At a compound annual growth rate (CAGR) of 10%, the accounts payable automation industry is expected to reach US$ 6.7 billion by 2032 from its estimated US$ 2.6 billion in 2022.
Reportedly, automation solutions for accounts payable may assist companies in gaining greater operational control and visibility, freeing them up to focus on strategic tasks like identifying areas where they can save costs.
An account payable automation solution is a piece of technology that helps automate and optimise the accounts payable process. Therefore, the digital workflow streamlines each phase of this procedure.
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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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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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