Accounts receivable automation facilitates processing of payables and receivables, streamlining invoicing, and ensures on-time payment collection. With the growing preference for cloud-based solutions among organizations, accounts receivable automation tools offered over cloud platforms ensure seamless operation and collaboration between accounting, sales, and customer support teams from remote locations. The global Accounts Receivable Automation Market is estimated to be valued at US$ 3313.82 Mn 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:
Cloud-based accounts receivable automation systems have seen increased adoption as they provide benefits such as easy access, collaboration and mobility. These cloud-based systems have simplified accounting and invoicing processes for organizations regardless of their locations. They have optimized workflows for processing payments and collections while reducing paper usage. The shift towards remote and hybrid work models during the pandemic has further augmented the demand for cloud-based automation tools that facilitate virtual interaction between teams. As accounts receivable processes witness higher digitization, the trend of cloud adoption is expected to continue and drive market growth over the forecast period.
Segment Analysis
The global accounts receivable automation market is dominated by the solution segment. The solution segment includes software tools that automate and streamline receivables processes and cash application. This includes billing management, credit and risk management, collections and dispute management. The solution segment automates repetitive manual tasks like matching remittance advices to customer payments. It reduces days sales outstanding (DSO) and optimizes working capital.
Key Takeaways
The Global Accounts Receivable Automation Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 3313.82 Mn in 2024, expanding at a CAGR of 7.1% during the forecast period.
Regional Analysis: The European region is expected to grow at the fastest pace during the forecast period. Increased acceptance of cloud-based solutions and advanced technologies across various industry verticals is a major factor for growth. Support from government organizations to promote digital transformation of businesses will also augment the regional market.
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 expand their presence and customer base in different regions.
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https://www.newsstatix.com/accounts-receivable-automation-market-size-share-growth-outlook-2023-2/
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