Accounts receivable automation reduces manual labor required for accounts receivable management and eliminates clerical errors. It allows the integration of accounts receivable data with accounting software and provides real-time visibility over company cash flow.
The global Accounts Receivable Automation Market is estimated to be valued at US$ 3817.53 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of artificial intelligence and machine learning in accounts receivable automation solutions has accelerated the market growth over the past few years. These technologies help businesses to streamline and automate accounts receivable processes by enabling cognitive automation of tasks like invoice processing, payment posting, credit control and cash application. AI improves efficiency by reducing manual errors and allows businesses to allocate resources to more value-added tasks. It also enhances customer experience by enabling self-service options like online payment portals and tracking. This has increased the demand for AI-enabled accounts receivable automation solutions among organizations globally.
Segment Analysis
The global accounts receivable automation market is dominated by the software sub-segment. This is because automation of accounts receivables through software helps organizations in streamlining the collection process by minimizing manual efforts. It enables centralization and visibility of accounts receivables data which helps organizations to take better data-driven decisions for improving cash flows.
Key Takeaways
The global Accounts Receivable Automation Market Demand is expected to witness high growth during the forecast period of 2024 to 2031. The growing digitalization among organizations and need to optimize business processes is expected to boost the demand for accounts receivable automation solutions globally. The global Accounts Receivable Automation Market is estimated to be valued at US$ 3817.53 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.
North America currently dominates the global accounts receivable automation market due to high adoption of automation technologies among organizations in the region. The region is expected to continue its dominance during the forecast period as well owing to growing focus of organizations in the US and Canada on streamlining financial operations. Asia Pacific is expected to be the fastest growing region owing to rising digitalization and increasing adoption of automation solutions among enterprises in countries like China and India.
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. These players are focusing on new product launches and partnerships to strengthen their positions in the global market.
Explore more related article on this topic: https://www.newswirestats.com/the-global-accounts-receivable-automation-market-demand/
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