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Accounts Payable Software Market: Size, Share, Key Trends, and Growth Forecast
Accounts Payable Software Global Market Report 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increased automation and efficiency, regulatory compliance, increased volume of invoices, desire for real-time visibility into financial data, increased focus on sustainable practices by manufacturers.
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%. The growth in the forecast period can be attributed to growing demand for reducing costs and improving efficiency, rising need for streamlining accounts payable operations, rising government initiatives, growing desire to minimize payment delays, growing demand for reducing manual errors. Major trends in the forecast period include adoption of automation and digitization in financial processes across industries, advancements in technology, including artificial intelligence, machine learning, and robotic process automation, integration of cutting-edge technologies by major manufacturers, innovation in virtual events, adoption of cloud-based solutions.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Accounts Payable Software Market 2024 Key Insights:
• 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%.
• Surge In Start-Ups Fuels Growth In The Logo Design Software Market
• Companies Leverage Generative AI To Revolutionize Accounts Payable Solutions
• North America was the largest region in the accounts payable software market in 2023
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