Accounts Receivable Automation Market worth $6.5 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 7, 2022 /PRNewswire/ -- According to a 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", published by MarketsandMarkets™, 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. The Accounts Receivable Automation Market is fueled by the need to improve efficiency and productivity of workforce and demand for quick invoicing to reduce delay in payments. Moreover, the rising adoption of accounts receivable automation post-pandemic plays a key role in driving the growth of the Accounts Receivable Automation Market.
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By Deployment Mode, on-premises segment to hold the larger market size during the forecast period
The on-premises segment is estimated to account for a larger market share in the Accounts Receivable Automation Market. Enterprises prefer the on-premises deployment of accounts receivable solutions to gain complete control over their business accounts and transaction records. Organizations operating in BFSI, and healthcare verticals are expected to prefer the on-premises deployment of the accounts receivable automation solution because these verticals deal with critical and sensitive data related to national income and healthcare.
By Vertical, consumer goods & retail segment to grow at the highest CAGR during the forecast period
The consumer goods & retail segment is expected to have the highest CAGR growth during the forecast period. The accounts receivables in the retail & consumer goods vertical refer to the entire payment collection process from customers in exchange for goods purhased. Retail companies are adopting accounts receivable automation solutions for various benefits including reduced transaction time, increased revenue, improved operational efficiency, and minimized operating costs.
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By Region, North America to account for the largest market size during the forecast period
North America is expected to hold the largest share in the Accounts Receivable Automation Market. North America is the most mature market in terms of accounts receivable automation solution adoption due to various factors such as the well-developed economy, penetration and adoption of innovative technologies, and increased competitiveness. The market in this region is already at a mature stage, and therefore, it is expected to witness slower growth compared to other regions. The presence of most of the top market vendors such as Oracle, Workday, Bottomline Technologies, BlackLine, HighRadius, and Kofax also plays a vital role in the growth of the North American Accounts Receivable Automation Market.
Major vendors in the Accounts Receivable Automation Market include Sage (UK), SAP (Germany), Oracle (US), Workday (US), Bottomline Technologies (US), Comarch (Poland), Esker (France), Zoho (India), BlackLine (US), and HighRadius (US).
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