According to a new report, published by KBV research, The Global Accounts Payable Automation Market size is expected to reach $5.3 billion by 2028, rising at a market growth of 11.3% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 12.4% during (2022 - 2028). This is due to the provided assistance with tasks like comparing and connecting a supplier invoice to the primary data, a product delivery receipt, and a purchase order or contract on which the total cost is based. This is usually complicated and time-consuming, but AP automation services can do this task for the company with excellent quality. These services handle purchase orders from conception to order approval, shipment, billing, delivery, and closing.
The On-Premise segment acquired maximum revenue share in the Global Accounts Payable Automation Market by Deployment Mode in 2021 thereby, achieving a market value of $3.2 billion by 2028. This is because an on-premises AP automation solution is installed on the client organization's server, and with a license, the client can utilize it. To properly install the solution at the client's location and ensure optimal usage, vendors provide implementation and integration services. Enterprises may set criteria for automatic invoice approvals and automate payment processes using the on-premises AP automation solution.
The SMEs segment has shown the growth rate of 13% during (2022 - 2028). This is owing to the fact that the accounts payable department has an impact on the whole business. Cash flow is a major factor in this influence. AP significantly influences the connections between the business and suppliers, and vendors. It may serve as the foundation for teamwork inside the organization. And it has a significant impact on how well audits turn out. The company’s cash flow administration depends heavily on the accounts payable department.
The IT & Telecom segment is poised to grow at a CAGR of 11% during (2022 - 2028). This is because electronic payment systems like AP automation offer custom controls that can manage complicated telecom expenditure activities, which enhance the timeliness and accuracy of payments. Paper checks may be replaced by virtual credit cards, which can generate an automatic one-time payment in the exact amount of a vendor invoice. Virtual credit cards make reconciliation easier, make it impossible for payments to be made twice, and guarantee that suppliers are paid on time each month.
The North America market dominated the Global Accounts Payable Automation Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.9 billion by 2028. The Europe market is exhibiting a CAGR of 10.6% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 12.3% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/accounts-payable-automation-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Component
By Deployment Mode
By Organization Size
By Vertical
By Geography
Companies Profiled
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