Accounts Receivable Automation Market to grow by USD 1.13 billion from 2021 to 2026; Growth Driven by Increasing demand for cloud-based AR automation solution- Technavio

NEW YORK, Nov. 20, 2023 /PRNewswire/ -- The "accounts receivable automation market by component (solution and services) and geography (North America, Europe, APAC, Middle East and Africa, and South America) - Forecast and Analysis 2022-2026" report has been added to the Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the accounts receivable automation market between 2022 and 2026 is USD 1.13 billion.

Increasing demand for cloud-based AR automation solutions is a key factor driving market growth. Current software solutions provide real-time visibility to the company by way of dashboards and reports. It is increasingly popular for comprehensive financial aggregations, reporting, and analysis to take place within various corporate units. In addition, to streamline monetary transactions between businesses and their customers, organizations are using AR automation software. As demand for Cloud computing is increasing, as it decreases processing time and costs, end users in the areas of Banking, Financial services, insurance, BFSI, and manufacturing are starting to adopt cloud AAR automation software.

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Market Challenge

Data privacy and security concerns are significant challenges restricting market growth. The adoption of automated solutions has slowed down because of an increasing incidence of identity fraud and cybercrime. Additionally, there is a vast amount of data and sensitive information to be managed by organizations. Organizations need to exchange sensitive and confidential information with other cloud service providers. The potential threat of cyber-attacks is making users skeptical about and reluctant to use AR Automation Software, which may hamper the market's growth. 

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The accounts receivable automation market has been segmented by component (solution and services) and geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• The accounts receivable automation market share growth by the solution segment will be significant during the forecast period. The automation systems of the AR system can process a very high volume of invoices from customers and can result in substantially reduced effort and time for accounting firms to collect payments from their clients. The growing need for effective and efficient handling of many consumer invoices is driving growth in the solutions segment over the next few years.

• 34% of the market's growth will originate from Europe during the forecast period. 

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Key Companies in the Accounts Receivable Automation Market:

Ash Conversions International, BlackLine Inc., BlueSnap Inc., Bottomline Technologies Inc., Comarch SA, Corcentric Inc., Esker SA, HighRadius Corp., Kofax Inc., Mynd Integrated Solutions, Oracle Corp., PAGERO AB, Quadient Sro, Qvalia Group AB, Sage Group Plc, SAP SE, SK Global Software LLC, TechNVision Ventures Ltd., Workday Inc., and Zoho Corp. Pvt. Ltd.

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio