Accounts Receivable Automation Market Size Worth $9.6 Billion By 2030 | CAGR: 14.1%

The global accounts receivable automation market size is expected to reach USD 9.6 billion by 2030, according to a new study by Polaris Market Research. The report “Accounts Receivable Automation Market Share, Size, Trends, Industry Analysis Report, By Deployment (Cloud and On-premises); By Vertical; By Component; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Rising adoption of advanced technologies such as cloud computing and artificial intelligence and inclination of various businesses towards cloud-based automation solutions, mainly in developed nations such as United States, France, Germany, and Japan, are major factors projected to fuel the growth and demand for the global market during the forecast period.

Moreover, increasing introduction to newly launched products and services developed by key companies and their rising efforts towards advancements and longer consumer reach are other factors propelling the market growth and are expected to do so soon.

In the conventional approach of accounts receivable systems, the risk of human errors and mistakes was substantially higher because of manual processing. It was more expensive due to some factors like a dedicated staff. In contrast, AR automation can help to address these problems and errors. Compared to human data entry, these automation solutions reduce the number of data errors such as supplier name, invoice date & amounts, PO numbers, and individual line items ordered.

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AR automation solution vendors are highly investing in AI technology to enable accounting and finance executives to strengthen and enhance their financial efficiency, which can also help them to understand consumer behavior and various payment patterns, which is likely to have a positive impact on the growth of the global market significantly over the coming years.

Accounts Receivable Automation Market Report Highlights

• Cloud segment is expected to grow rapidly throughout the forecast period, owing to the ability of cloud-based AR automation solutions to manage big data issues in a very efficient way, along with higher adaptability and cost-effectiveness.
• Healthcare segment accounted for the largest market revenue share in 2021 because of the increasing adoption and prevalence of advanced and innovative technologies by several large healthcare organizations across the globe.
• Solution sector held the largest market share in 2021 due to an extensive rise in the demand for AR automation solutions from the BFSI sector, as it enables financial organizations to improve their cash collection and maximizes productivity.
• Asia Pacific region is anticipated to grow at a high CAGR over the forecast period, accelerated by high economic developments, increasing internet penetration, and rapid globalization.
• The global players include Oracle Corporation, IBM Corporation, Vanguard Systems, Sage Group, Zoho Corporation, and others.

Polaris Market Research has segmented the accounts receivable automation market report based on deployment, vertical, component, and region:

Accounts Receivable Automation, Deployment Outlook (Revenue - USD Billion, 2018 - 2030)

• Cloud
• On-premises

Accounts Receivable Automation, Vertical Outlook (Revenue - USD Billion, 2018 - 2030)

• Consumer Goods and Retail
• BFSI
• Manufacturing
• Healthcare
• IT and Telecom
• Others

Accounts Receivable Automation, Component Outlook (Revenue - USD Billion, 2018 - 2030)

• Services
• Solution

Accounts Receivable Automation, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa