Newark, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The global accounts payable automation market is expected to grow from 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 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.
The Brainy Insights launched a study titled Accounts Payable Automation Market Size by Organization Type (Large Enterprises & Small and Medium Enterprises), Deployment Type (On-Premises & Cloud), Component, Application, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
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Key Insights of Accounts Payable Automation Market
The large enterprises' segment dominated the market, with a market value of around 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 value of around 1.53 billion in 2021. Accounts payable automation platforms require large upfront capital investments and long-term developer commitment, thereby making it an unaffordable venture for small & medium enterprises.
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%. Cloud accounts payable automation platforms are flexible, scalable, cost-effective, and allow enhanced integration compared to on-premises deployment.
The services segment dominated the market, accounting for around 1.43 billion in global revenue.
The component segment is divided into solutions and services. The services segment dominated the market, accounting for around 1.43 billion in global revenue. The growing need for digital invoices & payment processing is driving the demand for this segment.
The banking & financial services segment dominated the market, with a market value of around 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 value of around 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.
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Regional Segmentation Analysis:
The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific is expected to be the largest market during the forecast period. The accounts payable automation market in the Asia Pacific has been expanding rapidly. 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.
Competitive Analysis:
The market's major players include SAP Ariba, Sage Software, Zycus, Tipalti, FreshBooks, Bottomline, Technologies, Vanguard Systems, Bill.com, Coupa Software, and Comarch, among others.
About the report:
The global controlled environment agriculture market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of 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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