.
The global Accounts Receivable Automation Market is estimated to be valued at US$ 3313.82 million in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The integration of cognitive technologies is one of the key trends driving the growth of the accounts receivable automation market. Cognitive capabilities allows automation tools to analyze large amounts of customer data, identify patterns and predict payment behaviors. This helps in automating tasks like customizing payment terms, detecting fraudulent activities and proactively resolving issues. For example, machine learning models can learn from past customer communications and payment patterns to recommend targeted collection strategies. They can also identify anomalies and flag high risk accounts in real time for human review. The use of AI and analytics is empowering automation solutions to work smarter thereby accelerating cash flow and streamlining receivables management for businesses.
Segment Analysis
The global accounts receivable automation market can be segmented based on component, deployment, enterprise size and end use industry. Based on component, the services segment is expected to dominate the market owing to increasing demand for consulting, support and maintenance services. Organizations require professional assistance for smooth implementation and operation of accounts receivable automation solutions.
Key Takeaways
The global Accounts Receivable Automation Market Demand is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis: North America region is currently dominating the accounts receivable automation market. The growth in the region is majorly driven by presence of major solution providers and early adoption of technological advancements by organizations in US and Canada. Asia Pacific region is expected to witness fastest growth due to growing digitalization and increasing investments by organizations in automation technologies in countries like China, India and Japan.
Key players: Key players operating in the accounts receivable automation market are Aarti Surfactants, Akzo Nobel N.V., Antozyme Biotech Pvt Ltd, ARC Surfactants, Ashland, BASF SE, Behn Meyer, Cargill, Incorporated, Clarient, Croda International Plc, and DuPont Nutrition & Biosciences. Major players are focused on new product launches and partnerships with consulting firms to strengthen their market position.
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