Accounts Payable Automation Analysis: 2024, Business Growth, Key Applications, Latest Trends and Forecast Till 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Accounts Payable 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 accounts payable automation market size has grown exponentially in recent years. It will grow from $3.74 billion in 2023 to $4.5 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to manual processes inefficiencies, paper-based invoicing, emergence of erp systems, cost and time savings, risk management focus.

The accounts payable automation market size is expected to see exponential growth in the next few years. It will grow to $9.67 billion in 2028 at a compound annual growth rate (CAGR) of 21.1%. The growth in the forecast period can be attributed to cloud-based solutions adoption, globalization impact, rise of robotic process automation (rpa), focus on vendor relations, predictive analytics and reporting. Major trends in the forecast period include touchless processing, blockchain integration, mobile applications for approval, real-time invoice tracking, api-driven integrations.

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Key Market Players:

Major companies operating in the accounts payable automation market report are Oracle Corporation, SAP SE, Fidelity National Information Services Inc., Sage Group PLC., Bill.com, Coupa Software, Comarch SA, AvidXchange Holdings, AvidXchange, Kofax Inc., Zycus Inc., Zoho Corporation Pvt. Ltd., Esker, FinancialForce, Bottomline Technologies Inc., Bottomline Technologies, Corcentric, Chrome River, Procurify Technologies Inc., Tipalti Inc., MHC Automation, Procurify, Airbase Inc., MineralTree, AppZen Inc., Palette Software, Stampli, DocuPhase, Certinia, Medius

Market Drivers:

Increased internet penetration is expected to propel the growth of the accounts payable automation market going forward. The Internet refers to a worldwide network that links the world wide web and billions of computers together globally. Internet penetration helps accounts payable automation providers to access various parts of the accounts payable process such as documentation and invoices on any device across the world and automate the process without any human intervention. For instance, in 2023, according to the International Telecommunication Union (ITU), a Switzerland-based intergovernmental agency responsible for matters related to communication and information technology, the number of internet users increased from 4.9 billion in 2021 to 5.3 billion in 2022. Therefore, increased internet penetration drives the accounts payable automation market.

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The accounts payable automation market covered in this report is segmented -

1) By Component: Solution, Service
2) By Deployment Mode: On-Premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Consumer Goods And Retail, Information Technology (IT) And Telecom, Manufacturing, Healthcare, Government, Other Industries

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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