According to a research report "Accounts Payable Automation Market increasing demand for controlled user access to reduce frauds related to payment is one of the major factors driving the growth of the market. Accounts Payable Automation Market provide detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market - Global Forecast to 2024" published by MarketsandMarkets. The global Accounts Payable 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.
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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.
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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