New Delhi, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The Asia Pacific (APAC) Accounts Payable (AP) and Accounts Receivable (AR) automation market is expected to witness significant growth in the coming years, driven by factors such as increasing demand for digital transformation, rising focus on reducing operational costs, and the growing need for efficient financial management.
Several countries in the region, such as China, India, and Japan, are experiencing rapid economic growth, which is driving the adoption of automation solutions to streamline financial processes. Additionally, advancements in technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA) are making AP/AR automation solutions more efficient and cost-effective.
Among the various AP/AR automation solutions, cloud-based solutions are expected to witness the highest growth due to their flexibility, scalability, and affordability. SMEs are also expected to be a significant adopter of AP/AR automation solutions in the region, as they seek to improve their financial management and operational efficiency.
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Cloud Based Deployment of AP/AR Automation is Leading the Asia Pacific AP/AR Automation Market with More than 79% Revenue Share
As per the recent analysis by Astute Analytica, it has been found that there is a growing trend towards cloud-based deployment of Accounts Payable (AP) and Accounts Receivable (AR) Automation among organizations. The research has revealed that this shift is mainly driven by the need for improved scalability, cost savings, and flexibility.
Companies that have adopted cloud-based AP/AR automation are experiencing faster and more efficient processing, improved data accuracy, and reduced time to market. The cost savings associated with cloud-based AP/AR automation are also significant, as it is typically based on a pay-as-you-go model, which can substantially reduce the cost of ownership compared to traditional, on-premise deployments.
Cloud-based AP/AR automation offers improved scalability and agility, enabling organizations to quickly deploy and configure new applications and services to meet evolving customer needs. Cloud-based deployments also facilitate rapid global expansion, allowing companies to reach new markets quickly and easily.
The analysis also shows that cloud-based AP/AR automation offers improved data protection and compliance. Many cloud providers offer additional layers of encryption and secure data centers to ensure the security of customer data. Cloud-based solutions also feature built-in compliance tools and features, helping organizations ensure they remain up-to-date with the latest industry regulations.
Top Trends Shaping the Asia Pacific AP/AR Automation Market
- Artificial Intelligence (AI) and Machine Learning (ML) - AI and ML are being used to automate many of the repetitive and manual tasks associated with account payment and receivable processing. These technologies can help improve accuracy and efficiency, as well as reduce the risk of errors and fraud.
- Cloud-based solutions - Cloud-based solutions are becoming increasingly popular in the account payment and receivable automation market, as they offer greater scalability and flexibility than on-premises solutions. Cloud-based solutions also offer more opportunities for collaboration and remote working.
- Integration with other financial systems - Many businesses are looking for account payment and receivable automation solutions that can integrate with their other financial systems, such as accounting and ERP software. This integration can help streamline processes and reduce the risk of errors.
- Mobile payments - Mobile payments are becoming increasingly popular in the account payment and receivable automation market, as more and more people use their mobile devices to make payments. Mobile payment solutions can help businesses offer more convenient payment options to their customers.
- Blockchain technology - Blockchain technology is being explored as a way to improve the security and transparency of account payment and receivable processes. Blockchain can help reduce the risk of fraud and improve the speed and accuracy of transactions.
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Manufacturing Sectors is the Largest Consumer of Asia Pacific AP/AR Automation Market with more than 25% Revenue Contribution
The manufacturing sector is the largest consumer of AP/AR automation in the Asia Pacific region. This growth can be attributed to increasing investments by governments in the region to upgrade and expand the manufacturing sector. The India and China were the largest contributors to Asia Pacific AP/AR automation market in 2022, accounting for around 55% of the total market share. Additionally, the implementation of government initiatives to promote the use of industrial automation to increase production capacity has further propelled growth in the region.
In the APAC region, the manufacturing industry is one of the largest and most diverse sectors. It encompasses a wide range of sub-industries, such as automotive, electronics, chemical, pharmaceuticals, and more. Due to the vastness of this industry, it generates a significant volume of transactions that require AP/AR automation to streamline the financial processes.
Manufacturing organizations deal with a large number of suppliers, vendors, and customers, which can create a complex and time-consuming AP/AR process. By automating these processes, companies can improve accuracy and reduce the time required to complete financial transactions. This can help manufacturing companies improve their cash flow, reduce manual errors, and minimize the risk of fraud.
Furthermore, AP/AR automation can provide real-time visibility into a company's financial health and enable organizations to make more informed decisions. With the help of AP/AR automation, manufacturing companies can free up their resources to focus on their core business activities and achieve operational excellence.
Merger and Acquisition is Key Development Strategy in the Asia Pacific AP/AR Automation Market
The competitive landscape of the Asia Pacific AP/AR Automation Market has witnessed several developments such as partnerships, mergers & acquisitions, and product launches.
Some of the the key players operating in the market include Oracle Corporation, SAP SE, International Business Machines Corporation (IBM), Microsoft Corporation, Basware Corporation, Coupa Software Incorporated, InvoiceSmash, Kofax Limited, Nvoicepay, Tradeshift, Wax Digital, Tipalti, MineralTree, Inc., Ivalua, Bill.com, and PaySimple.
Mergers & Acquisitions are among the most prominent strategies adopted by leading players in the Asia Pacific AP/AR automation market to gain a competitive edge and expand their market presence. For instance, in August 2020, Oracle Corporation acquired Textura Corporation and its cloud-based construction payment management software, as a part of its strategy to strengthen its position in the AP/AR automation market. Certifications are also playing a critical role in driving the market growth. For instance, in December 2020, Kofax Limited announced that its RPA Module was certified for use with SAP ERP by SAP’s Partner Center of Expertise (PCoE) program. This certification reinforces Kofax’s commitment to helping organizations leverage the power of Artificial Intelligence (AI) and Robotic Process Automation (RPA) to automate and optimize their SAP ERP processes.
Some of the Top Market Players Are:
- Sage
- Oracle
- SAP
- HighRadius
- Bottomline Technologies
- Nvoicepay
- Kofax Inc
- FinancialForce
- Bill.Com
- Coupa Software
- YayPay Inc.
- Avidxchange
- SK Global Software
- Tradeshift
- Other prominent players
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