The Asia Pacific Accounts Receivable Automation Market would witness market growth of 13.7% CAGR during the forecast period (2022-2028).
Vendors of accounts receivable automation solutions invest in artificial intelligence in order to help finance and accounting professionals improve their financial efficiency. By giving deeper insights into the business process, AI and ML can help finance-related operations run more smoothly. Companies can, for example, use AI to examine every business process and discover areas where improvements can be made to increase value. It can also assist in deciphering client behavior and payment trends in order to spot any potential payment concerns.
The purpose of Accounts Receivable Automation is to make the process of issuing and distributing invoices as simple as possible. The solution is made feasible by combining the distributor's finance systems along with a business network, enabling the company to send invoices electronically, by email, or via regular mail with a single click. Even though not all of the customers have the same digital skills, as a supplier, one can fully digitalize all processing and distribution. On the company's end, one can issue and handle all bills in the same way, using a dedicated finance system. The service provider saves and attends to the customer's requests, whether it's to get a PDF, an e-invoice, or other image files via email, or even a paper invoice by mail.
India and China's manufacturing industries are exceptionally robust, accounting for a significant portion of each country's GDP. The Indian manufacturing industry generated 16-17% of the country's GDP in 2018 and is anticipated to be one of the fastest-growing sectors, as per the International Trade Administration. The industrial equipment sector in India was essentially the manufacturing industry's foundation. Technology has encouraged creativity in recent years, with digital transformation playing a vital component in creating a competitive edge in this highly competitive industry. In the manufacturing sector, India has always prioritized domestic output and consumption.
The China market dominated the Asia Pacific Accounts Receivable Automation Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $524 million by 2028. The Japan market would exhibit a CAGR of 13% during (2022 - 2028). Additionally, The India market would witness a CAGR of 14.4% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Accounts Receivable Automation Market is Projected to reach USD 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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