The Business Research Company’s report on the Accounts Payable Automation Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the accounts payable automation market further?
Increased internet penetration is expected to propel the growth of the accounts payable automation market going forward. The Internet refers to a worldwide network that links the world wide web and billions of computers together globally. Internet penetration helps accounts payable automation providers to access various parts of the accounts payable process such as documentation and invoices on any device across the world and automate the process without any human intervention. For instance, in November 2022, according to a publication by the International Telecommunication Union (ITU), a Switzerland-based United Nations agency, global Internet penetration reached an estimated 5.3 billion people, representing 66% of the world’s population in 2022, with a growth of 6.1% over 2021. Therefore, increased internet penetration drives the accounts payable automation market.
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What are the key factors influencing the forecasted market size of the accounts payable automation industry?
The accounts payable automation market size has grown exponentially in recent years. It will grow from $4.48 billion in 2024 to $5.44 billion in 2025 at a compound annual growth rate (CAGR) of 21.4%. The growth in the historic period can be attributed to manual processes inefficiencies, paper-based invoicing, emergence of ERP systems, cost and time savings, risk management focus
The accounts payable automation market size is expected to see exponential growth in the next few years. It will grow to $11.81 billion in 2029 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to cloud-based solutions adoption, globalization impact, rise of robotic process automation (RPA), focus on vendor relations, predictive analytics and reporting. Major trends in the forecast period include touchless processing, blockchain integration, mobile applications for approval, real-time invoice tracking, API-driven integrations.
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Who are the leading competitors 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 emerging trends are set to transform the accounts payable automation market landscape?
Technological advancement is the key trend gaining popularity in the accounts payable automation market. Major companies operating in the accounts payable automation market are focusing on increasing the functionality of accounts payable automation services through various technologies. For instance, in January 2023, Nimbello, a US-based accounts payable automation solution company, launched Next-Generation Accounts Payable Automation Solution. This cloud-based platform automates the entire accounts payable process, helping organizations streamline invoice management, improve accuracy, and enhance efficiency. Its significance lies in transforming AP teams from administrative processors to strategic business partners, saving time, reducing costs, and providing better insights into corporate spending.
How do different geographies compare in terms of market share and growth potential in the accounts payable automation market?
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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Which major segments of the accounts payable automation market are experiencing the fastest growth?
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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How is the accounts payable automation market defined, and what are its core characteristics?
Accounts payable automation refers to the process of handling accounts online. These are used to automate accounts payable processes, removing manual tasks such as manual invoice keying, and paper processing that provide better visibility and control of financial data.
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