The "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" report has been added to ResearchAndMarkets.com's offering.
The global Accounts Receivable Automation market size is estimated 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.
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.
- Need to Improve Efficiency and Productivity of Workforce
- Demand for Quick Invoicing to Reduce Delay in Payments
- Rising Adoption of Accounts Receivable Automation Post-Pandemic
- High Cost of Implementation
- Resistance to Switch from Traditional Accounts Receivable Processes
- Rising Adoption of Ai and Ml-Based Accounts Receivable Automation
- Increasing Data Security, Privacy, and Compliance Concerns
- Accounting Seed
- Bill. com
- Bottomline Technologies
- Redwood Software
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