Global Account Payable Market Segments, Sales, Profits, Analysis, Size and Statistics | Top Players are Beanworks, Esker, AvidXchange, Comarch, SAP, Vanguard Systems, Zycus Inc., Invoicera, OSAS, Bottomline Technologies (de), Inc., Tipalti, Inc., FIS, New

Market Highlights

Account payable or accounts receivable software which smoothes out the installment arrangement of a venture and further develops its productivity. The innovation permits undertakings to check out sums due for installment and following of installments to sellers and providers to guarantee unimportant hiccups in the production network. The global account payable market report by Market Research Future (MRFR) investigates different powerful factors influencing the business for the time of 2019 to 2025 (estimate period). The episode of the COVID-19 pandemic and its effect on the business has been talked about in the report.

Market Scope

The global account payable market is relied upon to extend at 11.4% CAGR during the figure time frame, to arrive at USD 3.63 billion of every 2025.

The change in the strategy for installments among ventures, move towards digitization, robotization of different cycles, and ascent of extortion and its effect are significant drivers of the market. Rising installment of electronic exchanges of installment and installment through Mastercards can impact the worldwide record payable market development. This can be ascribed to encryption of basic information in electronic installments and straightforwardness in moving cash through this strategy.

The quick industrialization and ventures of business-to-business (B2B) organizations in creditor liability programming to serve their customers can assume a tremendous part in the global account payable industry.

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Segmentation:

The global account payable software market has been segmented by component, deployment, enterprise size, and vertical.

By component, the account payable market has been segmented into solutions and services. The services segment includes professional and managed services offered by solution providers; these services include training & consulting and support & maintenance. Among the two, the solution segment accounted for the largest share in the overall market in 2018. A large number of industry verticals are employing the software for management of their daily transactions, thus driving the segment growth.

Based on enterprise size, the account payable market has been segmented into small & medium enterprises and large enterprises. The small & medium enterprises segment is expected to register the highest CAGR during the forecast period.

Based on deployment, the account payable market has been segmented into on-premise and cloud-based segments. The cloud-based segment is expected to register a higher CAGR during the forecast period among the two.

Based on vertical, the account payable market has been segmented into manufacturing, IT and telecommunication, banking, financial services, and insurance (BFSI), retail & consumer goods, energy & utilities, healthcare, and others. The manufacturing vertical accounted for the largest share in the year 2018 and it is expected to account for the largest share in the forecast period as well. This can be attributed to encouragement of electronic payments by nations globally. On the other hand, the BFSI sector can account for a significant market share during the forecast period owing to replacement of paper invoices with digital ones.

Regional Analysis

Geographically, the Global Account Payable Market has been segmented into Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and South America.

North America leads the market in terms of market share in the account payable market. Factors driving the growth of the market include continuous investment and focus on account payable automation among enterprises of all sizes. The presence of various software providers in the region is another factor that has contributed a significant share in North America account payable software market in the year 2018.

Europe has the second position in the global account payable industry. According to MRFR analysis, the UK is expected to gain the highest market share, followed by Germany and France. The account payable market in this region is expected to grow due to the increasing demand for paperless account payable solutions and enterprise resource planning (ERP) integration with account payable software.

Competition Outlook

Beanworks, Esker, AvidXchange, Comarch, SAP, Vanguard Systems, Zycus Inc., Invoicera, OSAS, Bottomline Technologies (de), Inc., Tipalti, Inc., FIS, Newgen Software Technologies Limited, SutiSoft, Inc., and Sage Group plc are key players of the global account payable market.

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Account Payable Market Research Report: By Component (Solution, Service-Managed and Professional), Deployment (On-Premise, Cloud) Enterprise Size (Large Enterprises and Small & Medium Enterprises), Vertical (BFSI, Retail & Consumer Goods, Energy & Utility, Healthcare, IT and Telecommunication, Manufacturing and other) and Region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America) - Forecast till 2027

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