Table of Content

1 INTRODUCTION 16
1.1 OBJECTIVES OF THE STUDY 16
1.2 MARKET DEFINITION 16
1.3 MARKET SCOPE 17
1.3.1 MARKET SEGMENTATION 17
1.4 YEARS CONSIDERED FOR THE STUDY 18
1.5 CURRENCY CONSIDERED 18
1.6 STAKEHOLDERS 19

2 RESEARCH METHODOLOGY 20
2.1 RESEARCH DATA 20
2.1.1 SECONDARY DATA 21
2.1.2 PRIMARY DATA 21
2.1.2.1 Breakup of primaries 21
2.1.2.2 Key industry insights 22
2.2 MARKET BREAKUP AND DATA TRIANGULATION 22
2.3 MARKET SIZE ESTIMATION 23
2.3.1 TOP-DOWN APPROACH 23
2.3.2 BOTTOM-UP APPROACH 24
2.4 MARKET FORECAST 24
2.5 ASSUMPTIONS FOR THE STUDY 25
2.6 LIMITATIONS OF THE STUDY 26

3 EXECUTIVE SUMMARY 27

4 PREMIUM INSIGHTS 29
4.1 ATTRACTIVE MARKET OPPORTUNITIES IN THE ACCOUNTS RECEIVABLE AUTOMATION MARKET 29
4.2 ACCOUNTS RECEIVABLE AUTOMATION MARKET IN NORTH AMERICA,
BY INDUSTRY AND COUNTRY, 2019 30
4.3 ACCOUNTS RECEIVABLE AUTOMATION MARKET: MAJOR COUNTRIES 31

5 MARKET OVERVIEW AND INDUSTRY TRENDS 32
5.1 INTRODUCTION 32
5.2 MARKET DYNAMICS 32
5.2.1 DRIVERS 33
5.2.1.1 Growing focus on the improvement of cash flow and reduction of days sales outstanding 33
5.2.1.2 Reduced accounting cycle time 33
5.2.2 RESTRAINTS 33
5.2.2.1 Reluctance of enterprises toward automating their accounts receivable processes 33
5.2.3 OPPORTUNITIES 33
5.2.3.1 AI-powered accounts receivable automation 33
5.2.3.2 Growing traction for SaaS solutions and shift toward value-based pricing 34
5.2.4 CHALLENGES 34
5.2.4.1 Security and encryption concerns 34
5.2.4.2 Complex invoicing and payment management processes 34
5.3 USE CASES 35
5.3.1 YAYPAY 35
5.3.2 VERSAPAY 35
5.3.3 HIGHRADIUS 35

6 ACCOUNTS RECEIVABLE AUTOMATION MARKET, BY COMPONENT 36
6.1 INTRODUCTION 37
6.2 SOLUTION 38
6.2.1 INCREASING NEED TO REDUCE TIME AND ERRORS IN ACCOUNTS RECEIVABLE WORKFLOW DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION 38
6.3 SERVICES 39
6.3.1 CONSULTING AND IMPLEMENTATION 40
6.3.1.1 Expertise and technicalities involved in implementing accounts receivable automation solution to boost the demand for consulting and implementation services 40
6.3.2 SUPPORT AND MAINTENANCE 41
6.3.2.1 Increasing deployment of accounts receivable automation solution for handling complex accounts receivable processes to drive the demand for support and maintenance services 41

7 ACCOUNTS RECEIVABLE AUTOMATION MARKET, BY ORGANIZATION SIZE 43
7.1 INTRODUCTION 44
7.2 LARGE ENTERPRISES 45
7.2.1 GROWING NEED TO IMPROVE CASH FLOW AND ELIMINATE HUMAN ERRORS IN ACCOUNTING PROCESSES DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION AMONG LARGE ENTERPRISES 45
7.3 SMALL AND MEDIUM-SIZED ENTERPRISES 46
7.3.1 NEED FOR COST-EFFECTIVE SOLUTIONS TO DRIVE THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION ACROSS SMALL AND MEDIUM-SIZED ENTERPRISES 46
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8 ACCOUNTS RECEIVABLE AUTOMATION MARKET, BY DEPLOYMENT TYPE 47
8.1 INTRODUCTION 48
8.2 ON-PREMISES 49
8.2.1 BENEFITS SUCH AS FULL CONTROL OF INFRASTRUCTURE AND ENHANCED SECURITY TO BOOST THE ADOPTION OF ON-PREMISES ACCOUNTS RECEIVABLE AUTOMATION SOLUTION 49
8.3 CLOUD 50
8.3.1 ADVANTAGES SUCH AS SCALABILITY, FLEXIBILITY, ENHANCED COLLABORATION, AND COST-EFFICIENCY TO DRIVE THE ADOPTION OF CLOUD-BASED ACCOUNTS RECEIVABLE AUTOMATION SOLUTION 50

9 ACCOUNTS RECEIVABLE AUTOMATION MARKET, BY INDUSTRY 51
9.1 INTRODUCTION 52
9.2 BANKING, FINANCIAL SERVICES, AND INSURANCE 53
9.2.1 NEED TO MAXIMIZE STAFF PRODUCTIVITY AND SAVE TIME OF PERSONNEL DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION IN BFSI INDUSTRY 53
9.3 IT AND TELECOM 54
9.3.1 INCREASING NEED TO STREAMLINE BUSINESS PROCESSES DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION IN IT AND TELECOM INDUSTRY 54
9.4 MANUFACTURING 55
9.4.1 NEED FOR FASTER PAYMENT PROCESSING AND GAIN THOROUGH INSIGHTS INTO WORKING CAPITAL DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION IN MANUFACTURING INDUSTRY 55
9.5 CONSUMER GOODS AND RETAIL 56
9.5.1 GROWING NECESSITY TO REDUCE COSTS, OPTIMIZE EFFICIENCY, AND STREAMLINE BACK-OFFICE FUNCTIONS DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION IN CONSUMER GOODS AND RETAIL INDUSTRY 56
9.6 HEALTHCARE 57
9.6.1 SURGING NEED TO MAINTAIN ACCURACY IN PAYMENT ACCEPTANCE PROCESS DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION IN HEALTHCARE INDUSTRY 57
9.7 ENERGY AND UTILITIES 58
9.7.1 GROWING NECESSITY TO CONTROL INCREASING OVERHEAD COSTS AND IMPROVE CASH FLOW DRIVING THE ADOPTION OF ACCOUNTS RECEIVABLE AUTOMATION SOLUTION IN ENERGY AND UTILITIES INDUSTRY 58
9.8 OTHERS 59
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10 ACCOUNTS RECEIVABLE AUTOMATION MARKET, BY REGION 60
10.1 INTRODUCTION 61
10.2 NORTH AMERICA 62
10.2.1 UNITED STATES 65
10.2.1.1 Presence of a large number of accounts receivable automation solution providers to drive the market growth in the US 65
10.2.2 CANADA 65
10.2.2.1 Changing paradigm of businesses toward the adoption of digitalized solutions to fuel the adoption of accounts receivable solution in Canada 65
10.3 EUROPE 66
10.3.1 UNITED KINGDOM 68
10.3.1.1 Need for efficient management of invoices pertaining to diverse customers driving the adoption of accounts receivable automation solution in the UK 68
10.3.2 GERMANY 68
10.3.2.1 Growing need for efficient accounting process among large enterprises to drive the adoption of accounts receivable automation solution in Germany 68
10.3.3 REST OF EUROPE 69
10.4 ASIA PACIFIC 69
10.4.1 JAPAN 72
10.4.1.1 Need to overcome the shortage of human resources driving the adoption of accounts receivable automation solution in Japan 72
10.4.2 AUSTRALIA AND NEW ZEALAND 72
10.4.2.1 Need to manage customer accounts and meet diverse customer demands driving the adoption of accounts receivable automation solution in ANZ 72
10.4.3 REST OF ASIA PACIFIC 72
10.5 MIDDLE EAST AND AFRICA 73
10.5.1 UNITED ARAB EMIRATES 75
10.5.1.1 Growing need for efficient accounting process among enterprises to drive the growth of accounts receivable automation market in the UAE 75
10.5.2 KINGDOM OF SAUDI ARABIA 75
10.5.2.1 Need for better customer relationship and efficient management of payment receivables to fuel the growth of accounts receivable automation market in KSA 75
10.5.3 REST OF MIDDLE EAST AND AFRICA 76
10.6 LATIN AMERICA 76
10.6.1 BRAZIL 78
10.6.1.1 Increasing need to overcome shortage of skilled workforce driving the adoption of accounts receivable solution in Brazil 78
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10.6.2 MEXICO 78
10.6.2.1 Growing need to streamline business operations driving the growth of accounts receivable automation market in Mexico 78
10.6.3 REST OF LATIN AMERICA 79

11 COMPETITIVE LANDSCAPE 80
11.1 INTRODUCTION 80
11.2 COMPETITIVE SCENARIO 81
11.2.1 NEW PRODUCT/SERVICE LAUNCHES AND PRODUCT ENHANCEMENTS 81
11.2.2 PARTNERSHIPS, COLLABORATIONS, AND AGREEMENTS 82
11.2.3 MERGERS AND ACQUISITIONS 82
11.3 COMPETITIVE LEADERSHIP MAPPING 83
11.3.1 VISIONARY LEADERS 83
11.3.2 DYNAMIC DIFFERENTIATORS 83
11.3.3 INNOVATORS 83
11.3.4 EMERGING COMPANIES 84
12 COMPANY PROFILES 85
12.1 SAGE 85
(Business Overview, Products, Solutions, & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
12.2 SAP 88
12.3 ORACLE 91
12.4 WORKDAY 94
12.5 BOTTOMLINE TECHNOLOGIES 97
12.6 COMARCH 100
12.7 ESKER 102
12.8 KOFAX 104
12.9 ZOHO 106
12.10 HIGHRADIUS 107
12.11 FINANCIALFORCE 108
12.12 EMAGIA 108
12.13 VERSAPAY 109
12.14 RIMILIA 109
12.15 INVOICED 110
12.16 YAYPAY 110
*Details on Business Overview, Products, Solutions & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
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13 APPENDIX 111
13.1 DISCUSSION GUIDE 111
13.2 KNOWLEDGE STORE: MARKETSANDMARKETS? SUBSCRIPTION PORTAL 115
13.3 AVAILABLE CUSTOMIZATIONS 117
13.4 RELATED REPORTS 117
13.5 AUTHOR DETAILS 118



List of Figures



FIGURE 1 ACCOUNTS RECEIVABLE AUTOMATION: MARKET SEGMENTATION 17
FIGURE 2 ACCOUNTS RECEIVABLE AUTOMATION MARKET: RESEARCH DESIGN 20
FIGURE 3 ACCOUNTS RECEIVABLE AUTOMATION MARKET: TOP-DOWN AND
BOTTOM-UP APPROACHES 23
FIGURE 4 SEGMENTS WITH HIGH MARKET SHARES IN THE ACCOUNTS RECEIVABLE AUTOMATION MARKET IN 2019 28
FIGURE 5 NORTH AMERICA TO ACCOUNT FOR THE HIGHEST MARKET SHARE IN 2019 28
FIGURE 6 GROWING FOCUS OF ORGANIZATIONS TO AUTOMATE THE WORKFLOW OF ACCOUNTS RECEIVABLE AND REDUCE DAYS SALES OUTSTANDING DRIVING THE GROWTH OF ACCOUNTS RECEIVABLE AUTOMATION MARKET 29
FIGURE 7 BANKING, FINANCIAL SERVICES, AND INSURANCE INDUSTRY AND THE UNITED STATES TO ACCOUNT FOR HIGH MARKET SHARES IN THE NORTH AMERICAN ACCOUNTS RECEIVABLE AUTOMATION MARKET IN 2019 30
FIGURE 8 AUSTRALIA AND NEW ZEALAND TO GROW AT THE HIGHEST CAGR DURING
THE FORECAST PERIOD 31
FIGURE 9 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES: ACCOUNTS RECEIVABLE AUTOMATION MARKET 32
FIGURE 10 SERVICES SEGMENT TO GROW AT A HIGHER CAGR DURING
THE FORECAST PERIOD 37
FIGURE 11 CONSULTING AND IMPLEMENTATION SEGMENT TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD 39
FIGURE 12 SMALL AND MEDIUM-SIZED ENTERPRISES SEGMENT TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD 44
FIGURE 13 CLOUD SEGMENT TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD 48
FIGURE 14 CONSUMER GOODS AND RETAIL INDUSTRY TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 52
FIGURE 15 ASIA PACIFIC TO WITNESS SIGNIFICANT GROWTH DURING THE FORECAST PERIOD 61
FIGURE 16 NORTH AMERICA: MARKET SNAPSHOT 62
FIGURE 17 ASIA PACIFIC: MARKET SNAPSHOT 69
FIGURE 18 KEY DEVELOPMENTS BY THE LEADING PLAYERS IN THE ACCOUNTS RECEIVABLE AUTOMATION MARKET DURING 2016–2019 80
FIGURE 19 ACCOUNTS RECEIVABLE AUTOMATION MARKET (GLOBAL) COMPETITIVE LEADERSHIP MAPPING, 2019 84
FIGURE 20 SAGE: COMPANY SNAPSHOT 85
FIGURE 21 SAGE: SWOT ANALYSIS 87
FIGURE 22 SAP: COMPANY SNAPSHOT 88
FIGURE 23 SAP: SWOT ANALYSIS 90
FIGURE 24 ORACLE: COMPANY SNAPSHOT 91
FIGURE 25 ORACLE: SWOT ANALYSIS 93
FIGURE 26 WORKDAY: COMPANY SNAPSHOT 94
FIGURE 27 WORKDAY: SWOT ANALYSIS 95
FIGURE 28 BOTTOMLINE TECHNOLOGIES: COMPANY SNAPSHOT 97
FIGURE 29 BOTTOMLINE TECHNOLOGIES: SWOT ANALYSIS 98
FIGURE 30 COMARCH: COMPANY SNAPSHOT 100

 

List of Tables



TABLE 1 UNITED STATES DOLLAR EXCHANGE RATE, 2016–2018 18
TABLE 2 FACTOR ANALYSIS 24
TABLE 3 ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY COMPONENT 2017–2024 (USD MILLION) 37
TABLE 4 SOLUTION: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 38
TABLE 5 SERVICES: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY TYPE 2017–2024 (USD MILLION) 39
TABLE 6 SERVICES: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 40
TABLE 7 CONSULTING AND IMPLEMENTATION MARKET SIZE, BY REGION 2017–2024 (USD MILLION) 41
TABLE 8 SUPPORT AND MAINTENANCE MARKET SIZE, BY REGION 2017–2024 (USD MILLION) 42
TABLE 9 ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY ORGANIZATION SIZE, 2017–2024 (USD MILLION) 44
TABLE 10 LARGE ENTERPRISES: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY REGION, 2017–2024 (USD MILLION) 45
TABLE 11 SMALL AND MEDIUM-SIZED ENTERPRISES: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 46
TABLE 12 ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY DEPLOYMENT TYPE, 2017–2024 (USD MILLION) 48
TABLE 13 ON-PREMISES: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 49
TABLE 14 CLOUD: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY REGION 2017–2024 (USD MILLION) 50
TABLE 15 ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY INDUSTRY 2017–2024 (USD MILLION) 52
TABLE 16 BANKING, FINANCIAL SERVICES, AND INSURANCE: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 53
TABLE 17 IT AND TELECOM: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY REGION, 2017–2024 (USD MILLION) 54
TABLE 18 MANUFACTURING: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY REGION, 2017–2024 (USD MILLION) 55
TABLE 19 CONSUMER GOODS AND RETAIL: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 56
TABLE 20 HEALTHCARE: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 57
TABLE 21 ENERGY AND UTILITIES: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY REGION, 2017–2024 (USD MILLION) 58
TABLE 22 OTHERS: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY REGION 2017–2024 (USD MILLION) 59
TABLE 23 ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY REGION 2017–2024 (USD MILLION) 61
TABLE 24 NORTH AMERICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY COMPONENT, 2017–2024 (USD MILLION) 63
TABLE 25 NORTH AMERICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY SERVICE, 2017–2024 (USD MILLION) 63
TABLE 26 NORTH AMERICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY ORGANIZATION SIZE, 2017–2024 (USD MILLION) 63
TABLE 27 NORTH AMERICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY DEPLOYMENT TYPE, 2017–2024 (USD MILLION) 64
TABLE 28 NORTH AMERICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY INDUSTRY, 2017–2024 (USD MILLION) 64
TABLE 29 NORTH AMERICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY COUNTRY, 2017–2024 (USD MILLION) 65
TABLE 30 EUROPE: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION) 66
TABLE 31 EUROPE: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY SERVICE 2017–2024 (USD MILLION) 66
TABLE 32 EUROPE: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY ORGANIZATION SIZE, 2017–2024 (USD MILLION) 67
TABLE 33 EUROPE: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY DEPLOYMENT TYPE, 2017–2024 (USD MILLION) 67
TABLE 34 EUROPE: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY INDUSTRY, 2017–2024 (USD MILLION) 67
TABLE 35 EUROPE: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION) 68
TABLE 36 ASIA PACIFIC: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY COMPONENT, 2017–2024 (USD MILLION) 70
TABLE 37 ASIA PACIFIC: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY SERVICE, 2017–2024 (USD MILLION) 70
TABLE 38 ASIA PACIFIC: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY ORGANIZATION SIZE, 2017–2024 (USD MILLION) 70
TABLE 39 ASIA PACIFIC: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY DEPLOYMENT TYPE, 2017–2024 (USD MILLION) 71
TABLE 40 ASIA PACIFIC: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY INDUSTRY, 2017–2024 (USD MILLION) 71
TABLE 41 ASIA PACIFIC: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION) 72
TABLE 42 MIDDLE EAST AND AFRICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION) 73
TABLE 43 MIDDLE EAST AND AFRICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY SERVICE, 2017–2024 (USD MILLION) 73
TABLE 44 MIDDLE EAST AND AFRICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY ORGANIZATION SIZE, 2017–2024 (USD MILLION) 74
TABLE 45 MIDDLE EAST AND AFRICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY DEPLOYMENT TYPE, 2017–2024 (USD MILLION) 74
TABLE 46 MIDDLE EAST AND AFRICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY INDUSTRY, 2017–2024 (USD MILLION) 74
TABLE 47 MIDDLE EAST AND AFRICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION) 75
TABLE 48 LATIN AMERICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY COMPONENT, 2017–2024 (USD MILLION) 76
TABLE 49 LATIN AMERICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY SERVICE, 2017–2024 (USD MILLION) 76
TABLE 50 LATIN AMERICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY ORGANIZATION SIZE, 2017–2024 (USD MILLION) 77
TABLE 51 LATIN AMERICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY DEPLOYMENT TYPE, 2017–2024 (USD MILLION) 77
TABLE 52 LATIN AMERICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY INDUSTRY, 2017–2024 (USD MILLION) 77
TABLE 53 LATIN AMERICA: ACCOUNTS RECEIVABLE AUTOMATION MARKET SIZE BY COUNTRY, 2017–2024 (USD MILLION) 78
TABLE 54 NEW PRODUCT/SERVICE LAUNCHES AND PRODUCT ENHANCEMENTS, 2019 81
TABLE 55 PARTNERSHIPS, COLLABORATIONS, AND AGREEMENTS, 2019 82
TABLE 56 MERGERS AND ACQUISITIONS, 2019 82
TABLE 57 EVALUATION CRITERIA 83