Newark, April 14, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global accounts payable automation market is expected to grow from USD 2.6 billion in 2021 to USD 7.5 billion by 2030, at a CAGR of 12.5% during the forecast period 2022-2030.
The growing digitization of the economy to make it more efficient and at par with the contemporary world will drive the accounts payable automation market.
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There is an increased demand for controlled user access, extra visibility, better control over operations, timely payments, easy integration of systems & real-time data insights. These demands aim to reduce fraud, identify cost-saving opportunities, increase efficiency, and better business decision-making. Automation and digitization help in achieving these goals. It overcomes the inefficient, error-prone & expensive features associated with manual processes. The software designs of automated platforms are complicated. The installation, implementation & maintenance require expertise in the field. The lack of skilled personnel could hamper the growth of the market. Lack of data literacy and awareness about the benefits of accounts payable automation platforms negatively impacts the market's growth. However, these challenges can be mitigated by adopting proper personnel training and investing in more accessible technologies. The systems and personnel are expensive, which leads to the exclusions of small and medium enterprises who simply cannot afford these. Government initiatives to develop new and advanced technologies to cut production costs will expand the market to include small and medium enterprises. The market expansion will provide lucrative opportunities for the industry players. The increasing application of accounts payable automation systems across sectors will contribute to the market's growth.
The growing digitization of the economy and increasing application of accounts payable automation platforms across sectors will drive the growth of the accounts payable automation market. The increase in demand for controlled user access, better control over operations, timely payments, and reduction in payment fraud is also expected to contribute to the market's growth.
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Key players operating in the global accounts payable automation market are:
• SAP Ariba
• Sage Software
• Zycus
• Tipalti
• FreshBooks
• Bottomline Technologies
• Vanguard Systems
• Bill.com
• Coupa Software
• Comarch
To enhance their market position in the global accounts payable automation market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Tipalti, a significant market player in the global accounts payable automation industry, partnered with Everflow. The partnership enabled the companies to develop a single dashboard with features like performance tracking, analytics, and global payouts.
• FreshBooks upgraded its FreshBooks accounting software by adding the new features of double-entry accounting and bank reconciliation functionalities that will enhance the accounting experience of the consumers.
The large enterprises' segment dominated the market with a market share of around 59% and a market value of about 1.53 billion in 2021.
The organization type segment is divided into large enterprises and small & medium enterprises. The large enterprises' segment dominated the market with a market share of around 59% and a market value of about 1.53 billion in 2021.
The cloud segment is expected to grow at the fastest CAGR of 18.8% over the forecast period.
The deployment type segment is divided into on-premises & cloud. Over the forecast period, the cloud segment is expected to grow at the fastest CAGR of 18.8%.
The services segment dominated the market, accounting for around 55% of global revenue and a market value of about 1.43 billion in 2021.
The component segment is divided into solutions and services. The services segment dominated the market, accounting for around 55% of global revenue and a market value of about 1.43 billion in 2021.
The banking & financial services segment dominated the market with a market share of around 36% and a market value of about 0.93 billion in 2021.
The application segment is divided into consumer goods & retail, manufacturing, healthcare, banking & financial services, energy & utilities & others. The banking & financial services segment dominated the market with a market share of around 36% and a market value of about 0.93 billion in 2021. The increasing digitization of banking processes to improve client services and retain market shares in the face of growing competition is contributing to the dominance of this segment in the market. The use of digital receipts statements aimed at streamlining the banking processes will aid in the market's growth.
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Regional Segment Analysis of the Accounts Payable Automation Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, & the Rest of Europe)
• Asia-Pacific (China, Japan, India, & the Rest of Asia Pacific)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of the Middle East and Africa)
Among all regions, the North American region emerged as the largest market for the global accounts payable automation market, with a market share of around 35.2% in 2021. The Asia Pacific is expected to be the largest market during the forecast period. China dominates the accounts payable automation market in the Asia Pacific. The increasing government initiatives to boost the economy by digitization and automation are expected to significantly contribute to the Asia Pacific accounts payable automation market.
About the report:
The global accounts payable automation market is analyzed based on value (USD Billion). All the segments have been analyzed globally, regional and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the clients objectives of high-quality output within a short time. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. The customized solutions are tailored to meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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