Account Receivable Automation Market Size Was Valued at USD 798.2 Million in 2023, and is Projected to Reach USD 1,146.0 Million by 2032, Growing at a CAGR of 4.1% From 2024-2032.
The financial technology sector devoted to simplifying and improving the procedures involved in handling and processing accounts receivable for companies is known as the "Account Receivable Automation Market." It includes a variety of technological advancements and software programs intended to automate processes like reconciliation, payment processing, invoice production, and collections administration. Businesses hope to increase overall efficiency in handling their receivables, decrease errors, speed cash flows, and reduce human labor by utilizing robotic process automation, artificial intelligence, and machine learning. This will improve their operational performance and financial health.
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Active Key Players in the Account Receivable Automation Market
- AIDP Inc.
- Axiom Foods Inc.
- Bioway (Xi'an) Organic Ingredients Co. Ltd.
- Golden Grain Group Limited
- North Coast Naturals
- Nutribiotic, RiceBran Technologies
- Rollins International Pvt. Ltd.
- (RHA Holdings Private Ltd.)
- Shafi Gluco Chem Pvt. Ltd.
- The Green Labs LLC
- Top Health Ingredients Inc
- Other Major Players.
Segmentation Of Account Receivable Automation Market:
By Component
- Solutions
- Services
By Deployment
- Cloud
- On-premises
By Organization Size
- Large Enterprises
- Small & Medium Sized Enterprises
By Vertical
- Banking, Financial Services & Insurance
- IT & Telecom
- Manufacturing
- Consumer Goods & Retail
- Healthcare
- Energy & Utilities
- Other Verticals
By Region
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
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Account Receivable Automation Market Trend Analysis:
In recent years, the market for Account Receivable Automation has grown significantly, propelled by a number of important factors. Growing consumer demand for plant-based proteins is one of the main causes, as more individuals switch to vegetarian and vegan diets for moral, ethical, and environmental reasons. The hypoallergenic qualities of Account Receivable Automation make it an appealing substitute for people who are intolerant to dairy, soy, or gluten. Rice protein's appeal has been further enhanced by the rise in demand for clean-label and non-GMO products brought on by the increased awareness of health and wellness.
All things considered, the market for Account Receivable Automation is expected to grow further due to ongoing advancements, growing consumer demand for plant-based foods, and the expanding range of applications across several sectors.
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Key Industry Developments in the Account Receivable Automation Market:
- In December 2023, Paymerang launched its Receivables Automation product, enhancing its finance automation solutions. This new offering streamlines accounts receivable processes, providing real-time cash flow insights, increasing efficiency, and reducing errors. Integrated with Fiserv, it enables card payment acceptance and processing across the U.S. Paymerang CEO Nasser Chanda highlighted the product's role in driving financial efficiency for CFOs and finance teams.
- In June 2023, Oracle NetSuite launched NetSuite Account Reconciliation to automate and streamline balance sheet account reconciliation. Integrated into NetSuite’s cloud ERP suite, this solution leverages Oracle technology to enhance financial statement accuracy, bolster internal controls, and accelerate the financial close process.
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