Insights on the Accounts Receivable Automation Global Market to 2026 - Featuring SAP, Oracle and Kofax Among Others - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Apr 7, 2021--
The “Accounts Receivable Automation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)” report has been added to ResearchAndMarkets.com’s offering.
The global accounts receivable automation market (henceforth, referred to as the market studied) was valued at USD 1891.60 million in 2020 and is projected to be worth USD 3,861.21 million by 2026, registering a CAGR of 12.66% during the period of 2021 - 2026.
- SAP SE
- Oracle Corporation
- SK Global Software
- YayPay Inc.
- Kofax Inc.
- Workday, Inc.
- Netsend (Corcentric LLC)
- HighRadius Corporation
- Qvalia AB
- Vanguard Systems, Inc.
- Bill.com, LLC (Size of the Organization)
- Comarch SA
- Esker Inc.
Key Market Trends
BFSI Industry Expected to Exhibit Significant Adoption
- Automation in the banking industry helps the financial institutions in simplifying their operations, minimizing the operation costs, and optimizing their credit collection process, by automating the repetitive and time-taking backend tasks. It also helps the industry to evolve and eliminate redundant processes, and improve the credibility of the financial institutions. It further helps the institutions to deploy its valuable resources to various other important value-added projects and tasks where the involvement of humans is inevitable.
- Process Automation is widely adopted in the BFSI sector as it automated transactional tasks at scale, such as processing invoices, data entry, reporting, cash collection, credit collection, payment to vendors, and many more. Recently, HSBC deployed Treasury APIs, which enables the treasurers to initiate, track and complete transactions efficiently and by enhancing visibility. The integration creates transparency in corporate payments and allows the finance managers make informed and dynamic cash and credit management decision.
- In March 2020, the technology solutions and payment processing company, Jack Henry & Associates integrated its BusinessManager with the SilverLake System, with the aim to streamline accounts receivable financing. The SilverLake System is a banking platform that provides automation designed for commercial banks of all sizes. The integration is expected to enable the financial institutions to provide funding to their business customers with more speed, accuracy and efficiency.
- Also, Finish FinTech Enterpay received a fresh round of funding with a view to expand the reach of its B2B automated invoicing solutions, and fuel the international expansion of its automated B2B-focused eCommerce invoicing offering.
Asia-Pacific to Witness Highest Growth
- Asia-Pacific is expected to witness robust growth owing to the growing need for automating day-to-day operational processes. Due to the increasing demand for precise accounting procedure management and timely processing of payment processes from customers, accounts receivable automation is adopted by enterprises in the region to boost payment collection.
- The accounts receivable automation market in the region has gained traction, due to the increasing demand for automated and secured payable processes. The use of automated accounts receivable solution allows organizations to successfully drive the transformation of their accounts receivable departments to overcome the challenges of manual and paper-based processes.
- The adoption of AI-driven solution is expected to create scope for the market in the region. For instance, In March 2020, Fuji Xerox Asia Pacific announced its expanded partnership with business process and document automation vendor Esker to launch the Esker Accounts Receivable solution in the region. The AI-driven solution enables different teams to collaborate more effectively and is compliant with standards in over 60 countries.
- By accelerating invoice delivery, this solution allows customers to reduce days sales outstanding and processing costs, while simultaneously enhancing business efficiency. Additionally, it automates the areas of accounts receivable that matter most to the business, from invoice delivery and credits and collections to cash application and payments, allowing companies to collect receivables on time.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Improve Business Efficiency by Improving Cash Flow and Reduce Costs and Accounting Cycle Time
4.2.2 Increasing Adoption of Technologies like Cloud Computing and AI
4.3 Market Restraints
4.3.1 Complex Procedure of Invoicing and Payment Management
4.3.2 Privacy and Security Concerns
4.4 Industry Attractiveness - Porter’s Five Forces Analysis
4.5 Assessment of Impact of Covid-19 on the Market
5 MARKET SEGMENTATION
5.2 Deployment Mode
5.3 Size of the Organization
5.3.1 Small and Medium Enterprises
5.3.2 Large Enterprises
5.4 End-user Industry
5.4.2 IT & Telecom
5.4.3 Media and Entertainment
5.4.5 Transportation & Logistics
5.4.6 Other End-user Industries (Travel & Tourism, Food & Beverages, Government, Manufacturing)
5.5.1 North America
5.5.4 Latin America
5.5.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/qwikxd
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INDUSTRY KEYWORD: TECHNOLOGY ACCOUNTING PROFESSIONAL SERVICES OTHER TECHNOLOGY
SOURCE: Research and Markets
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PUB: 04/07/2021 05:57 AM/DISC: 04/07/2021 05:57 AM