The global Accounts Payable Automation market is anticipated to increase at a 10% CAGR to reach value US$ 2.6 Billion in 2032
.jpg
"The Global Accounts Payable Automation Market 2022-2032 (USD Billion)")
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 digital 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 cloud & 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 software processes within the organizations. However, reluctance of businesses towards automating their accounts receivable methods is likely to hinder the market growth.
Accounts Payable Automation Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | US$ 2.6 Billion |
| Growth Rate | CAGR of 10 % during 2022-2032 |
| Segment Covered | By Component, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | SAP, Sage, Tipalti, Freshbooks, FIS, Zycus, Bottomline Technologies, Coupa Software, Comarch, Financial Force |
Key Segment Of The Accounts Payable Automation Market
By Component,(USD Million)
o Solution
o Services
• Professional Services
• Implementation and Integration Services
• Advisory Services
• Support and Maintenance Services
• Managed Services
Deployment Type,(USD Million)
• On-premises
• Cloud
Organization Size,(USD Million)
• North America
• Europe
• Asia Pacific
• Rest of the world
Vertical,(USD Million)
• Consumer Goods and Retail
• BFSI
• Information Technology (IT) and Telecom
• Manufacturing
• Healthcare
• Energy and Utilities
• Others
Regional Overview, (USD Million)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of Accounts Payable Automation market in 2032 was US$ 2.6 Billion
The Accounts Payable Automation market is growing at a CAGR of 10% over the forecast period.
The base year for the report is 2023 in Accounts Payable Automation market.
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.