Account payable is crucial to ensuring prompt bill payment, which raises the company's credit score. The timely payment of invoices ensures an uninterrupted flow of supplies and services, and timely payment also avoids overdue payments and penalties, which contributes to the rising demand for account payable bill generation. Through cloud services, ML, and AL, the global market for accounts payable automation is expanding quickly. In order to capture a larger market share, the companies are even releasing new software.
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Data Bridge Market Research analyses that the Accounts Payable Automation Market is expected to reach USD 5,809.38 million by 2029, at a CAGR of 10.8% during the forecast period. Accounts payable automation solutions enable organizations to automate manual processes, reduce errors, and streamline invoice processing, resulting in significant cost and time savings.
Digital transformation initiatives are expected to drive the market's growth rate
As organizations undergo digital transformation, there is a growing emphasis on modernizing business processes and leveraging technology to stay competitive. Accounts payable automation plays a crucial role in this transformation by streamlining and digitizing invoice processing, payment workflows, and data management. Adopting automated systems, organizations can eliminate manual tasks, improve accuracy, enhance process efficiency, and gain real-time visibility into financial data. This enables them to make informed decisions, optimize cash flow, reduce costs, and ultimately achieve a competitive advantage in the marketplace.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Solutions and Services), Organization Size (Large Enterprise, Small and Medium Enterprise), Process (Invoice Capture, Invoice Approval, Payment Authorization, Payment Execution, and Export), Deployment Mode (Cloud and On-Premise), Vertical (Manufacturing, Consumer Goods and Retail, Energy And Utilities, Healthcare, Banking, Financial Services, and Insurance, IT and Telecom, Government, Automotive, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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SAP SE (Germany), Oracle Corporation (U.S.), Sage Group plc (U.K.), Tipalti Inc. (U.S.), FreshBooks (Canada), Zycus Inc. (U.S.), Airbase Inc. (U.S.), FIS (U.S.), Coupa Software Inc. (U.S.), Comarch SA (Poland), FinancialForce (U.S.), MHC Automation (U.S.), Procurify Technologies Inc. (Canada), Zoho Corporation Pvt. Ltd. (India), MineralTree (U.S.), Kofax Inc. (U.S.), AvidXchange (U.S.), Bottomline Technologies, Inc. (U.S.), FLEETCOR TECHNOLOGIES, INC. (U.S.), and Bill.com (U.S.) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The accounts payable automation market is segmented on the basis of component, organization size, process, vertical, and deployment mode.
- On the basis of component, the global account payable automation market is segmented into solutions and services. Solutions are expected to dominate the global account payable automation market with a CAGR of 24.1% in the forecast period of 2022 to 2029 due to all businesses are shifting toward digitization and cloud technology.
In 2022, solutions are expected to dominate the component segment of the global account payable automation market
In 2022, solutions are expected to dominate the global account payable automation market owing to the increasing adoption of automation technologies for invoice processing and payment management with a CAGR of 24.1% in the forecast period of 2022 to 2029.
- On the basis of organization size, the global account payable automation market is segmented into large enterprises and small and medium enterprises. Large enterprises are expected to dominate the global account payable automation market with a CAGR of 24.1% in the forecast period of 2022 to 2029 due to there is a rise in demand for payable solutions due to tracking all transactions across the globe.
- On the basis of process, the global account payable automation market is segmented into invoice capture, invoice approval, payment authorization, payment execution, and export. In 2022, invoice capture is expected to dominate the global account payable automation market with a CAGR of 24.1% in the forecast period of 2022 to 2029 due to the invoice function is to track all the supply of products to the company and maintain a record in the enterprise resource planning system.
- On the basis of deployment mode, the global account payable automation market is segmented into cloud and on-premises. In 2022, on-premises is expected to dominate the global account payable automation market with a CAGR of 24.1% in the forecast period of 2022 to 2029 due to its improved efficiency and relatively lesser infrastructure cost.
In 2022, on-premises is expected to dominate the deployment segment of the global account payable automation market
In 2022, on-premises is expected to dominate the global account payable automation market owing to its improved efficiency and relatively lesser infrastructure cost with a CAGR of 24.1% in the forecast period of 2022 to 2029.
- On the basis of vertical, the global account payable automation market is segmented into manufacturing, consumer goods and retail, energy and utilities, healthcare, banking, financial services, insurance, it and telecom, government, automotive, and others. In 2022, manufacturing is expected to dominate the global account payable automation market with a CAGR of 24.1% in the forecast period of 2022 to 2029 due to its fast-growing industry adopts technologies like machine learning and artificial intelligence for account payable.
Major Players
Data Bridge Market Research recognizes the following companies as the major accounts payable automation market players in accounts payable automation market are SAP SE (Germany), Oracle Corporation (U.S.), Sage Group plc (U.K.), Tipalti Inc. (U.S.), FreshBooks (Canada), Zycus Inc. (U.S.), Airbase Inc. (U.S.), FIS (U.S.), Coupa Software Inc. (U.S.), Comarch SA (Poland), FinancialForce (U.S.)
Market Development
- In 2022, SAP SE partnered with Icertis to deliver enterprise contract intelligence. The partnership took place to expand the solution portfolio of contract management. The partnership will leverage the company's technology to deliver more valuable services to their customer base
- In 2022, AvidXchange announced an application programming interface (API) integration with Blackbaud Financial Edge NXT.
- In 2022, Bottomline Technologies announced the completion of its acquisition by Thoma Bravo, a leading software investment firm, in an all-cash transaction valued at approximately $2.6 billion.
- In 2022, Zoho Corporation Pvt. Ltd. launched Zoho Books, an integrated accounting software that includes accounts payable automation features.
- In 2021, Oracle Corporation introduced a financial analytics tool for Oracle Fusion ERP. The goal of this solution was to make data processing simpler.
Regional Analysis
Geographically, the countries covered in the accounts payable automation market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
As per Data Bridge Market Research analysis:
North America is the dominant region in the accounts payable automation market during the forecast period 2022 - 2029
North America dominates the global accounts payable automation market due to its advanced infrastructure, widespread adoption of technology, and the presence of key market players. The region's mature economy and focus on streamlining financial operations contribute to its dominance. China is expected to be the fastest-growing market due to its rapid infrastructure development, increasing industrialization, and rising focus on digital transformation in financial processes. These factors are driving the adoption of accounts payable automation solutions in both countries.
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