2024 Accounts Payable Software Market Report : Market Size, Growth Drivers, And Key Trends | Microsoft Corporation, Oracle Corporation, SAP SE, Intuit inc., Sage Group Plc, Zoho Corporation Pvt. Ltd

"The new report published by The Business Research Company, titled ""Accounts Payable 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 account payable software market size has grown strongly in recent years. It will grow from $1.40 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The account payable software market size is expected to see strong growth in the next few years. It will grow to $2.16 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.

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Surge In Start-Ups Fuels Growth In The Logo Design Software Market
A growing number of startups is expected to propel the growth of the accounts payable software market going forward. Startups are newly established businesses, often founded by entrepreneurs aiming to develop a unique product or service with high growth potential. The increase in the number of startups can be attributed to a thriving entrepreneurial culture, demand for flexible solutions, and the growing emphasis on entrepreneurship education. Accounts payable software empowers startups to streamline accounts payable processes, optimize cash flow management, and make informed financial decisions, enabling them to focus on driving business growth and success. For instance, in February 2024, according to Startups.co.uk, a UK-based business advice website, new business registrations in the UK surged by 19.5%, reaching a total of 39,966 in 2023, an increase of 6.5% compared to the same period in 2022. Therefore, the growing number of startups is driving the growth of the accounts payable software market.

Companies Leverage Generative AI To Revolutionize Accounts Payable Solutions
Major companies operating in the accounts payable software market are developing innovative technological solutions, such as GenAI-based solutions, to enhance automation, and improve the accuracy and effectiveness of financial management processes. Gen AI-based solutions are designed to generate novel outputs, such as images, text, or even music, based on patterns and information learned from large datasets. For instance, in April 2024, High Radius, a US-based manufacturing company, launched Accounts Payable Automation, a first-ever finance team-centric accounts payable solution to meet the latest distributions. It is designed to enhance supplier relationships and reduce costs for AP teams by automating invoice processing and supplier communication. Accounts Payable Automation solution leverages advanced technologies such as artificial intelligence and machine learning to automate and streamline accounts payable, including invoice processing, payment approvals, and vendor management.

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

1) By Deployment Type: On-Premises, Cloud-Based
2) By Application: Large Enterprises, Small And Medium-Sized Enterprises
3) By End-User Industry: Retail, Manufacturing, Healthcare, Information Technology And Telecom, Banking, Financial Services, And Insurance (BFSI)

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Major companies operating in the accounts payable software market are Microsoft Corporation, Oracle Corporation, SAP SE, Intuit inc., Sage Group Plc, Zoho Corporation Pvt. Ltd., Epicor Software Corp., Coupa Software Inc., Xero Ltd., AvidXchange, Tipalti inc., Freshbooks, Tradeshift Inc., Acumatica Inc., QuickBooks, Stampli, MineralTree Inc., Nipendo, Brightpearl, Nvoicepay Inc., Lightyear AI Inc., FinancialForce Pty Ltd., Acclivity Group LLC, Micronetics , Norming Software International Ltd.

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

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