The market size for accounts payable automation is anticipated to reach at USD 4 billion by 2025. The factors that include increasing focus on reduction in days sales outstanding and enhancement of cash flow, along with decreased accounting cycle time are responsible for the accounts payable automation industry growth. The account payable automation solutions simplify the processing of enormous volumes of customer invoices, which can significantly reduce the efforts and time spent by the accountants in collecting payments from their customers. —
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The accounts payable automation software helps automating the invoices, reconciliation process and wipes out the manual payable processes. The software scales business growth and meets operational needs. It reduces the mundane tasks of the accounts payable team and enables it to focus on other important tasks. Most importantly the financial risks are mitigated thereby complying with the regulations. AP automation software helps identify solutions to cut costs while streamlining business operations enabling business executives to take advantage of new opportunities. Organizations are shifting their business operations towards digitalization to meet the rapidly growing demands and provide innovative solutions. Moreover, to remain synchronized with the rapidly digitalizing age, the organizations are adopting AP automation software which is driving the accounts payable automation market.
Additionally, the surge of the Covid-19 pandemic has inclined the business all over the world to go digital and provide solutions thereby containing the spread of the virus. Also, the pandemic has pushed the traditional business to adopt a digital framework for their organization and remotely and efficiently process the invoice operations. It has propelled accounts payable automation market. As the software allows real-time tracking and 24/7 access for the users, this option has become the most convenient and efficient one for the business teams.
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By using this software the AP departments automate and transfer the paper invoices, email invoices, and more such transactions into the digital workflow provided with advanced security features and fraud-detection functionalities. The security features which make the software more reliable for businesses have been influential in driving accounts payable automation market. Today companies and businesses use B2B payment systems for transacting with their clients and suppliers. This has made the companies adhere to the supply management strategies thereby in increased the adoption of accounts payable automation.
Besides the IT and business domains including the small, medium, as well as large businesses adopting the accounts payable automation software, the BFSI industry is more technologically more focused to provide better services to the consumers with the help of automation while increasing their market share. Also, the major focus of this segment is to improve the payment process and lessen the time required for invoice processing. Thus the BFSI segment the biggest diver of accounts payable automation market.
The global accounts payable automation market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. North America is considered a mature market in the accounts payable automation applications, owing to an outsized presence of organization with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the accounts payable automation market in North America. However, the Asia Pacific region is projected to grow at a substantial growth rate over the forecast period.
The major players operating in the accounts payable automation market are FIS, Tipalti, Basware, KashFlow Software Ltd, Procurify, The Sage Group plc, Zycus Inc, MineralTree, Vanguard Systems, AvidXchange, Norming Software International Ltd., FinancialForce, Coupa Software Inc among others.
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Segment Overview of Global Accounts Payable Automation Market
Component Overview, 2018-2025 (USD Billion)
Organization Size Overview, 2018-2025 (USD Billion)
Small & Medium
Deployment Overview, 2018-2025 (USD Billion)
Application Overview, 2018-2025 (USD Billion)
Telecom & IT
Retail & Consumer Goods
Energy & Utilities
Regional Overview, 2018-2025 (USD Billion)
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa
Rest of Middle East and Africa
Rest of South America
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