The Accounts Payable Automation Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Accounts Payable Automation Global Market Report 2024, 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.
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.
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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
Technological advancement 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 report table of contents includes:
1. Executive Summary
2. Accounts Payable Automation Market Characteristics
3. Accounts Payable Automation Market Trends And Strategies
4. Accounts Payable Automation Market – Macro Economic Scenario
5. Global Accounts Payable Automation Market Size and Growth
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26. South America Accounts Payable Automation Market
27. Brazil Accounts Payable Automation Market
28. Middle East Accounts Payable Automation Market
29. Africa Accounts Payable Automation Market
30. Accounts Payable Automation Market Competitive Landscape And Company Profiles
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