Accounts Payable Automation

Accounts Payable Automation Market by Component (Services, Solution), Organization Size (Large Enterprises, Small & Medium-Sized Enterprises), Deployment, Vertical - Global Forecast 2024-2030

SKU
MRR-4316E4E88E86
Region
Global
Publication Date
March 2024
Delivery
Immediate
2023
USD 3.10 billion
2030
USD 7.66 billion
2024
USD 3.53 billion
CAGR
13.76%
360iResearch Analyst
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[195 Pages Report] The Accounts Payable Automation Market size was estimated at USD 3.10 billion in 2023 and expected to reach USD 3.53 billion in 2024, at a CAGR 13.76% to reach USD 7.66 billion by 2030.

Accounts Payable Automation Market
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Accounts payable (AP) automation refers to the technology utilized to streamline and improve the process of managing a business's outgoing payments. It involves the use of digital tools to convert manual, paper-based AP procedures into automated, electronic processes, thereby enhancing efficiency, accuracy, and speed. The primary drivers pushing businesses toward AP automation include the desire for cost savings, the need for improved process efficiency, the reduction of errors associated with manual entry, and the demand for greater financial transparency and compliance controls. However, implementing AP automation can present challenges such as the initial setup and integration costs, resistance to change from staff accustomed to traditional methods, and ensuring data security in a digital environment. Adopting AP automation opens up several opportunities, such as freeing staff to focus on higher-value tasks, gaining real-time insights into financial data for better decision-making, improving vendor relationships with timely payments, and harnessing early payment discounts. The continuous evolution of technology also promises more advanced automation solutions in the future, further transforming the accounts payable landscape.
Accounts Payable Automation Market - Global Forecast 2024-2030
To learn more about this report, request a free PDF copy
FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Accounts Payable Automation Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Accounts Payable Automation Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Accounts Payable Automation Market, highlighting leading vendors and their innovative profiles. These include AvidXchange Inc., Basware Corporation, Bill.com, LLC, Bottomline Technologies Inc, Comarch Inc, Corcentric, LLC, Coupa Software Inc, Fidelity National Information Services, Inc., FinancialForce, FreshBooks, KashFlow Software Ltd,, MineralTree, Inc., Norming Software International Ltd., Nvoicepay Inc., Procurify Technologies Inc., Quadient, Qvalia AB, Sage Group PLC, SAP Ariba, Tipalti Inc., and Zycus Inc..

Market Segmentation & Coverage

This research report categorizes the Accounts Payable Automation Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Component
    • Services
      • Advisory
      • Implementation & Integration
      • Managed Services
      • Professional Services
      • Support & Maintenance
    • Solution
  • Organization Size
    • Large Enterprises
    • Small & Medium-Sized Enterprises
  • Deployment
    • Cloud
    • On-Premises
  • Vertical
    • Banking, Financial Services, & Insurance
    • Consumer Goods & Retail
    • Energy & Utilities
    • Healthcare
    • IT & Telecom
    • Manufacturing

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

The report offers valuable insights on the following aspects:

  1. Market Penetration: It presents comprehensive information on the market provided by key players.
  2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
  3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
  4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
  5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

  1. What is the market size and forecast of the Accounts Payable Automation Market?
  2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Accounts Payable Automation Market?
  3. What are the technology trends and regulatory frameworks in the Accounts Payable Automation Market?
  4. What is the market share of the leading vendors in the Accounts Payable Automation Market?
  5. Which modes and strategic moves are suitable for entering the Accounts Payable Automation Market?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Accounts Payable Automation Market, by Component
  7. Accounts Payable Automation Market, by Organization Size
  8. Accounts Payable Automation Market, by Deployment
  9. Accounts Payable Automation Market, by Vertical
  10. Americas Accounts Payable Automation Market
  11. Asia-Pacific Accounts Payable Automation Market
  12. Europe, Middle East & Africa Accounts Payable Automation Market
  13. Competitive Landscape
  14. Competitive Portfolio
  15. List of Figures [Total: 24]
  16. List of Tables [Total: 470]
  17. List of Companies Mentioned [Total: 21]
Streamlining Your Accounts Payable Process with Automation
January 8, 2024
BLOG
Streamlining Your Accounts Payable Process with Automation
As businesses continue to expand, their accounting departments become flooded with invoices, payments, receipts, and other financial documents. For most businesses, accounts payable is a time-consuming and labor-intensive task that includes numerous manual processes and leaves plenty of room for error. However, in recent years, technology has stepped up to the challenge and given rise to automated accounts payable. The scope of accounts payable automation is broad, but this blog post, focuses on the emergence of machine learning (ML) and robotic process automation (RPA) technology to handle the most repetitive and labor-intensive tasks, including those traditionally performed manually.

What is accounts payable automation?

Accounts payable automation is the adoption of technology to streamline the accounts payable process. It eliminates the manual, repetitive, and error-prone tasks of traditional accounts payable processes with the help of intelligent systems and automation software. The system comprises technologies like machine learning, robotic process automation, and artificial intelligence. This helps companies reduce their accounts payable processing costs, improve accuracy, increase processing speed, and ensure timely payments.

Benefits of accounts payable automation:

One of the key advantages of accounts payable automation is its ability to save time and money. It reduces the amount of time spent on repetitive tasks and cuts down the cost associated with paper invoices, which can pile up and be difficult to manage. Other benefits include the elimination of errors, fraud reduction, improved compliance, and better financial management.

Machine learning and accounts payable automation:

Machine learning is the process of helping computers learn and make decisions without explicit programming. It's a branch of artificial intelligence that's facilitating accounts payable automation. Machine learning applications help identify purchasing scenarios that require the most urgent attention, such as high-value purchases, disputed payments, or delayed payments. With machine learning technology, companies can authorize payments and provide proactive fraud detection through early detection of suspicious activity that may result in an accounts payable loss.

Robotic process automation and accounts payable automation:

Robotic process automation is software technology that automates repetitive and monotonous tasks. It can handle invoice processing, invoice verification, invoice approval, and payment processing. When asking how to automate accounts payable, robotic process automation is an excellent solution. It reduces the manual intervention required for accounts payable processes and ensures compliance with regulatory requirements. Moreover, it allows for real-time visibility of transactional data and eliminates cost centers.

What to consider when looking for an accounts payable automation solution:

Selecting the right accounts payable automation solution is essential to ensure that the implementation process goes smoothly. An organization looking to automate its accounts payable processes should focus on the following:

The solution's ability to integrate with existing accounting software
Its capability to offer mobile accessibility and cloud-based services
Scalability and flexibility to handle the company's growth
Reviews or client feedback of the solution provider
Cost-effectiveness and speed of deployment

Accounts payable automation is transforming traditional manual processes into streamlined workflows. Eliminating repetitive and error-prone tasks using robotic process automation and machine learning technology reduces organizations' operating costs while optimizing productivity.

Frequently Asked Questions
  1. How big is the Accounts Payable Automation Market?
    Ans. The Global Accounts Payable Automation Market size was estimated at USD 3.10 billion in 2023 and expected to reach USD 3.53 billion in 2024.
  2. What is the Accounts Payable Automation Market growth?
    Ans. The Global Accounts Payable Automation Market to grow USD 7.66 billion by 2030, at a CAGR of 13.76%
  3. When do I get the report?
    Ans. Most reports are fulfilled immediately. In some cases, it could take up to 2 business days.
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    Ans. We are approaching our 7th anniversary in 2024!
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