The global accounts receivable automation market size is projected to increase by a Compound Annual Growth Rate (CAGR) of 14.2% and reach $6.5 billion by 2027. Currently, the market size is estimated at $3.3 billion. The services segment is expected to increase at a higher amount than the CAGR 14.2% during the forecast segment. The services segment is classified into professional and managed services sections. The increase in digital transactions in new economies has caused an expected increase in the demand for accounts receivable automation services, including services to plan, design, implement and deploy accounts receivable solutions.
The support & maintenance subsegment is predicted to hold the largest share of the market size. This subsegment is considered anything related to the support of implementing and using accounts receivable automation, including support provided during, before, and after installation or other maintenance. The demand for these services is projected to keep growing as businesses aim to reap the maximum advantage from investments in accounts receivable automation. Small and medium-sized enterprises (SMEs), organizations with an employee range of 1-1,000, are projected to grow at the highest CAGR during the forecast period. SMEs are increasing their adoption rate of automated accounts receivable solutions since they enhance overall productivity by reducing the time for processing invoices.
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