$3.1 Billion Accounts Payable Automation Market Outlook (2019-2024): Cloud-Based Deployment to Grow at a Significant Rate
DUBLIN, Aug. 9, 2019 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global AP 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% during the forecast period.
The AP automation market includes various major vendors, such as 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).
Need to optimize operational efficiency and gain better control on payment processes to drive the accounts payable automation market 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.
AP automation solution segment to hold a higher market share during the forecast period
Manual procedures 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 processes from invoicing to receipt generation, ensuring proper approval, correct allocation, and timely payment and spend management. Moreover, it can be easily integrated with Enterprise Resource Planning (ERP), thereby providing an enhanced ability 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 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, accountants, and the AP staff to carry out their tasks effectively, thereby reducing user-related error in payments.
Cloud-based deployment to grow at a significant rate during the forecast period
Several vendors in the market are providing payment solutions through the public and private cloud. Cloud-based solutions are available in various subscriptions and pay-per-use models. Organizations are looking forward to having their solutions deployed on the cloud, as it offers various advantages, such as scalability, flexibility in capacity, enhanced collaboration, and cost-efficiency. The implementation of the cloud-based AP automation solutions facilitates enterprises to focus on their core competencies, rather than Information Technology (IT) processes. Cloud-based AP automation solutions are significantly gaining traction owing to their unprecedented deployment flexibility benefits and global availability.
North America to have the largest market size 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 in the global AP automation market. The enterprises operating in the region are increasing their IT spending to automate financial processes. Enterprises with a large volume of data and transactions have realized the need for AP automation solutions 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 for achieving business growth. Factors such as the use of AP automation solutions empower enterprises to have extra visibility and control into business operations; allowing AP departments to focus on more strategic tasks like 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.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Accounts Payable Automation Market
4.2 Market in North America, By Vertical and Country
4.3 Market Major Countries
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Need to Accelerate Payment Process and Reduce Invoice Processing Time
5.2.1.2 Increasing Demand to Reduce the Number of Delayed Payments and Improve the Compliance Rate
5.2.1.3 to Control User Access and Credentials Leading to Reduced Fraudulent Transactions
5.2.2 Restraints
5.2.2.1 Insufficient Data Encryption and Security
5.2.3 Opportunities
5.2.3.1 Emergence of ML and RPA Technology to Handle Repetitive and Labor-Intensive Task
5.2.4 Challenges
5.2.4.1 Lack of Technical Skills and Digital Literacy in Emerging Countries
5.2.4.2 Complicated Billing Approval Process
5.3 Use Cases
5.3.1 Use Case: Scenario 1
5.3.2 Use Case: Scenario 2
5.3.3 Use Case: Scenario 3
5.3.4 Use Case: Scenario 4
6 Accounts Payable Automation Market By Component
6.1 Introduction
6.2 Solution
6.2.1 Growing Focus of Organizations to Improve and Automate Payable Processes to Drive the Demand for Accounts Payable Automation Solution
6.3 Services
6.3.1 Professional Services
6.3.1.1 Technicalities Involved in Implementing the Accounts Payable Automation Solution to Boost Professional Services
6.3.2 Implementation and Integration
6.3.2.1 Growing Demand for Integrating the Accounts Payable Automation Solution With Other Software to Drive the Growth of Implementation and Integration Services
6.3.3 Advisory
6.3.3.1 Increasing Shift Toward the Digital Payment System to Drive the Demand for Advisory Services in the Accounts Payable Automation Market
6.3.4 Support and Maintenance
6.3.4.1 Growing Demand for On-Time Assistance for Payment Issues to Spur the Demand for Support and Maintenance Services
6.3.5 Managed Services
6.3.5.1 Increasing Deployment of the Accounts Payable Management Solution to Create the Need for Managed Services to Handle Complex Payable Processes
7 Accounts Payable Automation Market By Organization Size
7.1 Introduction
7.2 Large Enterprises
7.2.1 Customization of the Payable Workflow as Per Business Requirements Increases the Demand for Automated Solutions Driving the Adoption of the Accounts Payable Automation Solution Among Large Enterprises
7.3 Small and Medium-Sized Enterprises
7.3.1 Need for Cost-Effective Solutions to Drive the Growth of the Accounts Payable Automation Solution Across Small and Medium-Sized Enterprises
8 Accounts Payable Automation Market By Deployment Type
8.1 Introduction
8.2 On-Premises
8.2.1 Data Sensitive Organizations Opt for the On-Premises Accounts Payable Automation Solution
8.3 Cloud
8.3.1 Scalability and Ease of Deployment to Boost the Adoption of the Cloud Accounts Payable Automation Solution
9 Accounts Payable Automation Market By Vertical
9.1 Introduction
9.2 Consumer Goods and Retail
9.2.1 Growing Adoption of Accounts Payable Automation to Help Reduce Costs and Optimize Efficiency and Streamline Back-Office Functions in Consumer Goods and Retail Vertical
9.3 Banking, Financial Services, and Insurance
9.3.1 Focus on Automated Accounts Payable Software to Maximize Staff Productivity and Save the Time of Personnel in the BFSI Vertical
9.4 IT and Telecom
9.4.1 Streamlining of Business Processes By Automated Accounts Payable Platforms to Be Crucial for IT and Telecom Companies
9.5 Manufacturing
9.5.1 Automating the Accounts Payable Process to Help in Saving Time and Maintaining Data Accuracy While Digitalizing the Invoice Workflow
9.6 Healthcare
9.6.1 Need to Maintain Consistency in Bill Generation and Payment Process to Boost the Growth of the Accounts Payable Automation Market in the Healthcare Vertical
9.7 Energy and Utilities
9.7.1 Growing Demand for Accounts Payable Automation Solution to Track Work Order and Manage Payroll in the Energy and Utilities Vertical
9.8 Others
10 Accounts Payable Automation Market By Region
10.1 Introduction
10.2 North America
10.2.1 Increasing eCommerce Trend and Automated Invoicing Systems to Fuel the Growth of AP Automation in North America
10.3 Europe
10.3.1 Transformation of Traditional Paper Based Invoicing to Electronic Invoicing to Drive the Growth of AP Automation Market in Europe
10.4 Asia Pacific
10.4.1 Enterprises Operating in APAC Region are Deploying AP Automation Solution to Speed Up Payable Process
10.5 Middle East and Africa
10.5.1 Government Regulation to Support Innovation in the Finance Space is Contributing to the Adoption of AP Automation Solution in the Region
10.6 Latin America
10.6.1 Tremendous Increase in Number of Fintech Startups is Expected to Boost the Growth of AP Automation Market in the Region
11 Competitive Landscape
11.1 Introduction
11.2 Competitive Leadership Mapping
11.2.1 Visionary Leaders
11.2.2 Innovators
11.2.3 Dynamic Differentiators
11.2.4 Emerging Companies
11.3 Competitive Scenario
11.3.1 Product/Solution Launches and Enhancements
11.3.2 Business Expansions
11.3.3 Partnerships, Agreements, and Collaborations
12 Company Profiles
12.1 Introduction
12.2 SAP Ariba
12.3 Sage
12.4 Tipalti
12.5 Freshbooks
12.6 FIS
12.7 Zycus
12.8 Bottomline Technologies
12.9 Coupa Software
12.10 Comarch
12.11 Financialforce
12.12 Avidxchange
12.13 Vanguard Systems
12.14 Bill.com
12.15 Procurify
12.16 Nvoicepay
For more information about this report visit https://www.researchandmarkets.com/r/hmr150
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