Market Size –
The account payable software market size has grown strongly in recent years. It will grow from $1.40 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to increased automation and efficiency, regulatory compliance, increased volume of invoices, desire for real-time visibility into financial data, increased focus on sustainable practices by manufacturers.
The account payable software market size is expected to see strong growth in the next few years. It will grow to $2.16 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to growing demand for reducing costs and improving efficiency, rising need for streamlining accounts payable operations, rising government initiatives, growing desire to minimize payment delays, growing demand for reducing manual errors. Major trends in the forecast period include adoption of automation and digitization in financial processes across industries, advancements in technology, including artificial intelligence, machine learning, and robotic process automation, integration of cutting-edge technologies by major manufacturers, innovation in virtual events, adoption of cloud-based solutions.
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Scope Of Accounts Payable Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Accounts Payable Software Market Overview
Market Drivers –
The account payable software market size has grown strongly in recent years. It will grow from $1.40 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to increased automation and efficiency, regulatory compliance, increased volume of invoices, desire for real-time visibility into financial data, increased focus on sustainable practices by manufacturers.
The account payable software market size is expected to see strong growth in the next few years. It will grow to $2.16 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to growing demand for reducing costs and improving efficiency, rising need for streamlining accounts payable operations, rising government initiatives, growing desire to minimize payment delays, growing demand for reducing manual errors. Major trends in the forecast period include adoption of automation and digitization in financial processes across industries, advancements in technology, including artificial intelligence, machine learning, and robotic process automation, integration of cutting-edge technologies by major manufacturers, innovation in virtual events, adoption of cloud-based solutions.
Market Trends –
Major companies operating in the accounts payable software market are developing innovative technological solutions, such as GenAI-based solutions, to enhance automation, and improve the accuracy and effectiveness of financial management processes. Gen AI-based solutions are designed to generate novel outputs, such as images, text, or even music, based on patterns and information learned from large datasets. For instance, in April 2024, High Radius, a US-based manufacturing company, launched Accounts Payable Automation, a first-ever finance team-centric accounts payable solution to meet the latest distributions. It is designed to enhance supplier relationships and reduce costs for AP teams by automating invoice processing and supplier communication. Accounts Payable Automation solution leverages advanced technologies such as artificial intelligence and machine learning to automate and streamline accounts payable, including invoice processing, payment approvals, and vendor management.
The accounts payable software market covered in this report is segmented –
1) By Deployment Type: On-Premises, Cloud-Based
2) By Application: Large Enterprises, Small And Medium-Sized Enterprises
3) By End-User Industry: Retail, Manufacturing, Healthcare, Information Technology And Telecom, Banking, Financial Services, And Insurance (BFSI)
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Regional Insights –
North America was the largest region in the accounts payable software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the accounts payable software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the accounts payable software market are Microsoft Corporation, Oracle Corporation, SAP SE, Intuit inc., Sage Group Plc, Zoho Corporation Pvt. Ltd., Epicor Software Corp., Coupa Software Inc., Xero Ltd., AvidXchange, Tipalti inc., Freshbooks, Tradeshift Inc., Acumatica Inc., QuickBooks, Stampli, MineralTree Inc., Nipendo, Brightpearl, Nvoicepay Inc., Lightyear AI Inc., FinancialForce Pty Ltd., Acclivity Group LLC, Micronetics, Norming Software International Ltd.
Table of Contents
1. Executive Summary
2. Accounts Payable Software Market Characteristics
3. Accounts Payable Software Market Trends And Strategies
4. Accounts Payable Software Market – Macro Economic Scenario
5. Global Accounts Payable Software Market Size and Growth
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31. Accounts Payable Software Market Other Major And Innovative Companies
32. Global Accounts Payable Software Market Competitive Benchmarking
33. Global Accounts Payable Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Accounts Payable Software Market
35. Accounts Payable Software Market Future Outlook and Potential Analysis
36.Appendix
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