The global market for accounts payable automation was valued at US$ 2.6 billion in 2022 and is anticipated to grow to US$ 6.7 billion by 2032, at a CAGR of 10%.
According to reports, account payable automation solutions can help businesses acquire a higher level of operational control and visibility, allowing them to put more emphasis on strategic duties like finding more cost-effectiveness opportunities.
Technology that aids in automating and optimising the accounts payable process is known as an account payable automation solution. Thus, every step in this workflow is made simpler by the digital workflow.
At the same time, the fact that emerging economies are yet to incorporate accounts payable automation due to lack of awareness can’t be ignored. This factor could restrain the accounts payable automation market going forward. Plus, there are growing concerns regarding security of data.
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Robotic process automation has been introduced; which is likely to provide enormous benefits; one among them being quick matching of invoice workflows.
Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Accounts Payable Automation Market’. It has its determined team of analysts and consultants to look through the permutations and combinations on this count.
“With rising demand for cost reductions coupled with facilitation of organizations’ growth, the global accounts payable automation market is expected to go great guns in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Accounts Payable Automation Market
- North America holds the largest market share with the US being subject to technological advancements on the continuous basis.
- Europe and the Asia-Pacific are following suit on the similar grounds. This has especially increased after remote working being offered.
Competitive Analysis
- Stacks Pharmacy Group, in April 2022, started integrating Seamless Smart Office accounts payable automation software for enabling the automated accounts payable processes. It’s interesting to learn that Smart Office AP has replaced Stack Pharmacy Group’s manual invoice processing workflow with the objective of simplifying processing of 7K paper invoices/month.
- Nimbl (SAP Partner), in January 2022, did publish winning use case illustrating innovative technology post-participation in Hack2Build SAP S/4HANA Cloud Side-by-Side Extensions in 2021.
- Cantec, in November 2021, floored the plans of doubling the company’s size by the year 2025 after acquisition of Inship.
- Repay Holdings Corporation, in June 2021, did announce acquiring Kontrol Payables through purchase price close to US$ 11 Million; out of which US$ 8 Million was paid at the time of transaction’s closing.
- Medius, in April 2021, did announce acquiring OnPay Solutions. As an outcome, the company would be able to have their payment processing integrated into source-to-pay platforms on direct basis.
- Tipalti, in May 2019, entered into partnership with Everflow for providing consumers with single dashboard, that too, powered with global payouts, analytics, and 100% performance tracking.
- FreshBooks, in February 2019, announced offering stronger accounting to customers via the then newly added double-entry accounting and bank reconciliation functionalities to its accounting software.
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What does the Report automate?
- The research study is based on component (solution and services (professional services, implementation and integration services, advisory services, support and maintenance services, and managed services)), deployment type (on-premises and cloud), organization size (SMEs and large enterprises), and vertical (consumer goods and retail, BFSI, IT and telecom, manufacturing, healthcare, energy and utilities, and likewise).
- With the fact that account payable automation could be applied to any of the software programs, the global accounts payable automation market is bound to grow inadvertently in the forecast period.
Key Segments Covered in the Accounts Payable Automation Market
By Component:
- Solution
- Services
By Deployment Type:
- On-premises
- Cloud
By Organization Size:
- SMEs
- Large Enterprises
By Vertical:
- Consumer Goods and Retail
- BFSI
- Information Technology (IT) and Telecom
- Manufacturing
- Healthcare
- Energy and Utilities
- Others
By Region:
- North America
- Europe
- Asia Pacific
- The Middle East and Africa
- Latin America
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About Us
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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