North America Accounts Payable Automation Software Market 2023 Key Driving Growth and Regions with Segments

The North America Accounts Payable Automation Software market held a market value of USD 774.4 Million in 2021 and is projected to reach USD 1,121.2 Million by the year 2025. The market is anticipated to grow at a CAGR of 9.5% from 2022 to 2025.

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Accounts Payable Automation Software is a way of automating repetitive and time-consuming tasks for the accounts payable team. The market is expected to be driven by the increasing demand for better cash management and various number of issues with manual account payable options. Furthermore, adoption of cloud-based and advanced technologies in finance departments of organization along with the technologically advanced features offered by account payable automation software are also estimated to fuel the market growth.

Despite the driving factors, lack of budget in SMEs to adopt Accounts Payable Automation Software are anticipated to hinder the market growth. Furthermore, various reasons why organizations are not switching to automated solutions are also estimated to negatively hamper the market growth.

Growth Influencers:

Various number of issues with manual account payable options
The manual account payable options face various issues, such as, manual data entry, managing vendor invoices, missing purchase orders, problems in vendor management, slow & inefficient processing, payment errors, and maintaining manual records. By switching to Accounts Payable Automation Software processes, companies can maintain digital records for all their transactions. They can also reduce their storage costs and make storing, searching, and retrieving of documents easier. Furthermore, on-cloud stored records provide security as well as regular backups. All the factors are expected to boost the market growth.

Segments Overview:

The North America Accounts Payable Automation Software market is segmented into solution, deployment, enterprise size, and industry.

By Component,
? Invoice Management (End-to-end)
? Electronic Purchase Order
? E-invoicing
? Approvals & Workflow
? ERP Integration
? Electronic Payment
? Analysis & Reporting
? Services
o Outsourced/Managed
o Professional

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The invoice management (end-to-end) segment is expected to surpass a market value of USD 150 million by 2025 owing to the rising demand for invoice management software. The e-invoicing segment is estimated to surpass a revenue of more than USD 100 million by 2023 owing to their growing adoption in B2B segment. The analysis and reporting segment is anticipated to witness the fastest growth rate of 11.6% during the forecast period owing to various technological advancements in this segment by market players.

By Deployment,
? Cloud/SaaS/Web Based
? On-Premises

The cloud/SaaS/Web-Based segment is expected to witness the highest market share of more than 80% in 2021 owing to the growing demand for cloud storage options in the digital payments sector.

By Enterprise Size,
? Small Enterprises
? Medium Enterprises
? Large Enterprises

The medium enterprises segment is anticipated to grow at the fastest CAGR of around 11.1% from 2022 to 2025, owing to increasing adoption of Accounts Payable Automation Software in these enterprises as they have limited funds and Accounts Payable Automation Software can help in saving their costs in the long run.

By End User,
? Retail
? E-Commerce
? Industrial Manufacturing
? Automotive
? Food & Beverage Manufacturing
? Transportation
? Logistics & Warehouse
? Aviation
? Utilities
? Hospitality
? Insurance
? Banking and Financial Services
? Telecom
? Others (Education, IT, Entertainment, Professional Services)

The e-commerce segment is anticipated to witness the fastest growth rate of 11.2% over the projected period owing to the growing smartphone penetration and use of e-commerce sites. The banking & financial services segment is estimated to account for the largest market share of more than 20% in 2021 owing to the growing investments by government to upgrade and expand the BFSI sector. The insurance segment is estimated to surpass a market size of around USD 150 million by 2024 owing to the growing number of insurance claims.

Regional Overview

By country, the North America Accounts Payable Automation Software market is divided into the U.S., Canada, and Mexico.

The U.S. is expected to witness the fastest growth rate of about 11.7% owing to rising adoption of technologically advanced solutions as well as the growing BFSI sector in the country. Mexico is estimated to surpass a mark of USD 100 million by 2023 owing to the increasing investments by market players in the country.

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Competitive Landscape

Major players in the North America Accounts Payable Automation Software market include AvidXchange, Inc., Beanworks Solutions Inc., Bill.com LLC, Coupa Software Inc., DocuWare, Nvoicepay, Mineral Tree, Inc., Stampli Inc., SAGE Group, Spendesk SAS, Microsoft Dynamics, Proactis Holdings PLC, and Other Prominent Players. The cumulative market share of the four major players is near about 35%.
These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in January 2022, AvidXchange Holdings, Inc. launched the FastPay Political+, an enhancement to its platform FastPay Political for helping political agencies and media suppliers.

The North America Accounts Payable Automation Software market report provides insights on the below pointers:

? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the North America Accounts Payable Automation Software market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Technology Trend: Adoption Analysis - Robotic Process Automation (RPA), Machine Learning (ML), Natural Language Processing (NLP) and Artificial Intelligence, Smart Workflow; and Enterprise RPA Adoption Trend Analysis

The North America Accounts Payable Automation Software market report answers questions such as:

? What is the market size and forecast of the North America Accounts Payable Automation Software Market?
? What are the inhibiting factors and impact of COVID-19 on the North America Accounts Payable Automation Software Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the North America Accounts Payable Automation Software Market?
? What is the competitive strategic window for opportunities in the North America Accounts Payable Automation Software Market?
? What are the technology trends and regulatory frameworks in the North America Accounts Payable Automation Software Market?
? What is the market share of the leading players in the North America Accounts Payable Automation Software Market?
? What modes and strategic moves are considered favorable for entering the North America Accounts Payable Automation Software Market?

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