The report Accounts Payable Automation Market is expected to grow from USD 1.9 billion in 2019 to USD 3.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period, according to new research report by MarketsandMarkets™
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The increasing demand to reduce the number of delayed payments and improve the compliance rate with controlled user access and credentials leading to reduced fraudulent transactions are the major factors driving the growth of the AP automation market.
Solutions segment to hold the highest market share during the forecast period
Manual entries for AP processes are expensive, error-prone, and highly inefficient. The AP solution automates payment processes and enables enterprises to maintain a vendor-supplier relationship. The AP automation solution offers visibility of the entire AP process from invoicing to receipt generation, ensuring proper approval, correct allocation, and timely payment and spend management. Moreover, it can be easily integrated with the Enterprise Resource Planning (ERP), thereby providing enhanced abilities to adopt changes and increase the efficiency of payment processes. AP automation provides dashboards, account selections, compliance policies, routing rules, and approvals to deliver seamless proficiencies for an organization’s operation. The AP automation solution offers 24/7 accessibility and a real-time view of the invoice status and on-demand reporting capabilities enable businesses to make data-driven decisions for the growth of a business. Moreover, the solution empowers various stakeholders in an organization, including Chief Financial Officers (CFOs), managers, accountant, and AP staff to carry out their tasks effectively, thereby reducing user-related errors in payments.
Consumer goods and retail vertical to grow at a significant CAGR during the forecast period
Retail organizations face different challenges as compared to their counterparts in other sectors. The highly competitive nature of the industry creates pressure in adopting a lean approach to deliver goods and services to customers. AP automation in the retail and consumer goods vertical refers to the entire process of paying for goods and services by organizations, i.e., from the receipt of the goods to the processing and payment of the vendor invoice. Leading organizations are implementing the AP automation software and streamlining their back-office functions to reduce costs and optimize efficiency. According to Mobile Payment Conference, in 2017, 1.5 billion people worldwide preferred online shopping. By 2019, the number is projected to grow to 2 billion digital buyers. The growing marketplace of online shopping is paving the way for enterprise merchants, as shoppers need an easy and safe way to pay for their purchases.
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North America to hold the highest market share during the forecast period
AP automation is a steady growing market in North America, including countries, such as the US and Canada. The presence of a large number of solutions and services providers in the region makes the AP automation market competitive. The well-developed digital economy in North America and the expansion of the mobile commerce industry are key factors contributing to the major market share of the region. The enterprises operating in the region are increasing their Information Technology (IT) spending to automate the financial process. Enterprises with a large volume of data and transactions have realized the need for an AP automation solution to carry out error free on-time transactions. Metro cities, such as New York, San Francisco, and Washington, have a large pool of skilled AP automation professionals who use the AP automation solution to get on-time payments to achieve business growth. Factors, such as the use of AP automation solutions empowers enterprises to have extra visibility and control into business operations; allowing AP departments to focus more on strategic tasks, such as identifying more cost savings opportunities, and helping their organization achieve greater competitive advantage is contributing in the growth of AP automation in the North American region.
Top Companies
The major vendors in the AP automation market are SAP Ariba (US), Sage Software(UK), Tipalti (US), FreshBooks (Canada), Zycus (US), FIS (US), Bottomline Technologies (US), Coupa Software (US), Comarch (Poland), FinancialForce (US), AvidXchange (US), Vanguard Systems (US), Bill.Com (US), Procurify (Canada), and Nvoicepay (US).
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The global Accounts Payable (AP) automation market size is expected to grow from USD 1.9 billion in 2019 to USD 3.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period.
Furthermore, the AP automation solution empowers organizations to make automatic payment approvals, on-time payment, prevent duplicate payment, and frauds.
These benefits drive the adoption of AP automation solutions across industries globally.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1206101The major AP automation vendors include SAP Ariba (US), Sage Software(US), Tipalti (Canada), FreshBooks (Canada), Zycus (US), FIS (US), Bottomline Technologies (US), Coupa Software (US), Comarch (Poland), FinancialForce (US), Avidxchange (US), Vanguard Systems (US), Bill.com (US), Procurify (Canada), and Nvoicepay (US).
These players have adopted various growth strategies, such as new product launches, business expansions, partnerships, agreements, and collaborations and acquisitions, to expand their presence in the global AP automation market further.
These strategies have helped them innovate their offerings and broaden their customer base.AP automation is a steady growing market in North America, including countries, such as the US and Canada.
The presence of a large number of solutions and services providers in the region makes the AP automation market competitive.
Accounts Payable Automation Market Report presents the conceptual study and strategic analysis which provides market scope, applications, a topographical presence that drive the Accounts Payable Automation market.
Accounts Payable Automation Market Global Industry report provides the latest market statistics, industry growth, size, share, trends, as well as driving factors.
The detailed overview of the market segments, product description, Accounts Payable Automation applications is presented in this report.
Request Sample of Accounts Payable Automation Market Report @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-accounts-payable-automation-market Major Players covered in the Accounts Payable Automation Market-Ariba, Inc., The Sage Group plc, Tipalti, Inc., FreshBooks, FIS, Zycus Inc, Bottomline Technologies (de), Inc., Coupa Software Inc., Comarch, FinancialForce, AvidXchange, Inc., Norming Software International Ltd., Qvalia AB, Beanworks., KashFlow Software Ltd, Basware, Corcentric, LLC., Vanguard Systems, Inc., Procurify, Bill.Com, Nvoicepay, and MineralTree A large-scale Accounts Payable Automation Market report delivers a comprehensive analysis of the market structure along with estimations of the various segments and sub-segments of the market.
This study also analyzes the market status, future trends, revenue generation, market share, growth rate, opportunities and challenges, sales volume, market drivers, market restraints, risks, and entry barriers.
The Accounts Payable Automation Market report facilitates businesses to successfully make decisions about business strategies to achieve maximum return on investment (ROI).
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Having a centralized hub to process invoices, implementing multiple approvals in the AP process, and using analytics to measure and improve the process are some of the best practices that can be implemented using AP automation software.
