AP/AR Automation Market Report 2024-2033 - Growth, Trends, and Key Players

The Business Research Company recently released a comprehensive report on the Global AP/AR Automation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 growth in the historic period can be attributed to paper-based process inefficiencies, manual data entry challenges, invoice processing complexity, cost reduction goals, growing transaction volumes, need for real-time visibility, vendor and customer expectations, data security concerns.

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%. The growth in the forecast period can be attributed to advanced analytics for financial insights, mobile accessibility, enhanced user experience, integration with payment gateways, continuous compliance management, improved accuracy in financial reporting. Major trends in the forecast period include end-to-end process automation, integration with erp systems, advanced data extraction techniques, supplier collaboration portals, focus on fraud prevention, predictive analytics for cash flow optimization, automated payment processing, real-time reporting and dashboards.

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Market Drivers and Trends:

The rising trading activities are expected to propel the growth of the AP/AR automation market going forward. Trading activities encompass the buying and selling of financial instruments, such as stocks, bonds, currencies, and commodities, with the aim of generating profits in financial markets. The demand for streamlined and efficient Accounts Payable (AP) and Accounts Receivable (AR) processes has intensified as businesses expand globally and engage in higher volumes of transactions. Automation in these financial workflows enables organizations to handle increased trading activities with enhanced speed and accuracy, reducing the risk of errors and optimizing operational efficiency. The need for quicker invoice processing, improved cash flow management, and the ability to adapt to diverse and evolving financial ecosystems further underscore the pivotal role of AP/AR automation solutions in meeting the demands of a dynamic and expanding trading landscape. For instance, according to Statistics of Poland, the survey evaluated 52 businesses engaged in factoring trading operations in 2021. The surveyed companies' total number of purchased invoices climbed by 17.0% over the prior year, and their total value of acquired receivables increased by 29.4%. Customers that use factoring services have climbed by 24.7%. Therefore, the rising trading activities are expected to propel the growth of the AP/AR automation market.

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 .

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Major Key Players of the Market:

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

AP/AR Automation Market 2024 Key Insights:

• 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%.
• Rising Demand For Automated And Secured Payable Processes Fuels Growth In The Ap/Ar Automation Market
• Technological Advancements In Ap/Ar Automation
• Asia-Pacific was the largest region in the AP/AR automation market in 2023

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