Accounts Payable Automation Global Market Report 2024 - By Demand, Share, Trends And Report, Forecast To 2033

"The new report published by The Business Research Company, titled Accounts Payable Automation 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 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 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%.

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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.

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.

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

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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

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

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