The global account payable automation market is anticipated to grow at a considerable CAGR of 10.2% during the forecast period (2024-2031). The market growth is mainly driven by factors that are increasing need and demand to boost the payment process, reducing fraud transactions among others. The rising need and demand to speed up the payment process are one of the prime factors affecting and driving the market. This would lead to a reduction in the turnaround turn and would lead to fast processing of the invoice. Additionally, it also leads to an increase in productivity along with improving the accuracy as automating the scanning, interpreting, and filing of invoice data can be done conveniently with high speed and reduced the error of being the data lost.
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To gain on the opportunity key players operating in the global account payable automation market had been adopting the strategy to gain major market share in the global market. For instance, in April 2020, MineralTree had set forth that it will expand its integration abilities to support more of the middle-market companies for automating their accounts payable (AP) processes. To do this the company with its AP automation solution had added on enterprise resource planning (ERP) along with accounting software options that are in hundreds of numbers.
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Market Coverage
- Segment Covered-
o By Organization Size
o By Deployment Type
o By Vertical
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Coupa Software Inc., Bottomline Technologies, Inc., FIS, Fleetcor Technologies, Inc. and Sage Group plc
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Account Payable Automation Market
By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
By Deployment Type
- On-Premises
- Cloud
By Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Consumer Goods and Retail
- Information Technology (IT) and Telecom
- Healthcare
- Other
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