Automation of the accounts payable or trade payable process is a way to reduce human involvement and get rid of labor-intensive procedures that are prone to mistake. This is accomplished through the use of accounts payable software combined with an online business network that digitally links trading partners.
The adoption of accounts payable automation has expanded as a result of a growing trend among small and medium-sized enterprises to collaborate with e-commerce players and integrate with other web-based programs, such as automated bank feeds and automated billing capabilities. In addition, the rise in demand for automated accounting software and increase in acceptance of Internet of Things (IoT) & cloud-based services have driven the expansion of the global accounts payable automation market. However, high implementation and integration costs required to incorporate this software with the existing systems are some of the factors that hamper the market growth. On the contrary, integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and others in the software, is expected to boost the growth of the market in the upcoming years. In addition, constant improvement in the system UI of accounts payable automation systems is expected to create lucrative opportunities for the market in future.
The accounts payable automation market is segmented on the basis of component, deployment mode, organization size, industry vertical, and region. By component, it is divided into solution and service. By deployment mode, it is bifurcated into on-premises and cloud. By organization size, it is categorized into large enterprises and small and medium-sized enterprises. By industry vertical, it is classified into BFSI, consumer goods and retail, IT & telecom, manufacturing, healthcare, government and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the accounts payable automation market such as SAP Ariba, Sage Group plc, Tipalti Inc., Zycus Inc., FIS, Bottomline Technologies, Inc., Comarch SA, FinancialForce, AvidXchange, and Procurify Technologies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the accounts payable automation industry.
The adoption of accounts payable automation has expanded as a result of a growing trend among small and medium-sized enterprises to collaborate with e-commerce players and integrate with other web-based programs, such as automated bank feeds and automated billing capabilities. In addition, the rise in demand for automated accounting software and increase in acceptance of Internet of Things (IoT) & cloud-based services have driven the expansion of the global accounts payable automation market. However, high implementation and integration costs required to incorporate this software with the existing systems are some of the factors that hamper the market growth. On the contrary, integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and others in the software, is expected to boost the growth of the market in the upcoming years. In addition, constant improvement in the system UI of accounts payable automation systems is expected to create lucrative opportunities for the market in future.
The accounts payable automation market is segmented on the basis of component, deployment mode, organization size, industry vertical, and region. By component, it is divided into solution and service. By deployment mode, it is bifurcated into on-premises and cloud. By organization size, it is categorized into large enterprises and small and medium-sized enterprises. By industry vertical, it is classified into BFSI, consumer goods and retail, IT & telecom, manufacturing, healthcare, government and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the accounts payable automation market such as SAP Ariba, Sage Group plc, Tipalti Inc., Zycus Inc., FIS, Bottomline Technologies, Inc., Comarch SA, FinancialForce, AvidXchange, and Procurify Technologies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the accounts payable automation industry.
Key benefits for stakeholders
- The study provides in-depth analysis of the global loan management software market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global loan management software market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global loan management software market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Deployment Mode
- On-Premise
- Cloud
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Industry Vertical
- Consumer Goods and Retail
- IT and Telecom
- Manufacturing
- Healthcare
- Government
- Other
- BFSI
By Component
- Solution
- Service
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- SAP Ariba
- Comarch SA
- fis
- AvidXchange
- Tipalti Inc.
- FinancialForce
- Procurify Technologies Inc.
- Zycus Inc.
- Sage Group plc
- Bottomline Technologies, Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ACCOUNTS PAYABLE AUTOMATION MARKET, BY COMPONENT
CHAPTER 5: ACCOUNTS PAYABLE AUTOMATION MARKET, BY DEPLOYMENT MODE
CHAPTER 6: ACCOUNTS PAYABLE AUTOMATION MARKET, BY ENTERPRISE SIZE
CHAPTER 7: ACCOUNTS PAYABLE AUTOMATION MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: ACCOUNTS PAYABLE AUTOMATION MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Accounts Payable Automation Market," the accounts payable automation market was valued at $2.7 billion in 2021, and is estimated to reach $8.3 billion by 2031, growing at a CAGR of 12.3% from 2022 to 2031.The Accounts Payable Automation Market is likely to experience a significant growth rate of 12.3% from 2022-2031 owing to increasing market demand from accounting sector
Automation of the accounts payable or trade payable process is a way to reduce human involvement and get rid of labor-intensive procedures that are prone to mistake. This is accomplished through the use of accounts payable software combined with an online business network that digitally links trading partners.
Key factors driving the growth of the Growlers market include the adoption of accounts payable automation has expanded as a result of a growing trend among small and medium-sized enterprises to collaborate with e-commerce players and integrate with other web-based programs, such as automated bank feeds and automated billing capabilities. In addition, the rise in demand for automated accounting software and increase in acceptance of Internet of Things (IoT) & cloud-based services have driven the expansion of the global accounts payable automation market. To fulfil the demands that have raised the need for accounts payable automation software, operators may establish a sustainable business model with the help of accounts payable automation, which improves the quality of data. Moreover, the growth of the accounts payable automation market is aided by the rising usage of accounting software to boost corporate efficiency. This element has a significant positive impact on the market for accounts payable automation. Automation of accounts payable increases efficiency since it makes it possible to monitor accounting processes or manage cash flow in and out of a business. Because to its ease of use in managing business payroll, general ledger, account payables and receivables, and other business modules, it has emerged as a preferable alternative for managing a company's finances as nonprofit budgeting software. This element has a noticeable positive impact on the market for accounts payable automation.
The market also offers growth opportunities to the key players in the market. Integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and others in the software, is expected to boost the growth of the market in the upcoming years. In addition, constant improvement in the system UI of accounts payable automation systems is expected to create lucrative opportunities for the market in future. Further, Future years are anticipated to bring about prosperous chances for the industry due to the possibility of accessing untapped markets and the availability of skilled individuals. Also, it's projected that the increase in activities and improvements towards accounts payable automation will offer the industry a significant chance for growth. Moreover, the global accounts payable automation market is in its developing phase, and exhibits high growth potential, due to rise in implementation of advanced technologies such as artificial intelligence (AI) and machine learning (ML). In addition, increase in collaborations of enterprises and fintech are expected to promote the accounts payable automation market growth in future. For instance, in January 2022, Medius, a leading global provider of cloud-based accounts payable (AP) automation and spend management solutions, announced that it has entered into a strategic partnership with Enzo Unified, a leading data management and integration company, to provide digital transformation in accounts payable and finance for customers.
The accounts payable automation market is segmented on the basis of component, deployment mode, organization size, industry vertical, and region. By component, it is divided into solution and service. By deployment mode, it is bifurcated into on-premises and cloud. By organization size, it is categorized into large enterprises and small and medium-sized enterprises. By industry vertical, it is classified into BFSI, consumer goods and retail, IT & telecom, manufacturing, healthcare, government and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, Portugal and rest of Europe), Asia-Pacific (China, India, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, and rest of LAMEA).
The key players profiled in the study include SAP Ariba, Sage Group plc, Tipalti Inc., Zycus Inc., FIS, Bottomline Technologies, Inc., Comarch SA, FinancialForce, AvidXchange, and Procurify Technologies Inc. The players in the market have been actively engaged in the adoption various strategies such as acquisition, product launch and expansion to remain competitive and gain advantage over the competitors in the market. In January 2023, Nimbello, a provider of purchase-to-pay cloud software for accounts payable (AP) professionals, announced its entry into the AP automation industry. The business offers advanced, user-friendly software platform that enables businesses to automate their AP processes. Clients rely on Nimbello to grow their financial processes, secure the vendor supply chain, release cash, improve efficiency, and offer insights into corporate spending.
Key Market Insights
- By component, the solution segment led the accounts payable automation market in terms of revenue in 2021.
- By deployment mode, the on-premises segment accounted for the highest accounts payable automation market share in 2021.
- By region, North America generated the highest revenue of accounts payable automation market in 2021.
Companies Mentioned
- SAP Ariba
- Comarch SA
- fis
- AvidXchange
- Tipalti Inc.
- FinancialForce
- Procurify Technologies Inc.
- Zycus Inc.
- Sage Group plc
- Bottomline Technologies, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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