AP/AR Automation Market Forecast to 2033, Uncovering Industry Trends, Market Size, and Share, and the Impact of Technological Advancements

The new report published by The Business Research Company, titled "AP/AR 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 ap/ar automation market size has grown strongly in recent years. It will grow from $2.24 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The ap/ar automation market size is expected to see strong growth in the next few years. It will grow to $3.54 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.

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Rising Demand For Automated And Secured Payable Processes Fuels Growth In The Ap/Ar Automation Market
The increase in demand for automated and secured payable processes is expected to propel the growth of the AP/AR automation market going forward. The automated and secured payable process refers to a method for minimizing human involvement and getting rid of risky tasks from the trade payables or accounts payables process. AP/AR automation reduces the amount of data entry required and speeds up other procedures such as payments and invoice matching, and reduces hard expenditures including document storage, postage, and other expenses. For instance, according to a Future Payables Process study conducted in the UK among 160 accounts payable professionals from 12 countries by The Institute of Financial Operations and Leadership (IFOL), a UK-based educational institute within financial operations, 5% more respondents from 2021 believed their department would be totally automated within the next 6-12 months compared to the results from previous year. Therefore, increasing demand for automated and secured payable processes is expected to propel the demand of the AP/AR automation market.

Technological Advancements In Ap/Ar Automation
Technological advancements are a key trend gaining popularity in the AP/AR automation market. Major companies operating in the AP/AR market are focused on introducing innovative and technologically advanced products to sustain their position in the market. For instance, in August 2023, Financial Software & Systems (FSS), an India-based global payment systems company launched Blaze. This is a revolutionary payments technology platform that was created specifically to meet the requirements of financial organizations and banks. Blaze gives banks and other financial institutions the ability to provide their clients with cutting-edge and unique payment experiences. This platform's characteristics, including its scalability, security, and adaptability, make it well-positioned to lead the way for the next wave of payment technologies. The payments technology platform enables banks to get higher TPS, in line with the nation's growing embrace of digital commerce .

The ap/ar automation market covered in this report is segmented -

1) By Component: Invoice Management, Electronic Purchase Order, E-Invoicing, Approval and Workflow, ERP Integration, Electronic Payment, Analysis and Reporting, Services
2) By Organization Type: Large, Small and Medium Enterprises (SMEs)
3) By End User: Banking, financial services and insurance (BFSI), Manufacturing, Energy and Utilities, Construction, Food and Beverages, Consumer Goods and Retail, IT and Telecom, Healthcare, Other End Users

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Major companies operating in the ap/ar automation market report are AvidXchange Holdings Inc., Bill.com Holdings Inc., Bottomline Technologies Inc., Coupa Software Inc., FinancialForce Inc., 2ndSite Inc., Nvoicepay Inc., The Sage Group plc, Oracle Corporation, SAP SE, Kofax Inc., YayPay Inc., SK Global Software LLC, Comarch SA, Paysimple Private Limited, Armatic Technologies Inc., Fidelity National Information Services Inc., Tipalti Inc., Zycus Inc., Esker Inc., HighRadius Corporation, Yooz Inc., MineralTree Inc., Versapay Corporation, Anybill Inc., Beanworks Solutions Inc., Corcentric LLC, Dooap Inc., Goby Inc., Medius AB, Stampli Inc., Tradeshift Inc., Workday Inc., Xero Limited, Zervant Oyj, BlackLine Inc., Concur Technologies Inc., Coupa Software Holdings LLC

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

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