Artificial Intelligence Is The Fastest Growing Segment Fueling The Growth Of Accounts Receivable Automation Market

https://www.coherentmarketinsights.com/market-insight/accounts-receivable-automation-market-5553
Accounts Receivable Automation Market




 Accounts receivable automation involves the use of automated technology to manage, monitor and collect payments for invoices and bills. Automation helps reduce time and costs involved in manual processes associated with accounts receivable functions such as invoicing, credit checking, payment tracking and collections.

Market Overview:
The accounts receivable automation market comprises of software and solutions that enable automation of various accounts receivable processes including invoicing, payments, credit approvals and collections. These solutions automate and streamline accounts receivable workflows by integrating with accounting, ERP and other back-office systems. The automated workflows help improve efficiencies, reduce errors and speed up the overall receivables cycle.

Market key trends:
The adoption of artificial intelligence (AI) and machine learning capabilities in accounts receivable solutions is one of the key trends in the market. AI helps automate traditionally manual processes such as credit ratings analysis, fraud detection and bad debt prediction. Advanced capabilities such as natural language processing and predictive analysis also assist with automation of customer communications. Many leading solution providers are integrating AI technologies to develop more intelligent and autonomous receivables platforms. For example, accounts receivable platforms powered by AI can analyze past customer payment patterns to predict payment dates, request payments automatically before due dates and resolve payment issues without human intervention.

The global Accounts Receivable Automation Market Size is estimated to be valued at US$ 3313.82 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis
The global accounts receivable automation market is segmented by component, deployment, organization size, and industry vertical. Based on component, the market is segmented into software and services. The services segment is expected to dominate the market during the forecast period. This is mainly because of the increasing demand for automation of the entire receivables process and the need for managing receivables across departments.

Key Takeaways
The global accounts receivable automation market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing demand for digitalization of financial processes.

Regional Analysis
Regionally, North America is expected to dominate the market during the forecast period. This is due to the early adoption of advanced technologies and the presence of key players in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period due to the increasing digital transformation initiatives by businesses in the region.

Key Players
Key players operating in the accounts receivable automation market are Esker Inc., SAP SE, Comarch SA, Oracle Corporation, Bill.com Holdings Inc., SK Global Software, MHC Automation, Quadient(YayPay Inc.), Qvalia AB, Kofax Inc., HighRadius Corporation, Workday Inc., and Corcentric LLC. Esker Inc. and SAP SE are expected to dominate the market owing to their strong product portfolio and widespread customer base.

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