Market Research Report
Accounts Receivable Automation Market by Component (Solutions (Credit Evaluation & Management and Collections Management) and Services), Organization Size, Deployment Mode, Vertical and Region - Global Forecast to 2027
|Accounts Receivable Automation Market by Component (Solutions (Credit Evaluation & Management and Collections Management) and Services), Organization Size, Deployment Mode, Vertical and Region - Global Forecast to 2027|
Published: June 7, 2022
Content info: 269 Pages
Delivery time: 1-2 business days
The global Accounts Receivable Automation market size to grow from USD 3.3 billion in 2022 to USD 6.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period. Accounts receivable automation eliminates the need for manual handling of accounts receivable processes, such as creating and sending invoices, tracking payments, resolving disputes, and maintaining customer records. Furthermore, it greatly reduces the time it takes to process paperwork and payments, freeing the employees to get more work done and improving operational efficiency.* By taking human error out of the loop, accounts receivable automation improves data consistency with real-time responsiveness while managing multiple customers and complex systems. Thus, companies leverage accounts receivable automation to improve AR and IT staff efficiency and productivity and eliminate the cost associated with paper invoices.
"By Component, the services segment to grow at a higher CAGR during the forecast period"
The services segment is expected to grow at a higher growth rate during the forecast period. The services segment has been broadly classified into professional and managed services. Accounts receivable automation vendors offer services to plan, design, implement, and deploy accounts receivable solutions. The increasing number of digital transactions in emerging economies is expected to fuel the demand for accounts receivable automation services.
"By Professional Services, the support & maintenance subsegment to hold the largest market share"
The support & maintenance subsegment is expected to hold the largest market size. Support & maintenance services include support related to implementing and using the accounts receivable automation solution. They include the support provided during, before, and after installation and other maintenance exercises. The demand for support & maintenance services is growing as they enable organizations to reap the maximum advantage from investments in the accounts receivable automation solution deployment.
"By Organization size, the SMEs segment to grow at the higher CAGR during the forecast period"
The small & medium sized enterprises (SMEs) segment is projected to grow at the higher CAGR during the forecast period. Organizations with an employee range between 1 and 1,000 are categorized under the SMEs segment. The accounts receivable automation solution enables SMEs to enhance their overall productivity by helping them reduce the time for processing an invoice. Hence, SMEs are increasing the adoption of the accounts receivable automation solutions to improve business outcomes.
Note: Others include sales managers, marketing managers, and product managers.
Note 1: Tier 1 companies' revenues are more than USD 1 billion; tier 2 companies' revenues range between USD 1 billion and USD 500 million; tier 3 companies' revenues range between USD 500 million and 100 million.
Note 2: The figure above represents the indicative list of primary profiles
MarketsandMarkets segments the Accounts receivable automation Market based on Component (Solutions and Services), Deployment Mode (Cloud and On-premises), Organization Size (Large Enterprises and SMEs), Vertical (BFSI, IT & Telecom, Manufacturing, Consumer Goods & Retail, Healthcare, Energy &, Utilities, and Other Verticals), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
The report also provides a comprehensive review of the drivers, restraints, opportunities, and challenges in the accounts receivable automation market. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
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