The global accounts receivable automation market size is estimated to be USD 3.3 billion in 2022 and is projected to reach USD 6.5 billion by 2027, at a CAGR of 14.2% during the forecast period. The demand for quick invoicing to reduce delay in payments is one of the key factors driving market growth.
The key market players that dominate the Accounts receivable automation market include Sage (UK), SAP (Germany), Oracle (US), Workday (US), Bottomline Technologies (US), Comarch (Poland), Esker (France), Zoho (India), BlackLine (US), and HighRadius (US). These players have adopted various strategies such as new product launches and enhancements, partnerships, collaborations, and acquisitions to grow in the accounts receivable automation market.
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Sage offers a comprehensive solution portfolio, including accounting, payments, enterprise management, payroll software, and Human Resources (HR) solutions. In the accounts receivable automation market, Sage offers Sage Accounting and Sage Intacct. Sage Accounting accounts receivable software automates accounts receivable functions, such as creating and sending invoices and automatically recording and tracking payments to save time, reduce manual errors, and increase cash flow. In November 2021, Sage partnered with Zapier to enable small businesses and accountants across UK, Ireland, US, and Canada to elevate their work and automate workflows by seamlessly connecting Sage Accounting with 4,000 apps.
SAP is a leading provider of enterprise application platforms and offers solutions for asset management, HR, and manufacturing. In the account receivable automation market, SAP offers SAP S/4HANA for Receivables Management. SAP Receivables Management is a key part of an optimized OTC process based on FI-AR. With the help of the automated process, receivables management delivers high-quality customer interaction reports. In May 2022, SAP partnered with Google to introduce new integrations between Google Workspace and SAP’s flagship cloud ERP, SAP S/4HANA Cloud.
Accounts Receivable Automation Market by Component (Solutions (Credit Evaluation & Management and Collections Management) and Services), Organization Size, Deployment Mode, Vertical and Region - Global Forecast to 2027
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