Allied Market Research published a report, titled, “Accounts Payable Automation Market by Component (Solution, Service), by Deployment Mode (On-Premise, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (BFSI, Consumer Goods and Retail, IT and Telecom, Manufacturing, Healthcare, Government, Other): Global Opportunity Analysis and Industry Forecast, 2021-2031
Based on the report published by Allied Market Research, the global accounts payable automation market is expected to grow significantly in the coming years. The market is expected to witness a CAGR of 12.3% from 2022 to 2031, and it is estimated to reach a value of $8.3 billion by 2031.
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The increasing adoption of accounting software and the rise in technological advancements such as AI and RPA are the major drivers of the accounts payable automation market. These technologies can be integrated into accounts payable automation to improve efficiency and productivity, and to ensure precise and accurate data. However, the possibility of losing crucial accounting data and the expensive initial cost of software are hindering the growth of the market.
Leading Market Players
- SAP Ariba
- Comarch SA
- Fis
- AvidXchange
- Tipalti Inc.
- FinancialForce
- Procurify Technologies Inc.
- Zycus Inc.
- Sage Group plc
- Bottomline Technologies, Inc.
Despite these challenges, the availability of trained professionals and the rise in developments and initiatives toward accounts payable automation are expected to present new growth opportunities for the market in the coming years. Businesses can benefit from accounts payable automation by reducing the cost of manual processing and errors, improving cash management, and increasing visibility into their financial processes.
Overall, the accounts payable automation market is expected to continue growing in the coming years, driven by technological advancements, increasing adoption of accounting software, and the need for businesses to improve their financial processes.
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The cloud segment to dominate the market during the forecast period
Based on deployment mode, the on-premise segment contributed to the largest share of nearly three-fifths of the global accounts payable automation market in 2021. The on-premises data deployment approach is frequently used in banks and financial institutions since it requires a substantial investment for establishment and requires businesses to acquire data software to administer the system & analyze previous data trends to anticipate future events. However, the cloud segment is expected to dominate in terms of revenue and witness the fastest CAGR of 15.4% from 2022 to 2031. The cloud accounts payable automation has been driving the cloud-based data software in the banking industry by reducing an organization’s reliance on IT resources to adopt banking solutions while avoiding capital costs and maintenance needs. Furthermore, cloud-based predictive accounts payable automation combines numerous applications, such as data access, visualization, wrangling, analysis, forecasting, and prediction of bank data, into a single platform that is more dependable.
The large enterprises segment to achieve the highest revenue during the forecast period
Based on enterprise size, the large enterprises segment grabbed the highest share of two-thirds of the overall accounts payable automation market in 2021 and is projected to maintain its dominance in 2031. The use of accounts payable automation in large enterprises has been continuously increasing for years. The increased need to track cash flow, increased need for ROI and decreased costs are driving the adoption of this technology globally. However, the small and medium-sized enterprises segment is expected to witness the fastest CAGR of 14.5% from 2022 to 2031. The use of accounts payable automation in SMEs is increasing due to its benefits, such as reduction in manual errors, enabling companies to complete their work with efficiency and accuracy. Also, they are cost-effective and allow companies to have better control over financials by providing real-time insight into performance.
Asia-Pacific to achieve the largest revenue and growth by 2031
Based on region, the market in North America was the largest in 2021, accounting for more than one-third of the global accounts payable automation market. This is attributed to the fact that users in the region are seeking accounting systems tailored to their specific needs, as opposed to generic accounting applications. Furthermore, companies in the region are continuously developing their software and applications to match the current digitization. However, the market in Asia-Pacific is likely to dominate in terms of revenue and show the fastest CAGR of 15.9% during the forecast period. The increase in need for operational efficiency & transparency in business processes, adoption of cloud & mobile applications, and rise in demand for data-driven decision-making are the major pillars of growth for accounts payable automation in this region. Further, this region includes few of the fastest growing economies of the world such as India and China, where the technology industry is registering phenomenal growth outpacing the global average.
Key benefits for Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the accounts payable automation market analysis from 2022 to 2031 to identify the prevailing accounts payable automation market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the accounts payable automation market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global accounts payable automation market trends, key players, market segments, application areas, and market growth strategies.
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Accounts Payable Automation Market Report Highlights:
Deployment Mode
- On-Premise
- Cloud
Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
Industry Vertical
- Consumer Goods and Retail
- IT and Telecom
- Manufacturing
- Healthcare
- Government
- Other
- BFSI
Component
- Solution
- Service
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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