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Report Overview
The global accounts receivable automation market is expected to reach a value of more than USD 3.64 Billion in 2023. The industry is expected to grow at a CAGR of 13.90% during the forecast period of 2024-2032. The growing need for real-time financial transparency and improved cash flow management is driving the accounts receivable automation industry, enabling businesses to streamline invoice processing, reduce payment delays, and enhance operational efficiency, thus aiding the market to attain a valuation of USD 11.74 Billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- The increase in online sales volumes transactions that businesses have to process has, therefore created a need for automated invoice processing. Automating these invoices reduces the chances of human error and ensures timely payment reminders, among other factors, that facilitate cash flow, hence business stability. For instance, e-commerce giants like Amazon use automated accounts receivable systems to handle millions of transactions every day; this indicates how automation aids in the scaling of business operations, thereby propelling the growth of the accounts receivable automation market.
- The integration of AI, ML, and cloud computing into AR systems enhances invoice processing through intelligent data extraction, fraud detection, and automated payment reconciliation. These technologies reduce manual intervention, lower operational costs, and improve accuracy. For example, AI-powered platforms such as Billtrust and HighRadius help enterprises automate their AR workflows, driving the market forward.
- The flexibility, scalability, and cost-effectiveness of cloud-based AR solutions make them increasingly popular among businesses. Cloud platforms allow remote access, real-time data synchronization, and seamless collaboration of finance teams. Companies such as QuickBooks and Xero provide cloud-based AR services that support businesses of all sizes in managing invoices and ensuring smooth financial operations. This continues to drive the accounts receivable automation market around the world.
Competitive Landscape
Cloud-based solutions enable accounts receivable automation market players to scale up easily and integrate various types of businesses and industries. Accounts receivable automation companies can improve accuracy, speed, and efficiency with advanced technology such as AI and machine learning. In addition, offering customizable, modular solutions that match the diversity of needs across various industries, with a robust customer support system and analytics, can help businesses scale their operations efficiently and cost-effectively.
Key Market Players
Key industry leaders in this market are:
SAP SE, established in 1972, headquartered in Walldorf, Germany, is a multinational specialising in enterprise software for business operations and customer relationship management, known for its ERP solutions.
Oracle Corporation, an American tech giant, established in 1977, renowned for database software, cloud solutions, and enterprise software products, with a strong focus on database management systems.
Kofax, Inc, established in 1985, headquartered in Irvine, California, USA, is a leading provider of intelligent automation software for digital workflow transformation, specialising in document management, robotic process automation, and cognitive capture.
Quadient (Yaypay, Inc), founded in 1924 (as Neopost, rebranded in 2019), headquartered in Bagneux, France, with Yaypay based in New York, United States, is an international company offering digital communication, shipping, and billing solutions, with Yaypay focusing on AI-driven accounts receivable automation.
Other key players in the global accounts receivable automation market are SK Global Software, Corcentric, LLC, HighRadius Corporation, Qvalia Group AB, MHC Software Holdings, Inc, and Bill.com, LLC, among others.
Accounts Receivable Automation Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 3.64 Billion.
The accounts receivable automation market is assessed to grow at a CAGR of 13.90% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 11.74 Billion by 2032.
The major market drivers include optimisation of invoice processing and increasing adoption of accounts receivable automation so as to simplify bill management.
The key trends fuelling the growth of the market include increased focus on reduction DSO, cost and time efficient nature of accounts receivable automation, and rising demand for cloud-based accounts receivable automation.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The various end users in the market include BFSI, IT and telecom, manufacturing, healthcare, retail and consumer goods, and transportation and logistics, among others.
The accounts receivable automation ensures enhanced efficiency and security along with improved management oversight.
The significant components in the market include solutions and services.
The key players in the global accounts receivable automation market are SAP SE, Oracle Corporation, Kofax, Inc, Quadient (Yaypay, Inc), SK Global Software, Corcentric, LLC, HighRadius Corporation, Qvalia Group AB, MHC Software Holdings, Inc, and Bill.com, LLC, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124