The market size for global accounts payable (AP) automation is anticipated to reach at USD 4 billion by 2025. The AP automation software enables businesses to effectively drive the transformation of their AP departments to tackle the challenges of paper-based and manual processes. Thus, the demand for AP automation market is anticipated to grow in the coming future with its growing application in small & medium enterprises, as well as large enterprises.
The industry verticals including manufacturing, banking & finance, as well as retail & consumer goods are adopting and deploying new technologies in order to manage their enormous volumes of payment invoices and documents. The AR automation solutions helps to streamline operations and enhance accounting processes within the organizations. However, reluctance of businesses towards automating their accounts receivable methods is likely to hinder the market growth.
Key Segments of the Global Accounts Payable Automation Market
Component Overview, 2018-2025 (USD Billion)
- Solutions
- Services
Organization Size Overview, 2018-2025 (USD Billion)
- Small & Medium
- Large
Deployment Overview, 2018-2025 (USD Billion)
- On-premise
- Cloud
Application Overview, 2018-2025 (USD Billion)
- BFSI
- Telecom & IT
- Manufacturing
- Healthcare
- Retail & Consumer Goods
- Energy & Utilities
- Others
Regional Overview, 2018-2025 (USD Billion)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
- South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global accounts payable automation market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global accounts payable automation market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the accounts payable automation industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on organization type, component, deployment, and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global accounts payable automation market. The report will benefit:
- Every stakeholder involved in the accounts payable automation market.
- Managers within the Tech companies looking to publish recent and forecasted statistics about the global accounts payable automation market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global accounts payable automation market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Due to an increasing requirement for accurate management of accounting processes along with timely managing of payment procedures from the customers, the AP automation solutions is implemented by organizations to enhance payment collection methods. The AP automation industry has gained traction, due to the growing need for secured and automated payable methods. These solution simplifies and radically enhances performance by utilizing scanning, e-invoicing & workflow, electronic invoice dashboards & analytics, online tracking & reporting abilities, as well as mobile solutions for all invoices. The AP automation software enables businesses to effectively drive the transformation of their AP departments to tackle the challenges of paper-based and manual processes. Thus, the demand for AP automation market is anticipated to grow in the coming future with its growing application in small & medium enterprises, as well as large enterprises.
Component Segment
The global accounts payable automation market contains both solution and service segment. The solution segment has maximum revenue share within the global accounts payable automation market in 2019. The invoice and payment processes generated within the organizations throughout the verticals is growing at a staggering rate. This has given rise to businesses to emphasize on extracting insights through the generated data in several departments so as to gain a competitive advantage.
Organization Size Segment
Based on the organization size segment, the market is bifurcated into two sub-segments that are small & medium, and large enterprise. In 2019, the large segment gathered the largest market revenue and it is anticipated to govern the accounts payable automation market throughout the forecast period. However, the small & medium segment is anticipated to grow at a substantial growth rate over the forecast period.
Deployment Segment
Based on the deployment segment, the market is bifurcated into two sub-segments that are on-premise, and cloud. In 2019, the on-premise segment gathered the largest market revenue and it is anticipated to dominate the market throughout the forecast period. However, the cloud segment is anticipated to grow at a substantial growth rate over the forecast period. The cloud enables organizations with unified platform with SaaS based services providing improved security.
Application Segment
Based on the application, the market is segmented into BFSI, telecom & IT, healthcare, retail, manufacturing, media & entertainment, and others. The market for manufacturing sector is anticipated to possess the largest market share in 2019 since the manufacturing companies today are predominantly developing to match their user needs. Moreover, the growing regulatory scrutiny coupled with enhanced customer satisfaction, as well as enhancing production processes, create innovative products, as well as facilitate employees for streamlining work while retaining precision are some of the factors responsible for the accounts payable automation demand.
The global accounts payable automation market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. North America is considered a mature market in the accounts payable automation applications, owing to an outsized presence of organization with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the accounts payable automation market in North America. However, the Asia Pacific is anticipated to grow at a significant growth rate over the forecast period.
The major players of the global accounts payable automation market are SAP, Tipalti, FreshBooks, Zycus, FIS, Sage Software, Bottomline Technologies, Comarch, FinancialForce, Coupa Software, AvidXchange, Vanguard Systems, and more. The accounts payable automation market is fragmented with the existence of well-known global and domestic players across the globe.