According to a new market research report “Accounts Receivable Automation Market by Component (Solution and Services), Organization Size, Deployment Type, Industry (BFSI, IT & Telecom, Manufacturing, Consumer Goods & Retail, Healthcare, Energy & Utilities), and Region – Global Forecast to 2024″, published by MarketsandMarkets, The global accounts receivable automation market size is expected to grow from USD 1.7 billion in 2019 to USD 3.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period.
Growing focus on the improvement of cash flow and reduction in days sales outstanding and reduced accounting cycle time are the major factors driving the growth of the accounts receivable automation market.
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The services segment of accounts receivable automation to grow at the highest growth rate during the forecast period
Services play a crucial role in efficiently carrying out various tasks performed in the entire receivable process of an organization. The services segment has been broadly classified into consulting and implementation, and support and maintenance services. Accounts receivable automation vendors offer services to plan, design, implement, and deploy accounts receivable solutions. The increase in the number of digital transactions in the emerging economies is expected to fuel the demand for accounts receivable automation services. The demand for consulting and implementation services is expected to increase in the accounts receivable automation market with an increase in the adoption of accounts receivable automation technology-based solutions. Services form an integral part of the software lifecycle and expected to boost the growth rate of the accounts receivable automation market during the forecast period.
The Small and Medium-sized Enterprises (SMEs) segment to grow at the highest CAGR during the forecast period
SMEs across the globe are rapidly adopting advanced technologies to create a niche for themselves in the global market. The rapid adoption of digitalization and automation has augmented profits for SMEs and greatly enhanced their business productivity. Organizations with an employee range between 1 and 1,000 are categorized under the SMEs segment. Governments of countries across the globe have launched various initiatives to promote the adoption of digital payment technologies in SMEs.
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Healthcare and life sciences vertical to grow at a significant CAGR during the forecast period
The healthcare industry is implementing and adopting new technologies to provide improved services to patients. Organizations in this industry require efficient payment acceptance technologies to streamline their operations and enhance the customer experience. Accounts receivable automation solutions are being increasingly adopted by healthcare providers as they help simplify the billing process. The accounts receivable operations at most healthcare organizations suffer from an assortment of bottlenecks between the initial order and actual disbursement that can quietly erode revenue streams.
The major vendors in the accounts receivable automation market are Sage (UK), Oracle (US), SAP (Germany), Workday (US), Bottomline Technologies (US), Comarch (Poland), Esker (France), Kofax (US), Zoho (US), HighRadius (US), FinancialForce (US), Emagia (US), VersaPay (Canada), Rimilia (England), and YayPay (US).
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