Exponential Growth Projected: Accounts Payable Automation Market to Hit $9.67 Billion by 2028 with 21.1% CAGR

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.

Market Overview -
Accounts payable automation refers to the process of handling accounts online. These are used to automate accounts payable processes, removing manual tasks such as manual invoice keying, and paper processing that provide better visibility and control of financial data.

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Riding The Wave Of Increased Internet Penetration To Propel Growth In The Accounts Payable Automation Market
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.

Competitive Landscape -
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

Focus On Artificial Intelligence And Machine Learning Integration
Technological advancement is the key trend gaining popularity in the accounts payable automation market. Major companies operating in the accounts payable automation market are focusing on increasing the functionality of accounts payable automation services through various technologies. For instance, in November 2021, Vroozi, a US-based software company launched Vroozi Intelligence, an accounts payable automation platform. This platform provides automation through invoice matching, coding, handling of exceptions, and approval workflows through the use of artificial intelligence, machine learning, and cognitive data capture.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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