Overview and Scope
AP/AR automation refers to a method for minimizing human involvement and getting rid of risky tasks from the trade payables or accounts payables process by utilizing accounts payable software connected with a digital trading partner network.
Sizing and Forecast
The ap/ar automation market size has grown strongly in recent years. It will grow from $2.24 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to paper-based process inefficiencies, manual data entry challenges, invoice processing complexity, cost reduction goals, growing transaction volumes, need for real-time visibility, vendor and customer expectations, data security concerns..
The ap/ar automation market size is expected to see strong growth in the next few years. It will grow to $3.54 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to advanced analytics for financial insights, mobile accessibility, enhanced user experience, integration with payment gateways, continuous compliance management, improved accuracy in financial reporting.. Major trends in the forecast period include end-to-end process automation, integration with erp systems, advanced data extraction techniques, supplier collaboration portals, focus on fraud prevention, predictive analytics for cash flow optimization, automated payment processing, real-time reporting and dashboards..
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Segmentation & Regional Insights
The ap/ar automation market covered in this report is segmented –
1) AP/AR Automation Market By Component: Invoice Management, Electronic Purchase Order, E-Invoicing, Approval and Workflow, ERP Integration, Electronic Payment, Analysis and Reporting, Services
2) AP/AR Automation Market By Organization Type: Large, Small and Medium Enterprises (SMEs)
3) AP/AR Automation Market By End User: Banking, financial services and insurance (BFSI), Manufacturing, Energy and Utilities, Construction, Food and Beverages, Consumer Goods and Retail, IT and Telecom, Healthcare, Other End Users
Top Major Players
AvidXchange Holdings Inc.
Bill.com Holdings Inc.
Bottomline Technologies Inc.
Coupa Software Inc.
FinancialForce Inc.
Asia-Pacific was the largest region in the AP/AR automation market in 2023. The regions covered in the ap/ar automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in demand for automated and secured payable processes is expected to propel the growth of the AP/AR automation market going forward. The automated and secured payable process refers to a method for minimizing human involvement and getting rid of risky tasks from the trade payables or accounts payables process. AP/AR automation reduces the amount of data entry required and speeds up other procedures such as payments and invoice matching, and reduces hard expenditures including document storage, postage, and other expenses. For instance, according to a Future Payables Process study conducted in the UK among 160 accounts payable professionals from 12 countries by The Institute of Financial Operations and Leadership (IFOL), a UK-based educational institute within financial operations, 5% more respondents from 2021 believed their department would be totally automated within the next 6–12 months compared to the results from previous year. Therefore, increasing demand for automated and secured payable processes is expected to propel the demand of the AP/AR automation market.
Key Industry Players
Major companies operating in the ap/ar automation market report are AvidXchange Holdings Inc., Bill.com Holdings Inc., Bottomline Technologies Inc., Coupa Software Inc., FinancialForce Inc., 2ndSite Inc., Nvoicepay Inc., The Sage Group plc, Oracle Corporation, SAP SE, Kofax Inc., YayPay Inc., SK Global Software LLC, Comarch SA, Paysimple Private Limited, Armatic Technologies Inc., Fidelity National Information Services Inc., Tipalti Inc., Zycus Inc., Esker Inc., HighRadius Corporation, Yooz Inc., MineralTree Inc., Versapay Corporation, Anybill Inc., Beanworks Solutions Inc., Corcentric LLC, Dooap Inc., Goby Inc., Medius AB, Stampli Inc., Tradeshift Inc., Workday Inc., Xero Limited, Zervant Oyj, BlackLine Inc., Concur Technologies Inc., Coupa Software Holdings LLC
The ap/ar automation market report table of contents includes:
1. Executive Summary
2. AP/AR Automation Market Characteristics
3. AP/AR Automation Market Trends And Strategies
4. AP/AR Automation Market – Macro Economic Scenario
5. Global AP/AR Automation Market Size and Growth
…..
32. Global AP/AR Automation Market Competitive Benchmarking
33. Global AP/AR Automation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The AP/AR Automation Market
35. AP/AR Automation Market Future Outlook and Potential Analysis
36. Appendix
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