At what pace is the invoice processing software market growing, and what is its estimated value?
The invoice processing software market size has grown exponentially in recent years. It will grow from $33.59 billion in 2024 to $40.82 billion in 2025 at a compound annual growth rate (CAGR) of 21.5%. The growth in the historic period can be attributed to the shift from paper-based to digital invoicing systems, the introduction of optical character recognition technology for data extraction, regulatory compliance requirements, demand for automation to streamline accounts payable processes, and integration with accounting and ERP systems for seamless data exchange.
The invoice processing software market size is expected to see exponential growth in the next few years. It will grow to $87.95 billion in 2029 at a compound annual growth rate (CAGR) of 21.2%. The growth in the forecast period can be attributed to digital transformation initiatives, focus on cost reduction, need for efficiency and accuracy, demand for cloud-based solutions, and focus on data analytics and insights. Major trends in the forecast period include the expansion of mobile functionality, enhanced integration capabilities, the rise of intelligent document recognition (IDR), integration with blockchain technology, and continued emphasis on user experience.
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How have varous drivers impacted the growth of the invoice processing software market?
The expanding e-commerce sector is expected to propel the growth of the invoice-processing software market going forward. The e-commerce sector encompasses businesses that conduct commercial transactions electronically over the Internet. The e-commerce sector is rising due to increasing internet penetration, consumer convenience, and technological advancements facilitating seamless online transactions. Invoice processing software in e-commerce automates the receipt, verification, and management of invoices from suppliers, facilitating efficient accounts payable workflows and ensuring timely payment processing. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, in 2023, e-commerce sales were projected to reach $1,118.7 billion, marking a 7.6% (±1.2%) increase from 2022, while total retail sales saw a 2.1% (±0.4%) rise over the same period. In 2023, e-commerce sales constituted 15.4% of total sales, compared to 14.7% in 2022. Therefore, the expanding e-commerce sector is driving the growth of the invoice-processing software market.
What are the primary segments of the invoice processing software market?
The invoice processing software market covered in this report is segmented –
1) By Solution: Invoice Processing Software, Services
2) By Enterprise Size: Small And Medium-sized Enterprises, Large Enterprises
3) By Industry: Information Technology And Telecommunications, Banking, Financial Services, And Insurance (BFSI), Government, Retail, Healthcare, Education, Other Industries
Subsegments:
1) By Invoice Processing Software: Automated Invoice Data Extraction Software, Invoice Approval And Workflow Software, Invoice Matching And Reconciliation Software, Cloud-based Invoice Processing Software, On-Premises Invoice Processing Software
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training Services
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Invoice Processing Software Market Report 2025
Which firms are leading the invoice processing software market?
Major companies operating in the invoice processing software market are Oracle Corporation, NetSuite Inc., SAP SE, Intuit Inc., GEP LLC, Zoho Corporation Pvt. Ltd., Coupa Software Inc., Xero Limited, BILL | Financial Operations Platform for Businesses & Firms Holdings Inc., Basware Corporation, AvidXchange Inc., Ariba Inc., Tipalti Inc., Esker Inc., Expensify Inc., Corcentric LLC, Sage Intacct Inc., Chrome River Technologies Inc., Procurify Inc., Yooz Inc., MineralTree Inc., SutiSoft Inc., Beanworks Solutions Inc.
How will industry trends affect the trajectory of the invoice processing software market?
Major companies operating in the invoice processing software market are focused on developing advanced technology, such as artificial intelligence tools, to sustain their position in the market. Artificial intelligence (AI) refers to the simulation of human intelligence in computers to perform tasks such as learning, reasoning, and problem-solving. It is used to automate and streamline the management of invoices by extracting, classifying, and validating data from documents. For instance, in April 2024, HighRadius Corporation, a US-based software company, launched account payable automation, a GenAI-powered tool designed to enhance invoice processing and supplier communications, addressing inefficiencies in traditional accounts payable (AP) methods. This initiative aims to streamline operations and improve supplier relationships significantly. Key features include supplier connect and AP invoice automation.
Which geographic trends are shaping the invoice processing software market, and which region has the highest market share?
North America was the largest region in the invoice processing software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the invoice processing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Invoice Processing Software Market Report 2025 Offer?
The invoice processing software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Invoice processing software is a type of application or system designed to automate and streamline the handling of invoices within an organization. It typically involves capturing, verifying, and processing invoices received from suppliers or vendors. This software helps businesses save time, reduce errors, and improve efficiency in managing financial transactions.
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Invoice Processing Software Market Report 2025
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