The global Accounts Receivable Automation Market size is estimated to be USD 3.3 billion in 2022 and is projected to reach USD 6.5 billion by 2027, at a CAGR of 14.2% during the forecast period. The demand for quick invoicing to reduce delay in payments is one of the key factors driving market growth.
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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 purchased. 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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The key market players that dominate 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). These players have adopted various strategies such as new product launches and enhancements, partnerships, collaborations, and acquisitions to grow in the accounts receivable automation market.
Sage offers a comprehensive solution portfolio, including accounting, payments, enterprise management, payroll software, and Human Resources (HR) solutions. In the accounts receivable automation market, Sage offers Sage Accounting and Sage Intacct. Sage Accounting accounts receivable software automates accounts receivable functions, such as creating and sending invoices and automatically recording and tracking payments to save time, reduce manual errors, and increase cash flow. In November 2021, Sage partnered with Zapier to enable small businesses and accountants across UK, Ireland, US, and Canada to elevate their work and automate workflows by seamlessly connecting Sage Accounting with 4,000 apps.
SAP is a leading provider of enterprise application platforms and offers solutions for asset management, HR, and manufacturing. In the account receivable automation market, SAP offers SAP S/4HANA for Receivables Management. SAP Receivables Management is a key part of an optimized OTC process based on FI-AR. With the help of the automated process, receivables management delivers high-quality customer interaction reports. In May 2022, SAP partnered with Google to introduce new integrations between Google Workspace and SAP’s flagship cloud ERP, SAP S/4HANA Cloud.
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