The accounts receivable automation market facilitates automation and digitization in invoice processing, payment collection, and accounting. It reduces reliance on manual paperwork and human errors in billing, payments, and cash reconciliation. Adoption of accounts receivable automation solutions streamlines the accounts receivable cycle and saves time and costs for organizations.
The global Accounts Receivable Automation Market is estimated to be valued at US$ 3817.53 Mn in 2023 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 increasing adoption of digital technologies across various industries has accelerated the digital transformation of accounts receivable processes. Companies are increasingly automating invoice generation, approval workflow, and payments using accounts receivable automation software to gain efficiencies. This is propelling the demand for accounts receivable automation solutions. By streamlining and digitizing the receivables cycle, accounts receivable automation helps organizations reduce costs, enhance process visibility, and optimize cash flows. This trend is expected to significantly drive the growth of the accounts receivable automation market during the forecast period.
Strength: Accounts receivable automation solutions help reduce costly manual errors, improve cash flow visibility and reduce Days Sales Outstanding.
Weakness: High upfront costs for implementation and integration of accounts receivable automation solutions. Dependence on reliable IT infrastructure.
Opportunity: Growing adoption of cloud-based accounts receivable automation offerings. Rise in digitization post COVID-19 pandemic increasing the demand for automated receivables management.
Threats: Concerns around data security with cloud-based solutions. Increased competition from emerging players offering low-cost automation solutions.
The global Accounts Receivable Automation Market Demand is expected to witness high growth. The global Accounts Receivable Automation Market is estimated to be valued at US$ 3817.53 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.
The North American region currently dominates the accounts receivable automation market and is expected to continue its dominance during the forecast period. Factors such as presence of major vendors, growing adoption of innovative technologies among organizations are driving the growth of accounts receivable automation in the region. Asia Pacific region is expected to grow at the highest CAGR during the forecast period owing to rising digitalization and increasing demand for reducing manual efforts related to accounts receivable management from growing SMEs in the region.
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 offering enhanced automation capabilities, integrations and cloud-based deployments to gain more customers and consolidate their position in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it