Overview and Scope
Accounts payable automation refers to the process of handling accounts online. These are used to automate accounts payable processes, removing manual tasks such as manual invoice keying, and paper processing that provide better visibility and control of financial data.
Sizing and Forecast
The accounts payable automation market size has grown exponentially in recent years. It will grow from $3.74 billion in 2023 to $4.5 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to manual processes inefficiencies, paper-based invoicing, emergence of erp systems, cost and time savings, risk management focus.
The accounts payable automation market size is expected to see exponential growth in the next few years. It will grow to $9.67 billion in 2028 at a compound annual growth rate (CAGR) of 21.1%. The growth in the forecast period can be attributed to cloud-based solutions adoption, globalization impact, rise of robotic process automation (rpa), focus on vendor relations, predictive analytics and reporting. Major trends in the forecast period include touchless processing, blockchain integration, mobile applications for approval, real-time invoice tracking, api-driven integrations.
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Segmentation & Regional Insights
The accounts payable automation market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment Mode: On-Premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Consumer Goods And Retail, Information Technology (IT) And Telecom, Manufacturing, Healthcare, Government, Other Industries
North America was the largest region in the accounts payable automation market in 2023. The regions covered in the accounts payable 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
Increased internet penetration is expected to propel the growth of the accounts payable automation market going forward. The Internet refers to a worldwide network that links the world wide web and billions of computers together globally. Internet penetration helps accounts payable automation providers to access various parts of the accounts payable process such as documentation and invoices on any device across the world and automate the process without any human intervention. For instance, in 2023, according to the International Telecommunication Union (ITU), a Switzerland-based intergovernmental agency responsible for matters related to communication and information technology, the number of internet users increased from 4.9 billion in 2021 to 5.3 billion in 2022. Therefore, increased internet penetration drives the accounts payable automation market.
Key Industry Players
Major companies operating in the accounts payable automation market report are Oracle Corporation, SAP SE, Fidelity National Information Services Inc., Sage Group PLC., Bill.com, Coupa Software, Comarch SA, AvidXchange Holdings, AvidXchange, Kofax Inc., Zycus Inc., Zoho Corporation Pvt. Ltd., Esker, FinancialForce, Bottomline Technologies Inc., Bottomline Technologies, Corcentric, Chrome River, Procurify Technologies Inc., Tipalti Inc., MHC Automation, Procurify, Airbase Inc., MineralTree, AppZen Inc., Palette Software, Stampli, DocuPhase, Certinia, Medius
The accounts payable automation market report table of contents includes:
- Executive Summary
- Accounts Payable Automation Market Characteristics
- Accounts Payable Automation Market Trends And Strategies
- Accounts Payable Automation Market – Macro Economic Scenario
- Global Accounts Payable Automation Market Size and Growth
- Accounts Payable Automation Market Segmentation
- Accounts Payable Automation Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Accounts Payable Automation Market
- Accounts Payable Automation Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Accounts Payable Automation Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Accounts Payable Automation Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Accounts Payable Automation Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Oracle Corporation Financial Performance
Table 76: SAP SE Financial Performance
Table 77: Fidelity National Information Services Inc. Financial Performance
Table 78: Sage Group PLC. Financial Performance
Table 79: Bill.com Financial Performance
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