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Global Accounts Receivable Automation Market Size, Share & Industry Trends Analysis Report By Vertical, By Deployment Type, By Organization Size, By Regional Outlook and Forecast, 2022 – 2028

Global Accounts Receivable Automation Market Size, Share & Industry Trends Analysis Report By Vertical, By Deployment Type, By Organization Size, By Regional Outlook and Forecast, 2022 – 2028

  • June 2022
  • 308 pages
  • ID: 6309577
  • Format: PDF
  • KBV Research

Summary

Table of Contents

The Global Accounts Receivable Automation Market size is expected to reach $6.5 billion by 2028, rising at a market growth of 13.1% CAGR during the forecast period.

Accounts Receivable (A/R) automation software is a solution that uses Artificial Intelligence and Robotic Process Automation in order to update accounts receivable processes and decrease repetitive and time-consuming procedures. Instead of keying in remittance data, printing paperwork, and downloading backup documentation, A/R Automation allows more time for A/R teams to focus on higher-value activities, such as minimizing daily sales outstanding and monitoring high-risk accounts to prevent bad debt.

It can also assist businesses in increasing the likelihood of rapidly approved invoices being paid by the clients. It allows users to save time and avoid common invoice errors, the majority of which are caused by human error or a lack of understanding of the customer’s invoicing requirements. Switching to and reaping the benefits of e-invoicing provides certain automation benefits. Customers may have special distribution criteria or purchase referrals to help them validate the invoice, in addition to examining items for accuracy, pricing, and company information. Any errors in this process can result in delayed payment, credited bills, and other inconvenient and time-consuming difficulties.

The AR staff may focus on addressing delinquent payments or projecting cash flow by minimizing the time invested on each invoice and making the overall workflow more efficient. In other words, by relieving employees of the most time-consuming activities, they may focus on ensuring the company’s success. E-invoicing is becoming legislated in an increasing number of nations, with systems using it. It rapidly becomes complicated, especially if the company has customers in multiple marketplaces because each country has different standards. In these situations, various AR Automation solutions can assist organizations in adhering to local regulations. It also allows businesses to get paid across markets and gives them a single point of contact for all of the global invoicing.

COVID-19 Impact Outlook

The COVID-19 pandemic landed a significant impact on several businesses all over the world. Various businesses across the world were shattered due to the imposition of lockdown worldwide. Due to the lockdown scenario, manufacturing facilities of numerous companies were shut down, due to which, there was a significant demand-supply gap. Additionally, the global supply chain was also devastated as a result of the pandemic. Moreover, the pandemic’s impact on the accounts receivable automation market has benefited both large and small businesses in a variety of industries. Accounts receivable automation provides a solution to the pandemic’s issues.

Market Growth Factors

Increased Operational Efficiency Due to Faster Payments

Late payments and unforeseen expenses can drive an organization into disarray and make it difficult to recover. Without having to annoy the clients for prompt payment, accounts receivable automation financing helps businesses to transform credit sales and invoices into cash immediately. In addition, accounts receivable automation advances the entire amount of the invoice without impacting relationships with the client relationships. While traditional accounts receivable approaches make the user wait for bills, accounts receivable automation can cover expenses including payroll and rent.

Cost-Effective and Reduced Human Errors

In the conventional accounts receivable approach, the risk of human errors was substantially higher due to manual processing. Moreover, it was costlier due to several factors, like the dedicated staff. Service quality suffers as a result of plugging errors, matching problems, and missing or misfiled papers, which can bother vendors and exasperate business managers. By extracting and entering data, AR automation can help eliminate errors. When compared to human data entry, business process automation reduces the quantity of data errors when it comes to supplier names, invoice dates, check numbers, invoice amounts, PO numbers, and individual line items ordered.

Market Restraining Factors

Asynchronous Workflows

Asynchronous workflows are another issue with typical accounts receivable operations. Traditional accounts receivable operations are isolated, which means that data is not automatically shared between systems, necessitating manual consolidation. Asynchronous systems may result in missing insights and trends, limiting the ability to keep a pulse on overall receivables functionality at a glance. The capacity to update the business accounts receivable department may be hampered by asynchronous processes and technology. Companies can have problems introducing new solutions without a big rework if current systems are not interoperable. These systems may function adequately in the organization’s current state, but they can collapse as volume increases.

Component Outlook

By the Component, the Accounts Receivable Automation Market is bifurcated into Solutions and Services (Managed Services and Professional Services). In 2021, the solution segment acquired the largest revenue share of the accounts receivable automation market. The rapidly rising growth of this segment of the market is majorly attributed to increasing demand for accounts receivable solutions in the BFSI sector all over the world. BFSI sector is one of the largest applications of the accounts receivable solutions. In addition, the employment of these services is also surging in various businesses due to attributes, such as Calculate the average balance. Add up the beginning and ending receivables from a designated period, calculating net annual credit sales, and dividing the net annual credit sales with the average account receivables.

Vertical Outlook

On the basis of Vertical, Accounts Receivable Automation Market is segregated into BFSI, IT & Telecom, Manufacturing, Consumer Goods & Retail, Healthcare, Energy & Utilities, and Others. In 2021, the consumer goods and retail segment witnessed a significant revenue share of the accounts receivable automation market. The increasing growth of the segment is owing to the constantly growing consumer electronics sector all over the world. The complete payment collection procedure from customers in exchange for items purchased is referred to accounts receivables within the consumer goods and retail vertical. Accounts receivable automation systems are being adopted by retailers for a variety of reasons, including lower business time, higher revenue, increased operational efficiency, as well as lower operating costs. Hence, this factor is driving the growth of the segment.

Deployment Mode Outlook

Based on the Deployment Mode, the Accounts Receivable Automation Market is divided into Cloud and On-premises. In 2021, the on-premise segment procured the largest revenue share of the accounts receivable market. To achieve complete control over their corporate accounts and transaction data, enterprises opt to employ accounts receivable systems on-premises. Because these verticals deal with crucial and sensitive data linked to national income and healthcare, organizations in the BFSI and healthcare verticals are predicted to prefer the on-premises implementation of the accounts receivable automation solution.

Organization Size Outlook

On the basis of Organization Size, the Accounts Receivable Automation Market is segmented into Large Enterprises and Small & Medium Sized Enterprises. In 2021, the small & medium enterprises segment registered a substantial revenue share of the accounts receivable automation market. The growth of the segment is surging in the segment due to the increasing popularity of automation all over the world. Due to the fact that this type of organizations is usually short on resources in contrast to large enterprises, the demand for automation in order to save time and resources increases. This factor is propelling the growth of the segment.

Regional Outlook

Region-Wise, the Accounts Receivable Automation Market is analysed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America accounted for the largest revenue share of the accounts receivable automation market. Due to many variables such as a well-developed economy, penetration and implementation of novel technologies, and greater competitiveness, North America is the most developed market in terms of the adoption of accounts receivable automation solutions. Because the regional market is already established, it is likely to grow at a faster rate than markets in other regions.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, SAP SE, Comarch S.A., Zoho Corporation Pvt. Ltd., Workday, Inc., The Sage Group PLC, BlackLine, Inc., HighRadius Corporation, Esker, S.A., Bottomline Technologies, Inc.

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation is the major forerunner in the Accounts Receivable Automation Market. Companies such as SAP SE, BlackLine, Inc. and HighRadius Corporation are some of the key innovators in Accounts Receivable Automation Market.

Recent strategies deployed in Accounts Receivable Automation Market

Acquisitions and Mergers:

Jan-2022: Esker acquired Market Dojo, an eProcurement software company in the UK. This acquisition aimed to unlock new growth prospects in the growing market for the company. Moreover, the company also aimed to strengthen its position in the P2P arena.

Jan-2022: BlackLinetook over FourQ Systems, a leading intercompany financial management technology company. With this acquisition, the company aimed to strengthen its prevailing intercompany accounting automation capabilities as well as its position with the Office of the Controller by accelerating end-to-end automation of conventionally manual intercompany accounting procedures and driving modernization and transformation across finance and accounting.

Jan-2022: SAP SE took over a majority stake of Taulia, a leader in distributing capital management solutions. Through this acquisition, the company aimed to Taulia’s deep working capital management expertise into its CFO solution portfolio in order to strengthen its position to become a leader across the working capital management industry.

Dec-2021: The Sage Group completed its acquisition of Brightpearl, a cloud-native multichannel retail management. Through this partnership, the companies aimed to develop a robust solution for wholesalers and retailers, incorporating inventory planning, financial management, purchasing, and supplier management, sales order management, fulfillment, CRM, and warehousing and logistics management.

Nov-2021: Bottomline took over Bora Payments Systems, a B2B card payment platform. With this acquisition, the company aimed to allow Paymode-X providers to leverage straight-through processing, or STP, as an approach to accept virtual card payments with the addition of new bank channel relationships to Paymode-X along with capabilities to enhance the virtual card program.

Nov-2021: Workday completed its acquisition of VNDLY, a cloud-based external workforce and vendor management technology. Under this acquisition, the company would offer a unified workforce optimization solution to businesses in order to aid the in managing all types of employees.

Mar-2021: Workday took over Peakon ApS, an employee success platform. Following this acquisition, Workday would offer access to Peakon to a constant listening platform, comprising real-time visibility of employee sentiment, experience, and productivity in order to aid in driving engagement and improving organizational performance.

Feb-2021: Bottomline completed its acquisition of TreasuryXpress, a vendor of cloud-based treasury management services. This acquisition aimed to allow the company to extend its leading business payments capabilities in order to offer a distinct and comprehensive solution for the overall cash management lifecycle.

Oct-2020: BlackLine acquired Rimilia, an AI-powered cloud-based platform. This acquisition aimed to increase the capabilities of BlackLine across an adjacent area with the addition of AR automation to financial close automation and expediting modernization and transformation across Finance & Accounting.

Product Launches and Product Expansions:

Jan-2022: Oracle launched Oracle NetSuite Cash 360, Embedded within NetSuite. The new solution aimed to allow customers to more efficiently manage cash flow by offering real-time insights into their cash position. In addition, it would also offer the ability to produce accurate and fast near-term forecasts.

Nov-2021: HighRadius introduced the Record to Report function into its Autonomous Software platform. with this product expansion, the company aimed to aid accounting teams in completing month-end close activities quickly and more precisely. In addition, the new version would comprise Account Reconciliation products along with Financial Close Management as a part of the Record to Report lineup.

Oct-2021: Esker rolled out Esker Pay, an extensive set of integrated payment capabilities and strategic Fintech partnerships. with this launch, the company aimed to aid businesses in managing cash flow more efficiently by eliminating complex, manual, and inefficient processes for accounts receivable as well as accounts payable.

Oct-2021: Oracle NetSuite released SuiteBanking. Through this launch, the company aimed to help businesses in enhancing forecasting as well as making more intelligent cash decisions. Moreover, SuiteBanking would also accelerate and streamline the process of sending bills and invoices and receiving payments.

Feb-2021: Bottomline introduced corporate treasury capabilities in its integrated Payments and Cash Lifecycle Platform. Through this product expansion, the company aimed to transform cash and payment management procedures into a simple and streamlined end-to-end cash lifecycle for enterprises of all sizes.

May-2020: HighRadius introduced its RadiusOne A/R Suite for mid-sized businesses. With this launch, the company aimed to help A/R teams and suppliers in digitally connect their A/P teams and customers in order to accelerate the receivables and payments processing.

Partnerships, Collaborations and Agreements:

Dec-2021: Esker partnered with LSQ, a leader in technology-driven working capital solutions distribution. Following this partnership, the companies would integrate their platforms in order to enable Esker’s customers to impeccably deploy working capital and cash management solutions along with minimal training for sellers and buyers.

Nov-2021: BlackLine teamed up with Microsoft, an American multinational technology corporation. With this collaboration, the company aimed to aid finance and accounting teams across mid-sized and large-sized enterprises to take control over intercompany accounting, financial close, accounts receivable, as well as other key processes by improving financial operations management and automation in Microsoft Dynamics 365.

Jul-2021: BlackLine partnered with Kyriba, leading cloud-based finance and IT solutions company. Following this partnership, the companies aimed to streamline the Office of the CFO’s digitalization and enhance the cooperation between Treasury and Finance departments by offering improved capabilities for mutual customers via their integrated solutions.

Apr-2021: SAP SE partnered with Dediq, an entrepreneurial investor. Following this partnership, the companies would considerably expand their support for the digital transformation of Financial Services customers and offer innovative cloud solutions quickly.

Mar-2021: HighRadius entered into a partnership with Sage, an American independent publishing company. Through this partnership, HighRadius aimed to integrate its RadiusOne A/R Suite into the Intacct cloud financial management system of sage. Moreover, the new integration would be commercialized across the Sage Intacct Marketplace.

Mar-2020: Esker extended its partnership with Fuji Xerox, a joint venture between Fujifilm and Xerox. Through this extended partnership, the companies aimed to offer various new and significant benefits to Esker’s customers across finance processing automation with the wide regional presence and market leadership of Fuji Xerox.

Feb-2020: HighRadius came into a partnership with Genpact, a digital transformation company. Following this partnership, the companies aimed to offer enhancements to business accounts receivable and integrate digital automation solutions powered by machine learning and artificial intelligence.

Scope of the Study

Market Segments covered in the Report:

By Component

• Solution

• Services

o Professional

o Managed

By Vertical

• BFSI

• Energy & Utilities

• Manufacturing

• Telecom & IT

• Retail & Consumer Goods

• Healthcare & Life Sciences

• Others

By Deployment Type

• On-premise

• Cloud

By Organization Size

• Large Enterprises

• Small & Medium Enterprises

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Oracle Corporation

• SAP SE

• Comarch S.A.

• Zoho Corporation Pvt. Ltd.

• Workday, Inc.

• The Sage Group PLC

• BlackLine, Inc.

• HighRadius Corporation

• Esker, S.A.

• Bottomline Technologies, Inc.

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