Reduced fraudulent transactions owing to an organized user access & credentials along with an increasing need to fast-track payment process and decrease the invoice processing time drives the demand for accounts payable automation market
The market size for accounts payable automation is anticipated to reach at USD 4 billion by 2025. The factors that include increasing focus on reduction in days sales outstanding and enhancement of cash flow, along with decreased accounting cycle time are responsible for the accounts payable automation industry growth. The account payable automation solutions simplify the processing of enormous volumes of customer invoices, which can significantly reduce the efforts and time spent by the accountants in collecting payments from their customers
Accounts payable (AP) automation solutions facilitates enterprises optimize their customers in payments and invoicing processes. The main aim is to verify that the customers pay for the services and goods they received. The AP automation solutions help to streamline the monetary transactions between the enterprise and its consumers. It is predominantly used by the accountants, and the employees liable for account receivable. However, it is also used by the executives and managers to track the efficiency of the AP department or team.
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.
The global accounts payable automation market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
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 region is projected to grow at a substantial 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.
Segment Overview of Global Accounts Payable Automation Market
Component Overview, 2018-2025 (USD Billion)
Organization Size Overview, 2018-2025 (USD Billion)
- Small & Medium
Deployment Overview, 2018-2025 (USD Billion)
Application Overview, 2018-2025 (USD Billion)
- Telecom & IT
- Retail & Consumer Goods
- Energy & Utilities
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America