Accounts Payable Automation Market By Component (Solution, Service), By Deployment Mode (On-Premise, Cloud), By Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), By Industry Vertical (BFSI, Consumer Goods and Retail, IT and Telecom, Manufacturing, Healthcare, Government, Other): Global Opportunity Analysis and Industry Forecast, 2021-2031
Automation of the accounts payable or trade payable process is a way to reduce human involvement and get rid of labor-intensive procedures that are prone to mistake. This is accomplished through the use of accounts payable software combined with an online business network that digitally links trading partners.
The adoption of accounts payable automation has expanded as a result of a growing trend among small and medium-sized enterprises to collaborate with e-commerce players and integrate with other web-based programs, such as automated bank feeds and automated billing capabilities. In addition, the rise in demand for automated accounting software and increase in acceptance of Internet of Things (IoT) & cloud-based services have driven the expansion of the global accounts payable automation market. However, high implementation and integration costs required to incorporate this software with the existing systems are some of the factors that hamper the market growth. On the contrary, integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and others in the software, is expected to boost the growth of the market in the upcoming years. In addition, constant improvement in the system UI of accounts payable automation systems is expected to create lucrative opportunities for the market in future.
The accounts payable automation market is segmented on the basis of component, deployment mode, organization size, industry vertical, and region. By component, it is divided into solution and service. By deployment mode, it is bifurcated into on-premises and cloud. By organization size, it is categorized into large enterprises and small and medium-sized enterprises. By industry vertical, it is classified into BFSI, consumer goods and retail, IT & telecom, manufacturing, healthcare, government and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the accounts payable automation market such as SAP Ariba, Sage Group plc, Tipalti Inc., Zycus Inc., FIS, Bottomline Technologies, Inc., Comarch SA, FinancialForce, AvidXchange, and Procurify Technologies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the accounts payable automation industry.
Key benefits for stakeholders
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Key Market Segments
By Deployment Mode
On-Premise
Cloud
By Enterprise Size
Large Enterprises
Small and Medium-sized Enterprises
By Industry Vertical
Consumer Goods and Retail
IT and Telecom
Manufacturing
Healthcare
Government
Other
BFSI
By Component
Solution
Service
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
SAP Ariba
Comarch SA
fis
AvidXchange
Tipalti Inc.
FinancialForce
Procurify Technologies Inc.
Zycus Inc.
Sage Group plc
Bottomline Technologies, Inc.
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