The global market for accounts payable automation is calculated at US$ 2.6 Bn in 2022 and is projected to reach US$ 6.7 Bn by 2032. The market is expected to reach a CAGR of 10% during the forecast period from 2022 to 2032. Companies are experiencing the biggest boom in the adoption of software enhanced with machine learning and artificial intelligence (AI) across various industries. An advanced invoice software system reduces the amount of manual work required for complex matching tasks, allowing them to be conducted with greater reliability. Intelligent software also simplifies the process of detecting and correcting errors, making them more effective in the market.
A major driving force behind the market is the growing demand for automation in accounts payable due to the numerous advantages it offers, including remote payment options, real-time fast-tracking of the payments, 24/7 access to payment information, and improved efficiency. As a result of automation, cash patterns can be identified, helping to improve security and fraud management while enabling complete control over invoice approvals.
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Key Takeaways:
- Global account payable automation market to reach US$ 6.7 Bn by 2032.
- By Component, Solutions are projected to grow at a CAGR of 10% during the forecast period.
- S. market is estimated to reach US$ 2.4 Bn while growing at a CAGR of 9.7% during the forecast period.
- By Deployment Type, On-premises deployments will grow at a CAGR of 9.6% during the forecast period.
- China is expected to reach a CAGR of 9.3% with a market value of US$ 458.3 Bn in 2032 during the forecast period.
- The Japanese market is expected to reach a market value of US$ 384.4 Billion by 2032.
Competitive Landscape
Key Players that have been profiled in the report are SAP, Sage, Tipalti, Freshbooks, FIS, Zycus, Bottomline Technologies, Coupa Software, Comarch, and FinancialForce. In an effort to emerge as a recognized and profitable business, firms continue to adopt a strategy that includes new product launches, R&D, patents, approvals, events, product innovations, joint ventures, partnership agreements, digital marketing, collaborations, mergers,, and acquisitions.
- In May 2021, Repay Holdings Corporation integrated its account payable automation offering into Sage 100. With this new product offering, Sage now also offers connections to Sage 300 and Sage X3 products. With its integration of accounts payable solutions to Sage 100, Repay continues its commitment to helping businesses reduce costs and optimize processes. Companies can access the new payment option through APS Payments, which offers omnichannel solutions for corporate payments.
- In December 2021, Tipalti announced that it has raised $270 million in a Series F funding round that values the company at $8.3 billion. In addition, Tipalti plans on using the new capital to focus on customer operations and a global expansion. Furthermore, the company plans to fill positions spanning its product, engineering, sales, and marketing teams.
Key Segments Covered in the Accounts Payable Automation Market
By Component:
- Solution
- Services
By Deployment Type:
- On-premises
- Cloud
By Organization Size:
- SMEs
- Large Enterprises
By Vertical:
- Consumer Goods and Retail
- BFSI
- Information Technology (IT) and Telecom
- Manufacturing
- Healthcare
- Energy and Utilities
- Others
By Region:
- North America
- Europe
- Asia Pacific
- The Middle East and Africa
- Latin America
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More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global accounts payable automation market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
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