Accounts Receivable Automation Market to grow by USD 1.13 billion from 2021 to 2026; Growth Driven by Increasing demand for cloud-based AR automation solution- Technavio
NEW YORK, Nov. 20, 2023 /PRNewswire/ -- The "accounts receivable automation market by component (solution and services) and geography (North America, Europe, APAC, Middle East and Africa, and South America) - Forecast and Analysis 2022-2026" report has been added to the Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the accounts receivable automation market between 2022 and 2026 is USD 1.13 billion.
Increasing demand for cloud-based AR automation solutions is a key factor driving market growth. Current software solutions provide real-time visibility to the company by way of dashboards and reports. It is increasingly popular for comprehensive financial aggregations, reporting, and analysis to take place within various corporate units. In addition, to streamline monetary transactions between businesses and their customers, organizations are using AR automation software. As demand for Cloud computing is increasing, as it decreases processing time and costs, end users in the areas of Banking, Financial services, insurance, BFSI, and manufacturing are starting to adopt cloud AAR automation software.
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Data privacy and security concerns are significant challenges restricting market growth. The adoption of automated solutions has slowed down because of an increasing incidence of identity fraud and cybercrime. Additionally, there is a vast amount of data and sensitive information to be managed by organizations. Organizations need to exchange sensitive and confidential information with other cloud service providers. The potential threat of cyber-attacks is making users skeptical about and reluctant to use AR Automation Software, which may hamper the market's growth.
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The accounts receivable automation market has been segmented by component (solution and services) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
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Key Companies in the Accounts Receivable Automation Market:
Ash Conversions International, BlackLine Inc., BlueSnap Inc., Bottomline Technologies Inc., Comarch SA, Corcentric Inc., Esker SA, HighRadius Corp., Kofax Inc., Mynd Integrated Solutions, Oracle Corp., PAGERO AB, Quadient Sro, Qvalia Group AB, Sage Group Plc, SAP SE, SK Global Software LLC, TechNVision Ventures Ltd., Workday Inc., and Zoho Corp. Pvt. Ltd.
The core banking solutions market size is estimated to grow at a CAGR of 16.82% between 2023 and 2028. The market size is forecast to increase by USD 18,478.38 million.
The cash management system market size is estimated to grow at a CAGR of 12.8% between 2023 and 2028. The market size is forecast to increase by USD 11,911.13 million.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Component
Market Segmentation by Geography
Drivers, Challenges, & Trends
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