AP/AR Automation Market Growth, Size, Key Drivers, Forecast To 2033

The Business Research Company presents an extensive market research report on the AP/AR Automation Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The ap/ar automation market size has grown strongly in recent years. It will grow from $2.24 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to paper-based process inefficiencies, manual data entry challenges, invoice processing complexity, cost reduction goals, growing transaction volumes, need for real-time visibility, vendor and customer expectations, data security concerns..

The ap/ar automation market size is expected to see strong growth in the next few years. It will grow to $3.54 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to advanced analytics for financial insights, mobile accessibility, enhanced user experience, integration with payment gateways, continuous compliance management, improved accuracy in financial reporting.. Major trends in the forecast period include end-to-end process automation, integration with erp systems, advanced data extraction techniques, supplier collaboration portals, focus on fraud prevention, predictive analytics for cash flow optimization, automated payment processing, real-time reporting and dashboards..

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Key Market Players:

Major companies operating in the ap/ar automation market report are AvidXchange Holdings Inc., Bill.com Holdings Inc., Bottomline Technologies Inc., Coupa Software Inc., FinancialForce Inc., 2ndSite Inc., Nvoicepay Inc., The Sage Group plc, Oracle Corporation, SAP SE, Kofax Inc., YayPay Inc., SK Global Software LLC, Comarch SA, Paysimple Private Limited, Armatic Technologies Inc., Fidelity National Information Services Inc., Tipalti Inc., Zycus Inc., Esker Inc., HighRadius Corporation, Yooz Inc., MineralTree Inc., Versapay Corporation, Anybill Inc., Beanworks Solutions Inc., Corcentric LLC, Dooap Inc., Goby Inc., Medius AB, Stampli Inc., Tradeshift Inc., Workday Inc., Xero Limited, Zervant Oyj, BlackLine Inc., Concur Technologies Inc., Coupa Software Holdings LLC

Market Drivers:

The increase in demand for automated and secured payable processes is expected to propel the growth of the AP/AR automation market going forward. The automated and secured payable process refers to a method for minimizing human involvement and getting rid of risky tasks from the trade payables or accounts payables process. AP/AR automation reduces the amount of data entry required and speeds up other procedures such as payments and invoice matching, and reduces hard expenditures including document storage, postage, and other expenses. For instance, according to a Future Payables Process study conducted in the UK among 160 accounts payable professionals from 12 countries by The Institute of Financial Operations and Leadership (IFOL), a UK-based educational institute within financial operations, 5% more respondents from 2021 believed their department would be totally automated within the next 6-12 months compared to the results from previous year. Therefore, increasing demand for automated and secured payable processes is expected to propel the demand of the AP/AR automation market.

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The ap/ar automation market covered in this report is segmented -

1) By Component: Invoice Management, Electronic Purchase Order, E-Invoicing, Approval and Workflow, ERP Integration, Electronic Payment, Analysis and Reporting, Services
2) By Organization Type: Large, Small and Medium Enterprises (SMEs)
3) By End User: Banking, financial services and insurance (BFSI), Manufacturing, Energy and Utilities, Construction, Food and Beverages, Consumer Goods and Retail, IT and Telecom, Healthcare, Other End Users

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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