Press release
Soaring Demand Set to Propel Accounts Payable Software Market to $2.29 Billion by 2029
Accounts Payable Software Market
Accounts Payable Software Market Size Growth Forecast: What to Expect by 2025?
The market size of accounts payable software has been experiencing robust growth recently. The size is projected to expand from $1.53 billion in 2024 to $1.66 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%. Factors contributing to this growth in the past include the rise in automation and efficiency, adherence to regulatory standards, higher invoice volumes, the need for immediate access to financial data, and the shifting focus of manufacturers towards sustainable practices.
How Will the Accounts Payable Software Market Size Evolve and Grow by 2029?
The market size of the accounts payable software is anticipated to experience a significant increase in the coming years, reaching $2.29 billion in 2029, reflecting a compound annual growth rate (CAGR) of 8.3%. The expansion in the forecast period is driven by factors such as the rising demand for cost reduction and efficiency enhancement, the need for streamlining accounts payable operations, an increase in government initiatives, the urge to prevent payment delays, and the need to minimise manual inaccuracies. Key trends anticipated in the forecast period involve the incorporation of automation and digitisation in finance procedures across various sectors, progress in areas like artificial intelligence, machine learning, and robotic process automation, the implementation of advanced technologies by leading manufacturers, innovation in virtual events, and the transition to cloud-based solutions.
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What Drivers Are Propelling the Growth of Accounts Payable Software Market Forward?
The accounts payable software market is predicted to surge, driven by the increase in startups. Startups constitute fresh businesses typically initiated by individuals who aspire to create novel products or services with considerable growth potential. The thriving culture of entrepreneurship, the need for flexible solutions, and an escalating focus on entrepreneurship education contribute to the upswing in the number of startups. Accounts payable software provides startups with the ability to streamline the management of accounts payable, optimize cash flow, and make sound financial choices, thus allowing them to concentrate on boosting business growth and success. Indicatively, in February 2024, Startups.co.uk, a UK business advice website, reported a 19.5% boom in new business registrations, bringing the total to 39,966 in 2023, a 6.5% hike from the same time in 2022. This ongoing surge in startups is thus fueling the growth of the accounts payable software market.
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Which Emerging Trends Are Transforming the Accounts Payable Software Market in 2025?
Leading businesses in the accounts payable software market are pioneering advanced technological solutions like GenAI-based applications to increase automation and improve the efficiency and precision of financial management systems. These GenAI-based systems are crafted to spawn unique results, including images, texts, or even tunes, drawing on patterns and data from extensive databases. For example, High Radius, a US-based manufacturing company, unveiled in April 2024 its first-ever finance team-focused accounts payable solution catered to modern distributions, dubbed Accounts Payable Automation. This innovation aims to foster better supplier relationships and minimize AP teams' costs by automating invoice processing and supplier communication. With the aid of emerging technologies like artificial intelligence and machine learning, the Accounts Payable Automation solution automates and simplifies accounts payable tasks, including invoice processing, payment approvals, and vendor management.
What Are the Key Segments in the Accounts Payable Software Market?
The accounts payable softwaremarket covered in this report is segmented -
1) By Deployment Type: On-Premises, Cloud-Based
2) By Application: Large Enterprises, Small And Medium-Sized Enterprises
3) By End-User Industry: Retail, Manufacturing, Healthcare, Information Technology And Telecom, Banking, Financial Services, And Insurance (BFSI)
Subsegments:
1) By On-Premises: Self-Hosted Solutions, On-Premises Enterprise Solutions
2) By Cloud-Based: Saas (Software As A Service) Solutions, Hybrid Cloud Solutions
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Who Are the Key Players Shaping the Accounts Payable Software Market's Competitive Landscape?
Major companies operating in the accounts payable software market are 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., Stampli, MineralTree Inc., Nipendo, Brightpearl, Nvoicepay Inc., Lightyear AI Inc., FinancialForce Pty Ltd., Acclivity Group LLC, Micronetics, Norming Software International Ltd.
What Geographic Markets Are Powering Growth in the Accounts Payable Software Market?
North America was the largest region in the accounts payable software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the accounts payable software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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