Invoice Processing Software Market Trends: Analysis of Market Size, Competitive Landscape, and Factors Driving Growth in Financial Tech!

The new report published by The Business Research Company, titled Invoice Processing Software Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the invoice processing software market size has grown exponentially in recent years. It will grow from $27.73 billion in 2023 to $33.59 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The invoice processing software market size is expected to see exponential growth in the next few years. It will grow to $72.66 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%.

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E-commerce Expansion Fuels Growth In The Invoice Processing Software Market
The expanding e-commerce sector is expected to propel the growth of the invoice-processing software market going forward. The e-commerce sector encompasses businesses that conduct commercial transactions electronically over the Internet. The e-commerce sector is rising due to increasing internet penetration, consumer convenience, and technological advancements facilitating seamless online transactions. Invoice processing software in e-commerce automates the receipt, verification, and management of invoices from suppliers, facilitating efficient accounts payable workflows and ensuring timely payment processing. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, in 2023, e-commerce sales were projected to reach $1,118.7 billion, marking a 7.6% (±1.2%) increase from 2022, while total retail sales saw a 2.1% (±0.4%) rise over the same period. In 2023, e-commerce sales constituted 15.4% of total sales, compared to 14.7% in 2022. Therefore, the expanding e-commerce sector is driving the growth of the invoice-processing software market.

Companies Drive Innovation With AI-Powered Invoicing Platforms
Major companies operating in the invoice processing software market are developing innovative technologies such as artificial intelligence (AI)-powered invoicing platforms, to sustain their position in the market. AI-powered invoicing platforms are software solutions that use AI algorithms to automate and optimize the invoicing process, from invoice creation and validation to data extraction, approval routing, and payment processing. For instance, in November 2021, Vroozi, a US-based software company, launched Vroozi Intelligence, a new accounts payable and invoice automation platform. The new platform is powered by Vroozi's AI technology, which automates invoice capture, approval, and payment processes, reducing manual intervention and increasing efficiency. The platform uses AI to capture invoices automatically, eliminating the need for manual data entry and reducing errors. The platform also automates the approval process, allowing for one-click approval capabilities and streamlining workflow approval cycles.

The invoice processing software market covered in this report is segmented -

1) By Solution: Invoice Processing Software, Services
2) By Enterprise Size: Small And Medium-sized Enterprises, Large Enterprises
3) By Industry: Information Technology And Telecommunications, Banking, Financial Services, And Insurance (BFSI), Government, Retail, Healthcare, Education, Other Industries

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Major companies operating in the invoice processing software market are Oracle Corporation, NetSuite Inc., SAP SE, Intuit Inc., GEP LLC, Zoho Corporation Pvt. Ltd., Coupa Software Inc., Xero Limited, Bill.com Holdings Inc., Basware Corporation, AvidXchange Inc., Ariba Inc., Tipalti Inc., Esker Inc., Expensify Inc., Corcentric LLC, Sage Intacct Inc., Chrome River Technologies Inc., Procurify Inc., Yooz Inc., MineralTree Inc., SutiSoft Inc., Beanworks Solutions Inc.

Contents of the report:
1. Executive Summary
2. Invoice Processing Software Market Report Structure
3. Invoice Processing Software Market Trends And Strategies
4. Invoice Processing Software Market - Macro Economic Scenario
5. Invoice Processing Software Market Size And Growth
…..
27. Invoice Processing Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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