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Invoice Processing Software Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Invoice Processing Software Market Rising Trends
According to The Business Research Company's, 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 growth in the historic period can be attributed to the shift from paper-based to digital invoicing systems, the introduction of optical character recognition technology for data extraction, regulatory compliance requirements, demand for automation to streamline accounts payable processes, and integration with accounting and ERP systems for seamless data exchange.
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%. The growth in the forecast period can be attributed to digital transformation initiatives, focus on cost reduction, need for efficiency and accuracy, demand for cloud-based solutions, and focus on data analytics and insights. Major trends in the forecast period include the expansion of mobile functionality, enhanced integration capabilities, the rise of intelligent document recognition (IDR), integration with blockchain technology, and continued emphasis on user experience.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Invoice Processing Software Market 2024 Key Insights:
• 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%.
• E-commerce Expansion Fuels Growth In The Invoice Processing Software Market
• Companies Drive Innovation With AI-Powered Invoicing Platforms
• North America was the largest region in the invoice processing software market in 2023
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