The global Accounts Receivable Automation Market Automating Accounts Receivable Accelerated by Adoption of AI

 

Accounts receivable automation market

Accounts receivable automation is the process of digitizing and streamlining accounts receivable functions like processing invoices, monitoring cash flows, identifying risks and automating collections. By implementing accounts receivable automation solution, businesses can reduce processing costs, shorten payment cycles and improve cash flows. The solution incorporates technologies like optical character recognition (OCR) and artificial intelligence (AI) to extract data from invoices and automate routine tasks of data entry and matching payments to invoices. This helps finance teams focus on strategic tasks like forecasting cash flows and managing risks. 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 13.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market key trends:

Adoption of artificial intelligence (AI) is expected to drive growth of the accounts receivable automation market during the forecast period. AI solutions are becoming the need of the hour for businesses to automate mundane financial operations and focus on strategic decision making. Key accounts receivable automation providers are integrating AI and machine learning capabilities into their solutions. For instance, companies are using AI to extract data from paper invoices using optical character recognition and matching payments to outstanding invoices without any human intervention. AI is also being leveraged for predictive analysis to identify late or default payments in advance and automate collection reminders. This is helping businesses improve cash flows and reduce DSO significantly. Widespread adoption of AI-powered automation solutions is projected to propel the accounts receivable automation market expansion over the coming years.

Segment Analysis

 

The global Accounts Receivable Automation Market is dominated by the on-premise sub-segment. On-premise software solutions offer more control over deployment, security and seamless upgrades to the organizations. They are suitable for organizations that have enough IT budget and resources to install and maintain dedicated servers. On cloud based sub-segment is expected to witness high growth during the forecast period due to benefits such as pay per use model, low upfront cost and remote access.

 

Key Takeaways

 

The Global Accounts Receivable Automation Market Size is expected to witness high growth. Regional analysis shows that North America is currently the most dominating region due to early adoption of advanced automation technologies by organizations across various industries in the region. Europe is also emerging as a lucrative market due to growing digitization and business automation initiatives by government. Asia Pacific region is expected to witness fastest growth due to rapid industrialization and growing tech adoption by small and medium enterprises in countries like China, India and Japan.

 

Key players operating in the Accounts Receivable Automation market are Esker Inc., SAP SE, Comarch SA, Oracle Corporation, Bill.com Holdings Inc., SK Global Software, MHC Automation, Quadient(YayPay Inc.), Qvalia AB, Kofax Inc., HighRadius Corporation, Workday Inc., and Corcentric LLC. Esker Inc and SAP SE currently dominate the market due to their robust product portfolio and global presence. Smaller players are focusing on geographical expansion and new product development to increase their market share.
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https://www.newsstatix.com/accounts-receivable-automation-market-size-share-growth-outlook-2023/

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