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 was valued at USD 2.4 billion by the end of 2022 and is projected to see the US accounting for the highest value share of the global market, also USD 2.4 billion, by 2032. Between 2015 and 2021, the market experienced robust growth with a compound annual growth rate (CAGR) of 12.2%. Notably, the Solution component constitutes the majority of this market, maintaining 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:
The accounts receivable automation market is dominated by several key players, each contributing unique solutions to streamline financial processes. SAP SE and Oracle Corporation lead with comprehensive ERP systems, while SK Global Software and Quadient (YayPay Inc.) offer specialized AR automation tools. Kofax Inc. and Workday, Inc. provide advanced financial automation technologies, and Corcentric LLC enhances business payment processes. HighRadius Corporation is known for AI-driven solutions, whereas Qvalia AB and MHC Automation focus on efficient invoicing and payment systems. Bill.com Holdings Inc. simplifies billing and payments for small to mid-sized businesses, Comarch SA delivers robust AR automation services, and Esker Inc. specializes in document process automation.
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