ACCOUNTS RECEIVABLE AUTOMATION MARKET ANALYSIS

Accounts Receivable Automation MarketSize and Trends

The global accounts receivable automation market size was valued at US$ 2,927.4 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 13.2% from 2023 to 2030. The growth is driven by increasing business needs for automation of accounts receivable processes and rising demand for e-invoicing solutions among businesses. Moreover, the growing need for improved cash flow and reduced days sales outstanding are also driving the market growth.

Figure 1: Global Accounts Receivable Automation Market Share (%), By Region, 2022

Figure 2: Global Accounts Receivable Automation Market Share (%), By Component, 2022

Global Accounts Receivable Automation Market Trends:

Increasing popularity of partnerships among insurance and finance industries is a major trend

Several insurance and finance industries are adopting partnerships. For instance, in September 2019, FinTech FastPay and AIG entered into partnership for supporting cash flow of media companies by offering them loans in exchange of anticipated AR payments of borrowers. This is expected to create a way for larger, international media and tech clients to access working capital supported by their trade accounts receivable. Thus, this trend is likely to drive growth of the global accounts receivable automation market during the forecast period.

Increasing use of government-regulated digital money for blockchain is a growing trend

The growing use of such digital money regulated by government for blockchain use is becoming important in the accounts receivable automation industry, as this platform can be utilized as management of rewards or alternate currency payment gateways. Furthermore, AI solutions are helping as they analyze invoice data tapping into capabilities such as natural language processing, ML, optical character recognition for capturing customer communications. Thus, development of such technologies is likely to drive demand for accounts receivable automation in the near future.