The AP/AR 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 AP/AR Automation Global Market Report 2024, 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.
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.
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The ap/ar automation market covered in this report is segmented –
1) By Component: Invoice Management, Electronic Purchase Order, E-Invoicing, Approval and Workflow, ERP Integration, Electronic Payment, Analysis and Reporting, Services
2) By Organization Type: Large, Small and Medium Enterprises (SMEs)
3) 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
Technological advancements are a key trend gaining popularity in the AP/AR automation market. Major companies operating in the AP/AR market are focused on introducing innovative and technologically advanced products to sustain their position in the market. For instance, in August 2023, Financial Software & Systems (FSS), an India-based global payment systems company launched Blaze. This is a revolutionary payments technology platform that was created specifically to meet the requirements of financial organizations and banks. Blaze gives banks and other financial institutions the ability to provide their clients with cutting-edge and unique payment experiences. This platform’s characteristics, including its scalability, security, and adaptability, make it well-positioned to lead the way for the next wave of payment technologies. The payments technology platform enables banks to get higher TPS, in line with the nation’s growing embrace of digital commerce
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
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26. South America AP/AR Automation Market
27. Brazil AP/AR Automation Market
28. Middle East AP/AR Automation Market
29. Africa AP/AR Automation Market
30. AP/AR Automation Market Competitive Landscape And Company Profiles
Top Major Players:
- AvidXchange Holdings Inc
- Bill.com Holdings Inc
- Bottomline Technologies Inc
- Coupa Software Inc
- FinancialForce Inc
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