Riding The Wave Of Increased Internet Penetration To Propel Growth In The Accounts Payable Automation Market: Powering Innovation and Expansion in the Accounts Payable Automation Market by 2025

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What Is the Expected CAGR for the Accounts Payable Automation Market Through 2025?
Over the recent years, there has been an unprecedented growth in the market size of accounts payable automation. The projections indicate that the market will expand from its value of $4.48 billion in 2024 to a whopping $5.44 billion in 2025, representing a compound annual growth rate (CAGR) of 21.4%. The significant growth observed in the past can be linked to inefficient manual processes, the usage of paper-based invoicing, introduction of ERP systems, and a focus on cost and time savings and risk management.

What's the Projected Size of the Global Accounts Payable Automation Market by 2029?
In the upcoming years, the market size for accounts payable automation is set to incredibly expand, achieving a valuation of $11.81 billion in 2029. This is projected upon a compound annual growth rate (CAGR) of 21.4%. The phenomenal growth during the forecast period can be associated with several factors such as the acceptance of cloud-based solutions, globalization effects, the emergence of robotic process automation (RPA), improved focus on vendor relations, and emphasis on predictive analytics and reporting. The forecast period will also observe significant trends such as touchless processing, incorporation of blockchain, approval-based mobile applications, real-time invoice monitoring and API-driven integrations.

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Top Growth Drivers in the Accounts Payable Automation Industry: What's Accelerating the Market?
The growth of the accounts payable automation market is anticipated to be driven by an increase in internet penetration. The Internet is a global network connecting the world wide web and billions of computers worldwide. The expansion of internet access allows providers of accounts payable automation to automate various aspects of the accounts payable process, such as documentation and invoices, on any device anywhere in the world, without the need for human intervention. For example, a report by the International Telecommunication Union (ITU), a United Nations agency based in Switzerland, stated in November 2022 that global internet penetration had reached approximately 5.3 billion people or 66% of the world's population in 2022, marking a 6.1% increase from 2021. Consequently, the expansion of internet penetration stimulates the growth of the accounts payable automation market.

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What Trends Will Shape the Accounts Payable Automation Market Through 2029 and Beyond?
The growth of technology is a primary trend attracting attention in the accounts payable automation market. Several key players in this market are concentrating on enhancing the capabilities of accounts payable automation services through the application of different technologies. For instance, Nimbello, a firm in the U.S. that specializes in accounts payable automation solutions, unveiled its Next-Generation Accounts Payable Automation Solution in January 2023. This cloud-based platform automates the entire accounts payable process, thereby enabling organizations to effectively manage invoices, improve precision, and increase efficiency. Its significance is evident in its ability to change AP teams from basic processors to strategic commercial partners, resulting in time savings, cost reductions, and improved analysis of corporate expenditure.

What Are the Main Segments in the Accounts Payable Automation Market?
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

Subsegments:
1) By Solution: Invoice Management Solutions, Payment Processing Solutions, Workflow Automation Solutions, Data Capture Solutions, Reporting And Analytics Solutions
2) By Service: Implementation Services, Consulting Services, Support And Maintenance Services, Training Services

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Which Top Companies are Driving Growth in the Accounts Payable Automation Market?
Major companies operating in the accounts payable automation market include Oracle Corporation, SAP SE, Fidelity National Information Services Inc., Sage Group PLC., Bill.com, Coupa Software, Comarch SA, AvidXchange Holdings, Kofax Inc., Zycus Inc., Zoho Corporation Pvt. Ltd., Esker, FinancialForce, Bottomline Technologies Inc., Corcentric, Chrome River, Tipalti Inc., MHC Automation, Procurify, Airbase Inc., MineralTree, AppZen Inc., Palette Software, Stampli, DocuPhase, Certinia, Medius

Which Regions Will Dominate the Accounts Payable Automation Market Through 2029?
North America was the largest region in the accounts payable automation market in 2024. The regions covered in the accounts payable automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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