Published Date: 30-Jun-2022
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According to a new report, published by KBV research, The Global Accounts Receivable Automation Market size is expected to reach $6.5 billion by 2028, rising at a market growth of 13.1% CAGR during the forecast period.
The Services market has shown high growth rate of 14% during (2022 - 2028). The rising growth of the segment is owing to the fact that there is a significant number of market players across the world that are offering managed and professional services to their customers. Accounts receivable automation services considerably streamlines the workflow in organizations, due to which, the demand for these services is rising. Hence, the growth of the segment is being propelled.
The BFSI market acquired maximum revenue share in Global Accounts Receivable Automation Market by Vertical 2021, achieving a market value of $2.2 billion by 2028. The constantly increasing growth of the segment is attributed to the rising workload on banks as well as other financial authorities all over the world. The BFSI industry is a pioneer in adopting new technologies. Financial firms can use the accounts receivable automation system to increase cash collection from customers.
The Cloud market is showcasing a CAGR of 14.7% during (2022 - 2028). The rapidly rising growth of the segment is attributed to the rising adoption of cloud platforms by various businesses in order to save costs and resources. The deployment strategy of a cloud-based accounts receivable automation solution is a cost-effective and efficient means of dealing with large data concerns.
The Large Enterprises market is leading the segment in Global Accounts Receivable Automation Market by Organization Size 2021, thereby, achieving a market value of $4,152.9 million by 2028. The increasing growth of the segment is owing to the significant number of customers and substantial amounts of workloads in this kind of organizations. Due to this, the requirement for automation majorly increases among large enterprises. Hence, this factor is driving the growth of the segment.
The North America market dominated the Global Accounts Receivable Automation Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,344.6 million by 2028. The Europe market would experience a CAGR of 12.6% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 13.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/accounts-receivable-automation-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Component
By Vertical
By Deployment Type
By Organization Size
By Geography
Companies Profiled
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Related Reports:
North America Accounts Receivable Automation Market Future Scope & Opportunities 2022-2028
Europe Accounts Receivable Automation Market Size & Growth Forecast 2022-2028
Asia Pacific Accounts Receivable Automation Market Size, Share & Industry Outlook to 2028
LAMEA Accounts Receivable Automation Market Growth, Trends & Forecasts 2022-2028