Accounts Receivable Automation Market 2020 Overview by Types, Application, Modules, Services, Industry Statistics, Demand Analysis and Growth Opportunities to 2025

(The Express Wire via Comtex)

The major accounts receivable automation market vendors include Sage, Oracle, SAP, Workday, Bottomline Technologies, Comarch, Esker, Kofax, Zoho, HighRadius, FinancialForce, Emagia, VersaPay, Rimilia, and YayPay.

Accounts receivable (AR) automation helps organizations enhance their consumer invoicing and payments processes. Invoice and processing incoming cash flows is one of the critical tasks in order to understand and plan other activities. A major application of AR automation is to confirm the payment received by the customers for goods and services.

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This ultimately streamlines the financial transaction process between the company and its customers. It is mainly used by accountants or company employees who work on accounts receivable. It is also useful for executives and managers to track the performance of the accounts receivable department. AR automation reduces the time spent on collecting payments from customers by processing a large volume of customer invoices automatically. It can also increase the efficiency and accuracy of invoicing and payment processes, which has a positive impact on the company’s cash flow and its profitability.

Key Market Drivers and Restraints

Increasing digital transactions in emerging economies

The rising number of digital transactions in developing countries is expected to have a significant impact on the accounts receivable automation market growth. It is anticipated that the number of digital transactions by using digital payment technologies will reach up to 726 billion in 2020. Technological innovations such as contactless bank cards, connected homes, augmented reality, and wearable devices are the major factors driving the growth of digital transactions in the coming years. Emerging economies are expected to grow three times faster than developed economies in terms of digital transaction volumes. The growing adoption of mobile payments and wallets in Asia further drives the growth of digital transactions.

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Faster invoicing and payments

Generally, most businesses face issues while receiving payments from their customers because customers often pay invoices at their leisure. A major benefit of automation is that it made easy for customers to pay immediately by creating e-invoices. This eliminates delays in payment. This is another factor contributing to the growth of accounts receivable automation market across the globe.

The high cost of accounts receivable automation software

The higher cost of accounts receivable automation software is expected to hamper the growth of the market in the given analysis period. Continuous technological innovation and the necessity of higher efficiency are adding cost to the software.

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Key End-Use industries:

The retail industry holds the largest market share

Major end-use industries analyzed in this market are retail, BFSI, energy and utilities, manufacturing, IT and telecom, and others. Among these, the retail industry holds the largest share in the global accounts receivable automation market. Increasing cashless transactions in retail space have created a significant impact on accounts receivable automation growth around the world. The convenience of cashless transactions benefits both the buyer and the retailer. In addition, these types of payment transactions are easy to track and more secure. The growing adoption of cashless and portable POS technology in retails sales processes allows an efficient and streamline transaction experience between retailers and customers. Additionally, this removes the risk of human error while handling cash.

Regional Market Scenario:

Asia-Pacific will be the fastest region in terms of CAGR in this market

Geographic regions included in the global cognitive radio market study are North America, Europe, Asia Pacific, Middle East and Africa, and South America along with its major countries. The Asia Pacific is expected to be the fastest-growing region in the given analysis period. Growing demand for automated and secured payment process in countries such as China, India, and other ASEAN countries is expected to drive the accounts receivable automation market in the region. An increased number of online payment transactions in China is further expected to boost the demand for accounts receivable automation software. By 2020, online payment transaction volume will reach around USD 3,885 billion.

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Key Market Players

  • SAP
  • Oracle
  • Highradius
  • Financialforce
  • Emagia
  • Versapay
  • Workday
  • Bottomline Technologies
  • Comarch
  • Esker
  • Kofax
  • Rimilia
  • Others

Market Segments: Accounts Receivable Automation Market

  • By Component
  • Software
  • Services
  • By End-Use Industry
  • Retail
  • BFSI
  • Energy and Utilities
  • Manufacturing
  • IT and Telecom
  • Others
  • By Region (tentative)
  • North America
  • US
  • Canada
  • Europe
  • Germany
  • France
  • UK
  • Russia
  • Asia Pacific
  • China
  • India
  • South Korea
  • Japan
  • South-East Asia
  • The Middle East and Africa
  • Saudi Arabia
  • South America
  • Brazil
  • Mexico

Key Sources

  • Industry Associations
  • Patent Websites
  • Company Annual Reports
  • Company Websites
  • Key industry leaders
  • Technology consultants
  • Software Development Companies
  • Others

Key Stakeholders

  • Technology Support Providers
  • Original Equipment Manufacturers (OEMs)
  • Major Retail Organizations
  • Software Service Providers
  • Regulatory Authorities
  • Research and Innovation Organizations
  • Technocrats
  • Suppliers and Distributors
  • Other Channel Partners
  • Quality Control Organizations
  • Environmental Authorities

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Press Release Distributed by The Express Wire

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