Accounts Payable Automation - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Accounts Payable Automation Market is accounted for $1.9 billion in 2018 and is expected to reach $5.08 billion by 2027 growing at a CAGR of 13.1% from 2018 to 2027. Growing demand to reduce the delayed payments and improve the compliance rate and increasing demand to diminish fraudulent transactions are boosting the market growth. However, lacking insufficient data encryption and security are inhibiting the market growth.
Accounts payable automation is the process of replacing paper invoices and checks with electronic methods of tracking and paying the money your company owes other companies. Accounts payable automation can provide a significant cost savings for a company beyond the expected savings from eliminating manual tasks. Companies can optimize their vendor portfolio, avoid duplicate or erroneous payments, and take advantage of early payment discounts.
On the end user, Banking, Financial Services, and Insurance segment has growing prominence due to maximize staff productivity and save the time of personnel. Accounts payable is a simple but monotonous process in the banking system. It requires extracting vendor information, validating it and then processing the payment. By geography, Asia Pacific is likely to have a huge demand due to increase in automation of business process to reduce errors and several vendors expanding their business in this region.
Some of the key players in this market include Zoho Corporation Pvt. Ltd., Yat Software, Xero Tipalti, SAP Ariba, Sage Software, PaySimple, Norming Software, MineralTree, Micronetics, KashFlow Software, Intuit, Freshbooks, FinancialForce, Coupa Software, Comarch, Brightpearl, Bottomline Technologies, Araize and Acclivity Group.
Organization Types Covered:
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
End Users Covered:
• Information Technology (IT) and Telecom
• Energy and Utilities
• Consumer Goods and Retail
• Banking, Financial Services, and Insurance (BFSI)
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2017, 2018, 2019, 2023 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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