Accounts Payable Automation Industry Outlook 2025-2029: Market Set to Cross $11.8 Billion Milestone

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How Large Will the Accounts Payable Automation Market Size By 2025?
The market size for accounts payable automation has experienced significant growth over the past few years. The forecast is that it will increase from $4.48 billion in 2024 to $5.42 billion in 2025, representing a compound annual growth rate (CAGR) of 20.7%. Factors such as the inefficiencies of manual processes, the use of paper-based invoicing, the advent of ERP systems, savings in cost and time, and a focus on risk management have all contributed to this growth during the historical period.

How Big Is the Accounts Payable Automation Market Size Expected to Grow by 2029?
The market size for accounts payable automation is projected to experience significant expansion in the coming years, escalating to $11.8 billion by 2029, with a compound annual growth rate (CAGR) of 21.5%. The market's growth is expected to be driven by the adoption of cloud-based solutions, effects of globalization, the emergence of robotic process automation (RPA), emphasis on vendor relationships, and the use of predictive analytics and reporting. Key trends to be noticed during this forecast period are touchless processing, incorporating blockchain, adoption of mobile applications for approval processes, real-time monitoring of invoices, and API-facilitated integrations.

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Which Key Market Drivers Powering Accounts Payable Automation Market Expansion and Growth?
The growth of the accounts payable automation market is poised to be driven by the surge in internet penetration. The Internet, a global network connecting the world wide web and billions of computers around the world, allows providers of accounts payable automation to access and operate various stages of the accounts payable process including documentation and invoices, and automate them with no need for human interference. For example, a report published by the International Telecommunication Union (ITU), a United Nations agency based in Switzerland, stated that in November 2022, the global internet penetration hit approximately 5.3 billion people, symbolizing 66% of the population in 2022, marking a 6.1% expansion from 2021. Therefore, the rise in internet penetration is a significant driving force for the accounts payable automation market.

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What Trends Will Shape the Accounts Payable Automation Market Through 2029 and Beyond?
The primary trend gaining traction in the accounts payable automation market is technological advancement. Many prominent companies in this market are concentrating on enhancing the functionality of accounts payable automation services by employing various technologies. For example, in January 2023, Nimbello, a US company specializing in accounts payable automation solutions, introduced the Next-Generation Accounts Payable Automation Solution. This solution is a cloud-based platform that automates the entirety of the accounts payable process, allowing organizations to optimize invoice management, improve precision, and boost efficiency. This technology helps transform AP teams from mere administrative processors to strategic contributors to the business, saving time, cutting costs, and offering more insight into company expenditure.

What Are the Emerging Segments in the Accounts Payable Automation Market?
The accounts payable automationmarket 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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Who Are the Global Leaders 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 are the Top Profitable Regional Markets for the Accounts Payable Automation Industry?
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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