The Latin America, Middle East and Africa Accounts Payable Automation Market would witness market growth of 17.7% CAGR during the forecast period (2022-2028).
The buying department of a company sends a vendor a purchase order to start a transaction: The PO will include a list of the desired goods, the quantity of each item, and the total cost of the order. A receiving report is created when the product is delivered to the buying organization to record the shipment: Any damages or quantity inconsistencies related to the order will be included in this report.
Lastly, the vendor sends the buying organization the vendor invoice in order to seek payment for the products or services provided. After receiving the vendor invoices, accounts payable starts the process of managing the invoices. As part of the invoice management process, accounting clerks often manually match invoice line items against the PO and/or receipt line items by comparing the side of the document by the side. This strategy requires much time and resources without an accounts payable automation platform.
The UAE's healthcare and life sciences sectors provide several opportunities. The UAE has a strong healthcare infrastructure as one of the Middle East's most developed and varied economies. Building a world-class healthcare infrastructure is a high goal for the UAE government. As a result, during the last several years, the sector has seen enormous growth. The UAE's healthcare industry has grown to accommodate its population's changing requirements and its aspiration to establish itself as a regional center for medical tourism. The UAE has increased its commitment to investing in healthcare due to COVID-19. The healthcare sector's strong presence due to high government funding is anticipated to boost the accounts payable automation market's growth in the LAMEA due to the benefits it provides to the healthcare sector.
The Brazil market dominated the LAMEA Accounts Payable Automation Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $117.4 million by 2028. The Argentina market is experiencing a CAGR of 18.3% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 17.3% during (2022 - 2028).
Based on Component, the market is segmented into Solution and Services. Based on Deployment Mode, the market is segmented into On-Premise and Cloud. Based on Organization Size, the market is segmented into Large Enterprises and SMEs. Based on Vertical, the market is segmented into BFSI, IT & Telecom, Government, Manufacturing, Healthcare & Lifesciences, Consumer Goods & Retail and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Accounts Payable Automation Market is Projected to reach USD 5.3 Billion by 2028, at a CAGR of 11.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, Fidelity National Information Services, Inc., The Sage Group PLC, Comarch SA, Tipalti, Inc., Bottomline Technologies, Inc., AvidXchange Holdings, Inc., Procurify Technologies, Inc., FinancialForce.com, Inc. and Zycus, Inc.
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By Deployment Mode
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