The Latin America, Middle East and Africa Accounts Receivable Automation Market would witness market growth of 16.3% CAGR during the forecast period (2022-2028).
Improvements in cash flow, increased control over cash, and working capital, increased account receivable governance performance, enhanced customer communication, as well as increased customer service as well as satisfaction with lesser administrative costs in minimizing credit risk, are anticipated to boost the adoption of the accounts receivable automation in the coming years.
Account receivable operations have also been automated as a result of expanding workflow automation strategies across many industry sectors. The solutions aid in the improvement of cash flow and the reduction of accounting cycle time. All of these elements are aiding in the growth of the accounts receivable automation market. Furthermore, due to the constantly changing environment, every business is focusing on improving their business efficiency, which can be accomplished by better managing account receivables, such as digital invoices and payments, which is another factor estimated to increase the growth of the Accounts Receivable Automation market in the coming years.
The expansion of the regional financial sector is one of the foundations of economic progress since it encourages savings and investment. According to the US Department of Treasury, Sub-Saharan Africa's economy is anticipated to grow 4-5% per year to provide enough productive employment, food, and rising pay to its rapidly growing population. To accomplish this goal, regional authorities are increasing their focus on increasing efficiency, investment, and domestic savings. Domestic savings are progressively increasing in Sub-Saharan Africa, accounting for about 12% of total GDP.
The Brazil market dominated the LAMEA Accounts Receivable Automation Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $113.1 million by 2028. The Argentina market is estimated to witness CAGR of 16.9% during (2022 - 2028). Additionally, The UAE market is anticipated to grow at a CAGR of 16% during (2022 - 2028).
Based on Vertical, the market is segmented into BFSI, Energy & Utilities, Manufacturing, Telecom & IT, Retail & Consumer Goods, Healthcare & Life Sciences, and Others. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Accounts Receivable Automation Market is Predict to reach $6.5 Billion by 2028, at a CAGR of 13.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, SAP SE, Comarch S.A., Zoho Corporation Pvt. Ltd., Workday, Inc., The Sage Group PLC, BlackLine, Inc., HighRadius Corporation, Esker, S.A., Bottomline Technologies, Inc.
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