According to a research report "Accounts Payable Automation Market by Component (Solution and Services), Organization Size, Deployment Type, Vertical (Consumer Goods and Retail, BFSI, IT and Telecom, and Manufacturing), and Region - Global Forecast to 2024", published by MarketsandMarkets, 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. 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.
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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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