The market size for global accounts payable (AP) automation is anticipated to reach at USD 4 billion by 2025.
— Due to an increasing requirement for accurate management of accounting processes along with timely managing of payment procedures from the customers, the AP automation solutions is implemented by organizations to enhance payment collection methods. The AP automation industry has gained traction, due to the growing need for secured and automated payable methods. These solution simplifies and radically enhances performance by utilizing scanning, e-invoicing & workflow, electronic invoice dashboards & analytics, online tracking & reporting abilities, as well as mobile solutions for all invoices.
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The AP automation software enables businesses to effectively drive the transformation of their AP departments to tackle the challenges of paper-based and manual processes. Thus, the demand for AP automation market is anticipated to grow in the coming future with its growing application in small & medium enterprises, as well as large enterprises.
Accounts Payable Automation Market Gaining Traction as Enterprises Eye Fraud Minimization
Accounts payable automation is a full-fledged technology to support operational efficiencies by minimizing human interference for improved productivity. The process is in place to streamline operations and to align with automation needs. Digital transformation and automation to offset the challenges of human errors continue to augment tremendous growth in global accounts payable automation market, opines Adroit Market Research in its recent report compilation.
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Accounts payable automation helps companies to ensure optimum supplier invoicing at an automated pace in real time without any reliance on human capabilities. An accounts payable automation platform renders end-to-end invoice processing beginning with digital invoice data capturing with advanced scanning technologies such as optical character recognition.
Accounts payable automation takes care of routing and coding of the invoice aligning with enterprise specific logic configuration in enterprise specific accounts payable automation platforms.
Enterprises integrate accounts payable automation with multiple platforms such as enterprise resource planning to orchestrate seamless data transfer across platforms, limiting unnecessary straining of ERP ecosystem. Integrating accounts payable automation in ERP platforms across enterprises is gaining momentum owing to enterprise inclination towards minimizing fraudulent activities as on-time detection becomes highly plausible to ensure Realtime monitoring of the invoice generation and subsequent action plan.
Expansion across accounts payable landscape is highly evident as new market players are eying seamless market penetration. Favorable end-user response and massive demand traction are anticipated to etch favorable alterations in accounts payable automation space. These new vendors aim at mitigating current bottlenecks to mark their prominence amidst cut-throat competition in global 'keyword' market.
Catastrophic events tend to have dual implications on businesses and technologies. The same has been observed in accounts payable automation system as well. As physical distancing is likely to be the most prudent norm as a pandemic aftermath, accounts payable automation nears favorable growth bed to align with no-touch payment protocols.
The global accounts payable automation market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. North America is considered a mature market in the accounts payable automation applications, owing to an outsized presence of organization with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the accounts payable automation market in North America. However, the Asia Pacific region is projected to grow at a substantial growth rate over the forecast period.
The major players of the global accounts payable automation market are SAP, Tipalti, FreshBooks, Zycus, FIS, Sage Software, Bottomline Technologies, Comarch, FinancialForce, Coupa Software, AvidXchange, Vanguard Systems, and more. The accounts payable automation market is fragmented with the existence of well-known global and domestic players across the globe.
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Segment Overview of Global Accounts Payable Automation Market
Component Overview, 2018-2025 (USD Billion)
Organization Size Overview, 2018-2025 (USD Billion)
• Small & Medium
Deployment Overview, 2018-2025 (USD Billion)
Application Overview, 2018-2025 (USD Billion)
• Telecom & IT
• Retail & Consumer Goods
• Energy & Utilities
Regional Overview, 2018-2025 (USD Billion)
• North America
• Rest of Europe
• Asia Pacific
• Rest of Asia-Pacific
• Middle East and Africa
• South Africa
• Rest of Middle East and Africa
• South America
• Rest of South America
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