Accounts Receivable Automation Market by Component (Solution and Services), Organization Size, Deployment Type, Industry (BFSI, IT & Telecom, Manufacturing, Consumer Goods & Retail, Healthcare, Energy & Utilities), and Region - Global Forecast to 2024

The accounts receivable automation market is expected to grow at a CAGR of 12.1% during the forecast period due to the growing focus on the improvement of cash flow and reduction in days sales outstanding
The global accounts receivable automation market size is expected to grow from USD 1.7 billion in 2019 to USD 3.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period. Growing focus on the improvement of cash flow and reduction in days sales outstanding and reduced accounting cycle time are the major factors driving the growth of the accounts receivable automation market.
The solution segment expected to hold a higher market share during the forecast period
Accounts receivable automation solutions are widely adopted by various end users, such as financial institutions, retail, manufacturing, healthcare providers, government agencies, and telecom and utilities to automate and improve their cash collection efficiency. Manual processes for accounts receivable processes are expensive, error-prone, and highly inefficient. The accounts receivable solution automates payment receivable processes and enables enterprises to maintain a vendor-supplier relationship. The accounts receivable automation solution offers visibility of entire accounts receivable processes such as invoicing, receipt, and timely payment collection management. Moreover, it can be easily integrated with the Enterprise Resource Planning (ERP), thereby providing enhanced ability to adopt changes and increase the efficiency of payment processes. Accounts receivable automation provides dashboards, account selections, compliance policies, routing rules, and approvals to deliver seamless proficiencies for an organization’s operation.
Cloud-based deployment type expected to have a significant growth in the accounts receivable automation market during the forecast period
Several vendors in the market are providing payment collection solutions through the public and private cloud. Cloud-based solutions are available in various subscriptions and pay-per-use models. Organizations are looking forward to having their solutions deployed on the cloud, as it offers various advantages, such as scalability, flexibility in capacity, enhanced collaboration, and cost-efficiency. The implementation of the cloud-based accounts receivable automation solution facilitates enterprises to focus on their core competencies, rather than IT processes. Cloud-based accounts receivable automation solutions are significantly gaining traction due to their unprecedented deployment flexibility benefits and global availability.
North America expected to have the largest market size during the forecast period
North America has been a frontrunner in adopting innovative technologies. The accounts receivable automation market in North America is competitive due to the presence of a large number of solution providers. The market in this region is already at a mature stage, and therefore, it is expected to witness slower growth as compared to the other regions. The well-developed economy in North America and the growing adoption of automation solutions are the key factors contributing to the growth of the accounts receivable automation market in this region. The enterprises operating in the region are increasing their IT spending to automate the financial process. Enterprises with a large volume of data and transactions have already realized the need for an accounts receivable automation solution to carry out error-free, on-time transactions. Metro cities, such as New York, San Francisco, and Washington, have a large pool of skilled accounts receivable automation professionals who use the accounts receivable automation solution to get on-time payments for achieving business growth. The US and Canada are the key countries considered for market analysis in this region.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The breakup of the profiles of the primary participants is as follows:
‧ By Company: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
‧ By Designation: C-Level – 35%, Director Level – 25%, and Others – 40%
‧ By Region: North America – 45%, Europe – 20%, APAC – 30%, RoW – 5%
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.
Research Coverage:
The report includes an in-depth competitive analysis of the key players in the accounts receivable automation market along with their company profiles, recent developments, and key market strategies. The report segments the accounts receivable automation market by component (solution and services), organization size (large enterprises, and small and medium-sized enterprises), deployment type (on-premises and cloud) verticals, and regions.
Key Benefits of Buying the Report:
The accounts receivable automation market has been segmented on the basis of components, organization size, deployment types, verticals, and regions.
The report will help the market leaders/new entrants in the accounts receivable automation market in the following ways:
1. The overall accounts receivable automation market revenue stream has been estimated based on the revenues generated by vendors, offering accounts receivable automation platform solutions and services, wherein services are inclusive of integration and deployment, support and maintenance, and consulting services, provided by professional service providers. Moreover, the services segment also includes revenues generated by Managed Service Providers (MSPs). The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are split further into regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report will help the stakeholders understand the competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.

TABLE OF CONTENTS

1 INTRODUCTION 16
1.1 OBJECTIVES OF THE STUDY 16
1.2 MARKET DEFINITION 16
1.3 MARKET SCOPE 17
1.3.1 MARKET SEGMENTATION 17
1.4 YEARS CONSIDERED FOR THE STUDY 18
1.5 CURRENCY CONSIDERED 18
1.6 STAKEHOLDERS 19
2 RESEARCH METHODOLOGY 20
2.1 RESEARCH DATA 20
2.1.1 SECONDARY DATA 21
2.1.2 PRIMARY DATA 21
2.1.2.1 Breakup of primaries 21
2.1.2.2 Key industry insights 22
2.2 MARKET BREAKUP AND DATA TRIANGULATION 22
2.3 MARKET SIZE ESTIMATION 23
2.3.1 TOP-DOWN APPROACH 23
2.3.2 BOTTOM-UP APPROACH 24
2.4 MARKET FORECAST 24
2.5 ASSUMPTIONS FOR THE STUDY 25
2.6 LIMITATIONS OF THE STUDY 26
3 EXECUTIVE SUMMARY 27
4 PREMIUM INSIGHTS 29
4.1 ATTRACTIVE MARKET OPPORTUNITIES IN THE ACCOUNTS RECEIVABLE AUTOMATION MARKET 29
4.2 ACCOUNTS RECEIVABLE AUTOMATION MARKET IN NORTH AMERICA,
BY INDUSTRY AND COUNTRY, 2019 30
4.3 ACCOUNTS RECEIVABLE AUTOMATION MARKET: MAJOR COUNTRIES 31
5 MARKET OVERVIEW AND INDUSTRY TRENDS 32
5.1 INTRODUCTION 32
5.2 MARKET DYNAMICS 32
5.2.1 DRIVERS 33
5.2.1.1 Growing focus on the improvement of cash flow and reduction of days sales outstanding 33
5.2.1.2 Reduced accounting cycle time 33
5.2.2 RESTRAINTS 33
5.2.2.1 Reluctance of enterprises toward automating their accounts receivable processes 33
5.2.3 OPPORTUNITIES 33
5.2.3.1 AI-powered accounts receivable automation 33
5.2.3.2 Growing traction for SaaS solutions and shift toward value-based pricing 34
5.2.4 CHALLENGES 34
5.2.4.1 Security and encryption concerns 34
5.2.4.2 Complex invoicing and payment management processes 34
5.3 USE CASES 35
5.3.1 YAYPAY 35
5.3.2 VERSAPAY 35
5.3.3 HIGHRADIUS 35
6 ACCOUNTS RECEIVABLE AUTOMATION MARKET, BY COMPONENT 36
6.1 INTRODUCTION 37
6.2 SOLUTION 38
6.2.1 INCREASING NEED TO REDUCE TIME AND ERRORS IN ACCOUNTS RECEIVABLE WORKFLOW DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION 38
6.3 SERVICES 39
6.3.1 CONSULTING AND IMPLEMENTATION 40
6.3.1.1 Expertise and technicalities involved in implementing accounts receivable automation solution to boost the demand for consulting and implementation services 40
6.3.2 SUPPORT AND MAINTENANCE 41
6.3.2.1 Increasing deployment of accounts receivable automation solution for handling complex accounts receivable processes to drive the demand for support and maintenance services 41
7 ACCOUNTS RECEIVABLE AUTOMATION MARKET, BY ORGANIZATION SIZE 43
7.1 INTRODUCTION 44
7.2 LARGE ENTERPRISES 45
7.2.1 GROWING NEED TO IMPROVE CASH FLOW AND ELIMINATE HUMAN ERRORS IN ACCOUNTING PROCESSES DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION AMONG LARGE ENTERPRISES 45
7.3 SMALL AND MEDIUM-SIZED ENTERPRISES 46
7.3.1 NEED FOR COST-EFFECTIVE SOLUTIONS TO DRIVE THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION ACROSS SMALL AND MEDIUM-SIZED ENTERPRISES 46
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8 ACCOUNTS RECEIVABLE AUTOMATION MARKET, BY DEPLOYMENT TYPE 47
8.1 INTRODUCTION 48
8.2 ON-PREMISES 49
8.2.1 BENEFITS SUCH AS FULL CONTROL OF INFRASTRUCTURE AND ENHANCED SECURITY TO BOOST THE ADOPTION OF ON-PREMISES ACCOUNTS RECEIVABLE AUTOMATION SOLUTION 49
8.3 CLOUD 50
8.3.1 ADVANTAGES SUCH AS SCALABILITY, FLEXIBILITY, ENHANCED COLLABORATION, AND COST-EFFICIENCY TO DRIVE THE ADOPTION OF CLOUD-BASED ACCOUNTS RECEIVABLE AUTOMATION SOLUTION 50
9 ACCOUNTS RECEIVABLE AUTOMATION MARKET, BY INDUSTRY 51
9.1 INTRODUCTION 52
9.2 BANKING, FINANCIAL SERVICES, AND INSURANCE 53
9.2.1 NEED TO MAXIMIZE STAFF PRODUCTIVITY AND SAVE TIME OF PERSONNEL DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION IN BFSI INDUSTRY 53
9.3 IT AND TELECOM 54
9.3.1 INCREASING NEED TO STREAMLINE BUSINESS PROCESSES DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION IN IT AND TELECOM INDUSTRY 54
9.4 MANUFACTURING 55
9.4.1 NEED FOR FASTER PAYMENT PROCESSING AND GAIN THOROUGH INSIGHTS INTO WORKING CAPITAL DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION IN MANUFACTURING INDUSTRY 55
9.5 CONSUMER GOODS AND RETAIL 56
9.5.1 GROWING NECESSITY TO REDUCE COSTS, OPTIMIZE EFFICIENCY, AND STREAMLINE BACK-OFFICE FUNCTIONS DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION IN CONSUMER GOODS AND RETAIL INDUSTRY 56
9.6 HEALTHCARE 57
9.6.1 SURGING NEED TO MAINTAIN ACCURACY IN PAYMENT ACCEPTANCE PROCESS DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION IN HEALTHCARE INDUSTRY 57
9.7 ENERGY AND UTILITIES 58
9.7.1 GROWING NECESSITY TO CONTROL INCREASING OVERHEAD COSTS AND IMPROVE CASH FLOW DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION IN ENERGY AND UTILITIES INDUSTRY 58
9.8 OTHERS 59
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10 ACCOUNTS RECEIVABLE AUTOMATION MARKET, BY REGION 60
10.1 INTRODUCTION 61
10.2 NORTH AMERICA 62
10.2.1 UNITED STATES 65
10.2.1.1 Presence of a large number of accounts receivable automation solution providers to drive the market growth in the US 65
10.2.2 CANADA 65
10.2.2.1 Changing paradigm of businesses toward the adoption of digitalized solutions to fuel the adoption of accounts receivable solution in Canada 65
10.3 EUROPE 66
10.3.1 UNITED KINGDOM 68
10.3.1.1 Need for efficient management of invoices pertaining to diverse customers driving the adoption of accounts receivable automation solution in the UK 68
10.3.2 GERMANY 68
10.3.2.1 Growing need for efficient accounting process among large enterprises to drive the adoption of accounts receivable automation solution in Germany 68
10.3.3 REST OF EUROPE 69
10.4 ASIA PACIFIC 69
10.4.1 JAPAN 72
10.4.1.1 Need to overcome the shortage of human resources driving the adoption of accounts receivable automation solution in Japan 72
10.4.2 AUSTRALIA AND NEW ZEALAND 72
10.4.2.1 Need to manage customer accounts and meet diverse customer demands driving the adoption of accounts receivable automation solution in ANZ 72
10.4.3 REST OF ASIA PACIFIC 72
10.5 MIDDLE EAST AND AFRICA 73
10.5.1 UNITED ARAB EMIRATES 75
10.5.1.1 Growing need for efficient accounting process among enterprises to drive the growth of accounts receivable automation market in the UAE 75
10.5.2 KINGDOM OF SAUDI ARABIA 75
10.5.2.1 Need for better customer relationship and efficient management of payment receivables to fuel the growth of accounts receivable automation market in KSA 75
10.5.3 REST OF MIDDLE EAST AND AFRICA 76
10.6 LATIN AMERICA 76
10.6.1 BRAZIL 78
10.6.1.1 Increasing need to overcome shortage of skilled workforce driving the adoption of accounts receivable solution in Brazil 78
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10.6.2 MEXICO 78
10.6.2.1 Growing need to streamline business operations driving the growth of accounts receivable automation market in Mexico 78
10.6.3 REST OF LATIN AMERICA 79
11 COMPETITIVE LANDSCAPE 80
11.1 INTRODUCTION 80
11.2 COMPETITIVE SCENARIO 81
11.2.1 NEW PRODUCT/SERVICE LAUNCHES AND PRODUCT ENHANCEMENTS 81
11.2.2 PARTNERSHIPS, COLLABORATIONS, AND AGREEMENTS 82
11.2.3 MERGERS AND ACQUISITIONS 82
11.3 COMPETITIVE LEADERSHIP MAPPING 83
11.3.1 VISIONARY LEADERS 83
11.3.2 DYNAMIC DIFFERENTIATORS 83
11.3.3 INNOVATORS 83
11.3.4 EMERGING COMPANIES 84
12 COMPANY PROFILES 85
12.1 SAGE 85
(Business Overview, Products, Solutions, & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
12.2 SAP 88
12.3 ORACLE 91
12.4 WORKDAY 94
12.5 BOTTOMLINE TECHNOLOGIES 97
12.6 COMARCH 100
12.7 ESKER 102
12.8 KOFAX 104
12.9 ZOHO 106
12.10 HIGHRADIUS 107
12.11 FINANCIALFORCE 108
12.12 EMAGIA 108
12.13 VERSAPAY 109
12.14 RIMILIA 109
12.15 INVOICED 110
12.16 YAYPAY 110
*Details on Business Overview, Products, Solutions & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
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13 APPENDIX 111
13.1 DISCUSSION GUIDE 111
13.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 115
13.3 AVAILABLE CUSTOMIZATIONS 117
13.4 RELATED REPORTS 117
13.5 AUTHOR DETAILS 118