The estimated market revenue for invoice processing software in 2022 is US$22 billion. The market is anticipated to increase at a CAGR of 18% from 2023 to 2033, when it is predicted to reach US$ 25.3 billion. Businesses place increasing importance on automating accounts payable.
The day is slowly approaching when an organization’s tactical back-office function of processing invoices will no longer exist. Similar to this, the customer experience has grown in importance in both B2C and B2B interactions, particularly when it comes to the use of computerised invoicing procedures.
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According to the IOFM’s 2018 Future of Accounts Payable Research, 51% of paper invoices received by organisations will be electronic by 2021.
The invoice processing software market refers to the industry that provides solutions for automating the invoice processing and payment workflows. Invoice processing software automates the capture, extraction, and validation of data from invoices, as well as the routing and approval of invoices for payment. This technology improves the efficiency and accuracy of the invoice processing workflow, reduces manual labor, and eliminates errors associated with manual data entry.
The market is driven by various factors, including the growing demand for digitalization and automation of business processes, the need for cost-effective and efficient invoice processing solutions, and the increasing adoption of cloud-based technologies. The demand for invoice processing software is also driven by the COVID-19 pandemic, which has accelerated the shift towards remote work and digital business processes.
The market is highly competitive, with a large number of established players and new entrants offering innovative products and services. Key players in the market include SAP SE, Basware Corporation, Coupa Software Inc., ABBYY Solutions Ltd., and Xero Limited.
The invoice processing software market is expected to grow in the coming years, driven by factors such as the increasing adoption of cloud-based invoice processing solutions, the growing demand for integrated procure-to-pay solutions, and the need for real-time visibility and control over the invoice processing workflow.
The market is also expected to benefit from increasing investments in research and development to improve the accuracy and efficiency of invoice processing software, as well as the development of new applications and use cases in various industries, such as healthcare, finance, and government.
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Who are the Key Providers of Invoice Processing Software?
Some of the leading Invoice Processing Software providers include
- SAP SE
- Sage Group PLC
- Chrome River
- Spendesk
- Coupa
- Zoho Corporation
- Koufax
- Concur Invoice
- and Invoicera among others.
These vendors have adopted various key strategies, to enhance the customer base globally and locally. Companies are also spending millions of dollars into product R&D to fulfill the unmet needs of their customers. Furthermore, many companies are focusing on inorganic strategies by acquiring small and mid-sized organizations present in this market.
Key Segments
By Solution:
- Invoice Processing Software
- On-premise
- Cloud-based
- Services
- Integration & Implementation
- Consulting Services
- Support & Maintenance
By Enterprise Size:
- SMEs
- Large Enterprises
By Industry:
- IT & Telecom
- BFSI
- Government
- Retail
- Healthcare
- Education
- Others
By Region:
- North America
- USA
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Benelux
- Russia
- Rest of Europe
- East Asia
- China
- Japan
- South Korea
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