Pune India , Feb. 10, 2023 (GLOBE NEWSWIRE) -- Accounts Payable Automation Market Size By Type (Cloud and On-Premise), By Component (Managed Services, Services, Solutions, and Professional Services), By Application (BFSI, IT & Telecom, Consumer Goods & Retail, Energy & Utilities, Manufacturing & Healthcare and Others), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the accounts payable automation market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the accounts payable automation market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, component, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global accounts payable automation market are SAP Ariba, Tipalti, FinancialForce, Zycus, Bottomline Technologies, Sage Software, Coupa Software, FreshBooks, FIS, and Vanguard Systems. among others. To achieve a substantial market share in the worldwide accounts payable automation market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Accounts payable refers to money owed by one institution to another. A firm requires specific items and services for its internal processes. A manufacturing company, for example, will require raw materials to make its final product and will need to convey that product to the market for sale. The company will only get revenue after the sale. However, the corporation must first purchase raw materials and labour in order to manufacture the product. The corporation buys these goods and services with a legally binding guarantee to the vendors that it would pay them within a few days, allowing the company to begin manufacturing the product without actual funds leaving the company. When the goods are sold, the sellers are paid in full. Accounts payable is a company's short-term liability to a third party that is recorded in its ledger. These third parties may include creditors, suppliers, and vendors. This process includes, among other things, invoice generation, prompt payment, approval, and appropriate allocation. For the longest time, the accounts payable procedure was carried out by hand. However, as the company grows in size, the manual process becomes costly, inefficient, and error-prone. To overcome these obstacles and remain competitive in the market, there is a growing demand to automate the accounts payable process. Accounts payable automation combines technology with supply chain operations and strategies. This automation is more adaptable, scalable, cost-effective, faster, and more precise than manual operations.
Scope of Accounts Payable Automation Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Component, Application, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | SAP Ariba, Tipalti, FinancialForce, Zycus, Bottomline Technologies, Sage Software, Coupa Software, FreshBooks, FIS, and Vanguard Systems. among others. |
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Segmentation Analysis
The cloud segment is expected to be the fastest-growing segment in 2022.
The product segment is cloud and on-premise. The cloud segment is expected to witness the highest growth rate during the forecast period. The installation of an automated accounts payable system on-premises is an expensive endeavour. The cloud platform is less expensive, more configurable, and offers a variety of subscription methods.
The solutions segment is expected to be the fastest-growing segment in 2022.
The component segment is managed services, services, solutions, and professional servies. The solutions segment is expected to witness the highest growth rate during the forecast period. The AP automation solution enables adequate approval, correct allocation, timely payment, and expenditure control by providing insight throughout the entire AP process, from invoice to receipt generation. It may also be easily connected with Enterprise Resource Planning (ERP), increasing adaptability and the efficiency of the payment process.
The BFSI segment is expected to be the fastest-growing segment in 2022.
The application segment is BFSI, IT & telecom, consumer goods & retail, energy & utilities, manufacturing & healthcare and others. The BFSI segment is expected to witness the highest growth rate during the forecast period. The rising automation and digitization of banking and financial services is the reason for the segment's market domination. The arrival of new companies into the banking sector enhances competitiveness, increasing the desire for automation to improve client services.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the accounts payable automation include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. Because the region has a significant number of service and solution providers, the account payable automation industry is competitive. The developed digital economy is a fundamental driver driving market expansion in North America. Organizations in the region are expanding their IT expenditures in order to automate financial procedures.
Country Analysis
- Germany
Germany's accounts payable automation market size was valued at USD 0.75 billion in 2022 and is expected to reach USD 1.19 billion by 2030, at a CAGR of 6% from 2023 to 2030. The increasing demand for limited user access to avoid payment fraud is one of the key factors driving market expansion in the region. Companies and enterprises utilise B2B payments to pay their clients and suppliers. As a result, firms are more likely to stick to their supply management plan. The reasons stated above have enhanced the adoption of accounts payable automation.
- China
China’s accounts payable automation market size was valued at USD 0.78 billion in 2022 and is expected to reach USD 1.26 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. China is predicted to have the fastest-growing accounts payable automation market in the world. The market's popularity can be linked to growing countries such as China's expanding infrastructure, commercial, and industrial improvements.
- India
India's accounts payable automation market size was valued at USD 0.60 billion in 2022 and is expected to reach USD 0.96 billion by 2030, at a CAGR of 6.1% from 2023 to 2030. Rising need for accounts payable automation to streamline payment processes and minimise invoice processing time is expected to drive the area market. Furthermore, the growing requirement to reduce the number of late payments is expected to boost market growth.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the accounts payable automation market is mainly driven by the rising industrialization.
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