The Accounts Payable Automation Global Market Report 2023, provides comprehensive information on the accounts payable automation market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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https://www.thebusinessresearchcompany.com/report/accounts-payable-automation-global-market-report
The global accounts payable automation market size is expected to grow from $3.14 billion in 2022 to $3.74 billion in 2023 at a compound annual growth rate (CAGR) of 19.20%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of accounts payable automation market is expected to reach $7.99 billion in 2027 at a CAGR of 20.92%.
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Technological innovation is the key trend gaining popularity in the accounts payable automation market. Major companies operating in the accounts payable automation market are focusing on increasing the functionality of accounts payable automation services through various technologies. For instance, in November 2021, Vroozi, a US-based software company launched Vroozi Intelligence, an accounts payable automation platform. This platform provides automation through invoice matching, coding, handling of exceptions, and approval workflows through the use of artificial intelligence, machine learning, and cognitive data capture.
The accounts payable automation market 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 2022.
The table of contents in TBRC’s accounts payable automation market report includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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