NEWARK, N.J., Aug. 18, 2022 /PRNewswire/ -- The Brainy Insights launched a study titled Accounts Receivable Automation Market Size by Deployment Type (On-premise, Cloud), Industry Vertical (BFSI, Retail & Consumer Goods, Healthcare, IT & Telecom, Manufacturing, Energy & Utilities, and Others), Component, Organizational Size, Region, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030.
The global accounts receivable automation market is expected to grow from USD 1.4 Billion in 2021 to USD 3.8 Billion by 2030, at a CAGR of 11.8% during the forecast period 2022-2030. The growing focus is on improving the cash flow and reduction in outstanding payments from sales. The need to reduce the time of the accounting cycle is also likely to provide an impetus for the growth of the accounts receivable automation market.
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The on-premise segment dominated the market with a market value of around 0.88 billion in 2021.
The deployment type segment is divided into on-premise and cloud. The on-premise segment dominated the market with a market share of around 0.88 billion in 2021. The growth of the segment is rising as it is a traditional approach to implement the accounting receivable solutions on-premises of an enterprise. It is the most effective way, as there are no chances of data security and privacy issues. On-premise deployment has been BFSI and healthcare verticals, as these verticals deal with critical and sensitive data.
The manufacturing industry segment is expected to grow at the fastest CAGR of 12% over the forecast period.
The industry vertical segment is divided into BFSI, retail & consumer goods, healthcare, IT & telecom, manufacturing, energy & utilities, and others. Over the forecast period, the manufacturing segment is expected to grow at the fastest CAGR of 12%. The manufacturing industry is always looking for new opportunities to enhance the process of payment collection, invoicing, overpayments, duplicate payments, and fraudulent payments.
Regional Segmentation Analysis:
The market is analyzed based on five regions, namely North America, Europe, Asia Pacific, South America, and the Middle East and Africa. During the forecast period, Asia Pacific is expected to be the largest market. The accounts receivable automation market in the Asia Pacific region has been expanding rapidly. The market in the Asia Pacific region has been propelling due to the growing demand for automating the day-to-day accounts processes at an organization. The use of accounts receivable automation allows organizations to successfully transform their accounts receivables and overcome the challenges they face in doing all the invoices manually and on paper. This solution allows customers to reduce the number of outstanding and processing costs while simultaneously doing business efficiently.
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Leading companies in the industry include Sage, Oracle, Bottomline technologies, High Radius, Financial Force, Rimilia, Emagia, Zoho, Comarch, and Yay Pay among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
Due to the continuously changing work environment, every organization is focusing on maintaining the efficiency of their business, which can be achieved by better functioning of all departments. The accounts department, which is one of the crucial departments needs to be managed in such a way that it gives the best output. Accounts receivables must be automated such as using digital invoices and payments. Moreover, it also gives several other benefits such as less manual work, cost savings, and reduced time which is expected to increase the demand of an account receivable automation market.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global accounts receivable automation market based on below mentioned segments:
Global Accounts Receivable Automation Market by Deployment Type:
Global Accounts Receivable Automation Market by Industry Vertical:
Retail & Consumer Goods
IT & Telecom
Energy & Utilities
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About the report:
The global accounts receivable automation market is analyzed based on value (USD Billion). All the segments have been analyzed globally, regional and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the clients objectives of high-quality output within a short time. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. The customized solutions are tailored to meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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