New York, NY, March 20, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Accounts Payable Software Market by Type (Cloud/SaaS/Web-Based and Installed) and by Application (SMEs and Large Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global accounts payable software market was valued at around USD 988 million in 2018 and is expected to reach approximately USD 1,567 million in 2025, at a CAGR of slightly above 6.8% between 2019 and 2025.
Accounts payable software enables the enterprises to improve the accuracy of their financial data, save time on various business methods, and allow the staff to work on other tasks. It allows the companies to maintain accurate financial records and track vendors and suppliers activities with ease. This software is ideal for calculating and tracking short-term debts. The software is perfect for small businesses and startups that are looking to control their cashflow and manage their finances.
Browse through 29 Tables & 18 Figures spread over 154 Pages and in-depth TOC on “Global Accounts Payable Software Market: By Type, Industry Size, Share, Applications, Growth, Trends, Analysis and Forecast 2018–2025”.
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The increasing adoption of the accounts payable software by the small- and medium-sized organizations to run their various business processes is one of the major factors expected to drive the growth of the global accounts payable software market in the years ahead. In addition, the deployment of cloud-based technology in developing countries is also expected to fuel the accounts payable software market in the upcoming years. On the contrary, the security concerns related to data authentication and lack of guidance to handle different cloud-based solutions may hamper the growth of the accounts payable software market over the forecast time period. Nonetheless, the affordable price and low maintenance feature of the software are expected to open new growth opportunities for the players operating in the global accounts payable software market.
The global accounts payable software market is segmented on the basis of type and application. Based on the type, the market is categorized into Cloud/SaaS/Web-based and installed. Cloud/SaaS/Web-Based type is expected to hold the largest market share over the projected years, owing to its online services that are becoming profitable options for small- and medium-sized businesses. In addition, the cloud-based solutions address the problems related to the traditional accounting payable software. The application segment includes SMEs and large enterprises. SMEs are expected to hold the largest market share over the estimated time period, as the software used by the small- and medium-sized businesses are hosted with SaaS that can easily operate in a cloud environment.
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By region, North America held the largest share of the global accounts payable software market in 2018. This can be due to the presence of major software platform QuickBooks, Intuit, FreshBooks, SAP FI, etc. QuickBooks holds the major market share globally, as it can be integrated with over 100 products and services and has its very own mobile platform as well. In addition, the use of blockchain technology in banks and financial institutions to manage and track transaction records is also expected to fuel the growth of this region’s accounts payable software market. The U.S. is the main revenue contributor of this regional market, as more than 50% of the U.S. SMEs shifted to a cloud-based environment.
Europe is expected to witness significant growth in the global accounts payable software market over the estimated time period, owing to the adoption of business accounting software solutions by large enterprises in the region. UK, Germany, France, Spain, and Italy are major revenue contributors to the region.
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Asia Pacific is estimated to be the fastest growing accounts payable software market in the upcoming years, owing to the emergence of SMEs and the rising number of IT startups in the region. China and India are the major revenue contributors to the Asia Pacific market. The announcement of GST in India is expected to increase the demand for accounts payable software solutions in banks and financial institutions. Alipay and WeChat are trending accounts payable platforms in China that offer services to various industries in the country.
Latin America is expected to have huge potential in the global accounts payable software market in the upcoming years. Brazil, Argentina, and Chile are the major regional contributors to this regional market. This can be attributed to the increasing number of software vendors in these countries that are actively involved in launching accounts payables software and solutions. For instance, Tipalti, a world leader in supplying payments automation, announced the extension of its accounts payable tax agreement capabilities to enable organizations to collect and authorize tax IDs from partners and suppliers in Brazil and Argentina. The Middle East and Africa is expected to witness moderate growth in the future, owing to the higher adoption of accounts payable software solutions in the real estate sector to track the day-to-day transactions.
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Some key participants operating in the global accounts payable software market are Freshbooks, Xero, Zoho, Intuit, Brightpearl, Sage, FinancialForce, Tipalti, PaySimple, Acclivity Group, KashFlow Software, Araize, Micronetics, Norming Software, Yat Software, and SAP, among others.
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This report segments the global accounts payable software market into:
Accounts Payable Software Market: Type Analysis
- Cloud/SaaS/Web-Based
- Installed
Accounts Payable Software Market: Application Analysis
- SMEs
- Large Enterprises
Accounts Payable Software Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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