Accounts Payable Automation Market Set to Reach $8.3 Billion by 2031 with 12.3% CAGR | Procurify Technologies Inc., AvidXchange, FinancialForce

Allied Market Research published a report, titled, "Accounts Payable Automation Market by Component (Solution, Service), by Deployment Mode (On-Premise, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (BFSI, Consumer Goods and Retail, IT and Telecom, Manufacturing, Healthcare, Government, Other): Global Opportunity Analysis and Industry Forecast, 2021-2031"

According to the report, the global accounts payable automation industry was valued at $2.7 billion in 2021 and is estimated to generate $8.3 billion by 2031, witnessing a CAGR of 12.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰:
https://www.alliedmarketresearch.com/request-sample/54023

Drivers, Restraints, and Opportunities

An increase in the adoption of accounting software for improving the efficiency and productivity of businesses and a rise in technological advancements such as AI and RPA that can be integrated into accounts payable automation for precise and accurate data drive the accounts payable automation market. However, the possibility of losing crucial accounting data and the expensive initial cost of software hinder the global market growth. On the other hand, the opportunity to access unexplored markets and the availability of trained professionals, and the rise in developments & initiatives toward accounts payable automation will present new growth opportunities for the global accounts payable automation market in the coming years.

Covid-19 Scenario

The impact of COVID-19 on accounts payable automation has been significant.
This is due to the rise in the adoption of online & digitalized platforms for financial operations globally. Various businesses and banking companies are relying on software to perform financial operations.
Additionally, the need for more dynamic and remote access to corporate financial records and systems, especially by people who need to access financial accounts regularly, correct information to make choices, and manage financial affairs has risen due to remote working. This factor plays an important role in contributing to the growth of the accounts payable automation market.

The cloud segment to dominate the market during the forecast period

Based on deployment mode, the on-premise segment contributed to the largest share of nearly three-fifths of the global accounts payable automation market in 2021. The on-premises data deployment approach is frequently used in banks and financial institutions since it requires a substantial investment for the establishment and requires businesses to acquire data software to administer the system & analyze previous data trends to anticipate future events. However, the cloud segment is expected to dominate in terms of revenue and witness the fastest CAGR of 15.4% from 2022 to 2031. Cloud accounts payable automation has been driving the cloud-based data software in the banking industry by reducing an organization's reliance on IT resources to adopt banking solutions while avoiding capital costs and maintenance needs. Furthermore, cloud-based predictive accounts payable automation combines numerous applications, such as data access, visualization, wrangling, analysis, forecasting, and prediction of bank data, into a single platform that is more dependable.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:
https://www.alliedmarketresearch.com/request-for-customization/A53548

The large enterprises segment to achieve the highest revenue during the forecast period

Based on enterprise size, the large enterprises segment grabbed the highest share of two-thirds of the overall accounts payable automation market in 2021 and is projected to maintain its dominance in 2031. The use of accounts payable automation in large enterprises has been continuously increasing for years. The increased need to track cash flow, increased need for ROI and decreased costs are driving the adoption of this technology globally. However, the small and medium-sized enterprises segment is expected to witness the fastest CAGR of 14.5% from 2022 to 2031. The use of accounts payable automation in SMEs is increasing due to its benefits, such as a reduction in manual errors, enabling companies to complete their work with efficiency and accuracy. Also, they are cost-effective and allow companies to have better control over financials by providing real-time insight into performance.

Asia-Pacific to achieve the largest revenue and growth by 2031

Based on region, the market in North America was the largest in 2021, accounting for more than one-third of the global accounts payable automation market. This is attributed to the fact that users in the region are seeking accounting systems tailored to their specific needs, as opposed to generic accounting applications. Furthermore, companies in the region are continuously developing their software and applications to match the current digitization. However, the market in Asia-Pacific is likely to dominate in terms of revenue and show the fastest CAGR of 15.9% during the forecast period. The increase in the need for operational efficiency & transparency in business processes, adoption of cloud & mobile applications, and rise in demand for data-driven decision-making are the major pillars of growth for accounts payable automation in this region. Further, this region includes a few of the fastest-growing economies of the world such as India and China, where the technology industry is registering phenomenal growth outpacing the global average.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠:
https://www.alliedmarketresearch.com/purchase-enquiry/A53548

Leading Market Players

SAP Ariba
Comarch SA
Fis
AvidXchange
Tipalti Inc.
FinancialForce
Procurify Technologies Inc.
Zycus Inc.
Sage Group plc
Bottomline Technologies, Inc.

The report analyzes these key players in the global accounts payable automation market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, product portfolio, and developments of every market player.

Top Impacting Factors
Growing need to Digitize the Financial Audit Processes
Growing digitization is altering how customers and organizations engage, as well as creating a new forum for idea exchange.

Accounts Payable Automation Market Report Highlights:

Deployment Mode
On-Premise
Cloud

Enterprise Size
Large Enterprises
Small and Medium-sized Enterprises

Industry Vertical
Consumer Goods and Retail
IT and Telecom
Manufacturing
Healthcare
Government
Other
BFSI

Component
Solution
Service

By Region
North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

𝐀𝐜𝐜𝐞𝐬𝐬 𝐀𝐕𝐄𝐍𝐔𝐄 - 𝐀 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧-𝐁𝐚𝐬𝐞𝐝 𝐋𝐢𝐛𝐫𝐚𝐫𝐲 (𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐎𝐧-𝐃𝐞𝐦𝐚𝐧𝐝, 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧-𝐁𝐚𝐬𝐞𝐝 𝐏𝐫𝐢𝐜𝐢𝐧𝐠 𝐌𝐨𝐝𝐞𝐥) @ https://bit.ly/3ULFjLi

Key Market Players : SAP Ariba, Comarch SA, fis, AvidXchange, Tipalti Inc., FinancialForce, Procurify Technologies Inc., Zycus Inc., Sage Group plc, Bottomline Technologies, Inc.

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