Newark, April 14, 2022 (GLOBE NEWSWIRE) – The global Accounts Payable automation market is projected to grow from $ 2.6 billion in 2021 to $ 7.5 billion by the report released by The Brainy Insights. 2030, with a CAGR of 12.5% over the forecast period 2022-2030.
The growing digitalization of the economy to make it more efficient and on par with the contemporary world will drive the market for the automation of accounts payable.
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There is a growing demand for controlled user access, extra visibility, better control over operations, timely payments, easy systems integration, and real-time insights into data. These requests aim to reduce fraud, identify cost saving opportunities, increase efficiency and improve business decision making. Automation and digitization help achieve these goals. Overcomes the inefficient, error-prone, and costly features associated with manual processes. Automated platform software projects are complicated. Installation, implementation and maintenance require industry experience. Lack of skilled personnel could hinder market growth. Lack of data literacy and awareness of the benefits of Accounts Payable automation platforms negatively impact market growth. However, these challenges can be mitigated by adopting adequate staff training and investing in more accessible technologies. Systems and staff are expensive, which leads to the exclusion of small and medium-sized businesses that simply cannot afford them. Government initiatives to develop new and advanced technologies to reduce manufacturing costs will expand the market to include small and medium-sized enterprises. Market expansion will provide profitable opportunities for industry players. The growing application of Accounts Payable automation systems across all industries will contribute to market growth.
The growing digitalization of the economy and the growing application of Accounts Payable automation platforms across all industries will drive the growth of the Accounts Payable automation market. Increased user demand for controlled access, better control over operations, timely payments and the reduction of payment fraud are also expected to contribute to market growth.
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Major players operating in the global Accounts Payable automation market are:
• SAP Ariba
• Software wise
• Fresh books
• Background technologies
• State-of-the-art systems
• Coupé software
To strengthen their market position in the global Accounts Payable Automation market, key players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.
• Tipalti, a major market player in the global Accounts Payable automation industry, has partnered with Everflow. The partnership enabled companies to develop a single dashboard with features such as performance monitoring, analytics and global payments.
• FreshBooks has updated its FreshBooks accounting software by adding new double-entry bookkeeping features and bank reconciliation features that will enhance consumers’ accounting experience.
The large business segment dominated the market with a market share of around 59% and a market value of around 1.53 billion in 2021.
The type of organization segment is divided into large enterprises and small and medium-sized enterprises. The large business segment dominated the market with a market share of around 59% and a market value of around 1.53 billion in 2021.
The cloud segment is expected to grow at the fastest CAGR of 18.8% over the forecast period.
The deployment type segment is divided into on-premises and cloud. Over the forecast period, the cloud segment is expected to grow at the fastest CAGR of 18.8%.
The services segment dominated the market, accounting for around 55% of global revenue and a market value of around 1.43 billion in 2021.
The component segment is divided into solutions and services. The services segment dominated the market, accounting for around 55% of global revenue and a market value of around 1.43 billion in 2021.
The banking and financial services segment dominated the market with a market share of around 36% and a market value of around 0.93 billion in 2021.
The applications segment is divided into consumer goods and retail, manufacturing, healthcare, banking and financial services, energy and utilities, and others. The banking and financial services segment dominated the market with a market share of around 36% and a market value of around 0.93 billion in 2021. The growing digitalization of banking processes to improve customer services and maintain market share in the face of increasing competition is contributing to the dominance of this segment in the market. The use of digital account statements to streamline banking processes will contribute to market growth.
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Analysis of the regional segment of the Accounts Payable automation market
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain and Rest of Europe)
• Asia-Pacific (China, Japan, India and the rest of Asia Pacific)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of the Middle East and Africa)
Of all regions, the North American region has emerged as the largest market for the global Accounts Payable automation market, with a market share of approximately 35.2% in 2021. Asia Pacific is expected to be the largest market during the forecast period. China dominates the Accounts Payable automation market in Asia Pacific. Growing government initiatives to revive the economy through digitalisation and automation are expected to significantly contribute to the Asia Pacific Accounts Payable automation market.
About the report:
The global Accounts Payable automation market is analyzed by value (billions of dollars). All segments were analyzed on a global, regional and national level. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of the drivers, opportunities, constraints and challenges to gain a critical view of the market. The study includes Porter’s five forces model, attractiveness analysis, commodity analysis, supply and demand analysis, competitive position grid analysis, distribution and analysis of marketing channels.
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About Brainy Insights:
The Brainy Insights is a market research firm that provides actionable insights through data analytics to companies to improve their business acumen. They have a solid forecasting and estimating model to meet high quality output customer goals in a short time. They provide both customized (customer specific) and group reports. Their trade union reporting repository is different across all categories and subcategories in the domains. The customized solutions are tailored to meet the customer’s needs, whether they are looking to expand or are planning to launch a new product in the global market.
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