The global account payable automation market is growing at a considerable CAGR of 10.2% during the forecast period. Increasing demand to enhance payment process and controlling user access is one of the prime factors affecting and driving the market. Decreasing fraud transactions along with improving compliance rate among others are also estimated to be the key factor that is contributing significantly towards the growth of the market. However, certain factors are affecting the growth of the market. That includes security problems along with insufficient awareness regarding account payable automation is the major factors constraints that are hindering the growth of the global account payable automation market across the globe.
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However, emerging of robotic process automation (or RPA) along with rising R&D is also demanded is one of the key factors that are creating opportunities for the market. New product launches in the market are likely to drive the growth of the global account payable automation market. For instance, In April 2021, Medius had launched an end payment automation solution that will provide a single, secure channel for supplier payments named medius pay. Additionally, it decreases the risk of error along with fully managed supplier setup and onboarding with ongoing enablement offered by it.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Account Payable Automation Market by Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
Global Account Payable Automation Market by Deployment Type
- On-Premises
- Cloud
Global Account Payable Automation Market by Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Consumer Goods and Retail
- Information Technology (IT) and Telecommunication
- Healthcare
- Other
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- AvidXchange, Inc.
- com, LLC
- Comarch SA.
- FinancialForce
- FreshBooks USA, Inc.
- Lexmark International, Inc.
- Medius Sverige AB
- MineralTree, Inc.
- MHC Automation, LLC
- Procurify Technologies, Inc.
- Quadient (Neopost SA)
- SAP Ariba
- Tipalti, Inc.
- Zycus, Inc.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global account payable automation market based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where in the market.
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