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![Accounts Receivable Automation Market Is Estimated To Witness High Growth Owing To Trend Of Cloud-Based Accounts Receivable Automation Solutions](https://s3.us-west-2.amazonaws.com/timessquarereporter.com/upload/media/posts/2023-11/23/accounts-receivable-automation-market-is-estimated-to-witness-high-growth-owing-to-trend-of-cloud-based-accounts-receivable-automation-solutions_1700738319-b.jpg)
Market Overview:
Accounts receivable automation refers to implementing software and technology solutions to digitize and streamline key accounts receivable processes such as invoice delivery, payment posting, dispute management, and cash application. It helps companies to enhance operational efficiencies, reduce costs, and improve customer experience. Accounts receivable automation solutions allow invoices to be delivered digitally, payments to be received electronically, and the entire billing cycle to be tracked online in real-time.
Market key trends:
One of the major trends driving growth of the accounts receivable automation market is increasing adoption of cloud-based accounts receivable automation solutions. Cloud-based accounts receivable solutions offer various advantages such as eliminating upfront infrastructure costs, easy deployment, scalability, remote access, and enhanced collaboration. These solutions allow receivables professionals to access information anytime and from anywhere via internet connected devices. Cloud deployment is gaining traction among small and medium sized enterprises as it removes the complexity of on-premise hardware installation and maintenance requirements. Vendors are also focusing on developing advanced cloud-based AR automation suites integrated with analytics, AI and blockchain capabilities to offer enhanced process optimization.
The global Accounts Receivable Automation Market Size is estimated to be valued at US$ 3313.82 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter's Analysis
Threat of new entrants: The accounts receivable automation market is mature and requires high investment costs which deters new entrants. Bargaining power of buyers: Accounting departments have significant bargaining power as they can choose from various automation vendors. Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiation in features and capabilities. Threat of new substitutes: There is no direct substitute for accounts receivable automation systems currently.
Competitive rivalry: Established players dominate and compete on pricing and innovation which is intense.
SWOT Analysis
Strengths: Automation reduces processing time and costs. It offers better insights into cashflows and improved collection rates.
Weaknesses: High upfront costs and dependence on IT infrastructure are weaknesses. Changing requirements also necessitate frequent upgrades.
Opportunities: Growing adoption in SMBs presents an opportunity. Analytics capabilities for strategic decision making is another growth area.
Threats: Data security challenges and risks of system failures are threats. Downtime can impact business continuity.
Key Takeaways
The global Accounts Receivable Automation Market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing digitization across industries.
Regionally, North America dominates currently due to large presence of vendors. Asia Pacific is expected to grow at the fastest pace owing to rapid industrialization and emergence of SMBs.
Key players operating in the Accounts Receivable Automation market are Esker Inc., SAP SE, Comarch SA, Oracle Corporation, Bill.com Holdings Inc., SK Global Software, MHC Automation, Quadient(YayPay Inc.), Qvalia AB, Kofax Inc., HighRadius Corporation, Workday Inc., and Corcentric LLC.
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