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The Accounts Payable Automation Market research report is generated by using integrated approaches and latest technology for the best results. Proficient capabilities and excellent resources in research, data collection, development, consulting, evaluation, compliance and regulatory services come together to generate this world-class market research report. If the business is hunting to gain competitive advantage in this swiftly transforming marketplace, then plumping for this market report is highly recommended as it gives lot of benefits for a thriving business. It provides the supreme base for the competitor analysis, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market and this industry.
Data Bridge Market Research analyses that the accounts payable automation market are expected to reach USD 5,809.38 million by 2029, at a CAGR of 10.8% during the forecast period. “Solutions” accounts for the most prominent modules mode segment. The Global Accounts Payable Automation Market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Accounts Payable Automation Market Drivers
- Growth in the need to digitize the payment process and reduction in invoice processing time
The growth of digitalization is revolutionizing the interaction between customers and businesses and building a new platform for the interaction of ideas. Digitalization is the process of converting information into digital information by using various data and software. Since 2009 there has been a transformation of financial institutions towards digitalization by integrating digital technologies. Digital transformation has provided automation, better services, and efficiency to financial processes. Even the customers are inclined more towards digital platforms for the transaction of their financial assets; this has even boosted up more during this pandemic. The increasing need to digitize the payment process and reduce invoice time is thus leading to the growth of the accounts payable automation market.
- Increasing demand for account payable automation for bill generation
Account payable is important to ensure payment of bills on a timely basis, which improves the company’s credit rating. This increasing demand for account payable bill generation due to the timely payment of invoices ensures an uninterrupted flow of supplies and services. Timely payment avoids overdue payments, penalties, and other late fees among organizations, thus creating huge growth for the global account payable automation market.
- Increase in the use of account payable platforms
Individual companies are getting more accustomed to account payable platforms for making transactions for their basic usage, such as gaining basic information, buying goods, or using it as a platform for their business.
Some of the Major Players Operating In the Global Accounts Payable Automation Market Are:
- SAP SE
- Oracle Corporation
- Sage Group plc,
- Tipalti Inc.
- FreshBooks
- Zycus Inc.
- Airbase Inc.
- Coupa Software Inc.
- Comarch SA.
- FinancialForce
- MHC Automation
- Procurify Technologies Inc.
- Zoho Corporation Pvt. Ltd.
- MineralTree
- Kofax Inc.
- AvidXchange
- Bottomline Technologies, Inc.
- FLEETCOR TECHNOLOGIES, INC.
- com
Recent Development
- In January 2022, SAP SE partnered with Icertis to deliver enterprise contract intelligence. The partnership took place to expand solution portfolio of contract management. The partnership will leverage the company’s technology to deliver more valuable services to their customer base
- In November 2021, Oracle Corporation launched an oracle fusion ERP analytics instrument for financial insights. This solution was designed to enable data process easier. This solution was a reliable solution for large-sized and mid-sized businesses, thereby helping the company to expand its market
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Accounts Payable Automation Market Segmentation:
By Component
- Solutions
- Services
By Organization Size
- Large Enterprise
- Small And Medium Enterprise
By Process
- Invoice Capture,
- Invoice Approval
- Payment Authorization
- Payment Execution
- Export
By Deployment Mode
- Cloud
- On-Premise
By Vertical
- Manufacturing
- Consumer Goods And Retail
- Energy And Utilities
- Healthcare
- Banking, Financial Services
- Insurance
- IT and Telecom
- Government
- Automotive
- Others
Global Accounts Payable Automation Market Regional Analysis/Insights
The countries covered in the global accounts payable automation market report are South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Rest of Middle East Africa, U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Netherlands, Belgium, Switzerland, Turkey, Rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina and Rest of South America.
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