Accounts Payable Automation Market to Reach $17,047.16 million, Globally, by 2032 at 13.9% CAGR: Allied Market Research

Accounts payable automation enhances the quality of data, assisting the operator in developing a sustainable business model to meet the demands that have increased the need for accounts payable automation software. In addition, increase in adoption of accounting software for improving the efficiency of the business is driving the growth of the market.

/EIN News/ -- Wilmington, Delaware, May 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Accounts Payable Automation Market by Component (Solution and Service), Deployment Mode (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), and Industry Vertical (BFSI, Consumer Goods and Retail, IT and Telecom, Healthcare, Government, and Other): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the "accounts payable automation market" was valued at $5,378.58 million in 2023, and is estimated to reach $17,047.16 million by 2032, growing at a CAGR of 13.9% from 2024 to 2032. 

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Prime determinants of growth 

Accounts payable automation enhances the quality of data, assisting the operator in developing a sustainable business model to meet the demands that have increased the need for accounts payable automation software. In addition, an increase in the adoption of accounting software for improving the efficiency of the business is driving the growth of the market. However, the possibility of losing crucial accounting data and the expensive initial cost of software are the factors limiting industry expansion. Moreover, the availability of trained professionals is expected to create lucrative opportunities for the market in upcoming years. Moreover, a rise in development and initiatives toward accounts payable automation is anticipated to provide a potential growth opportunity for the market. 

Report coverage & details: 

Report Coverage	Details
Forecast Period	2024–2032
Base Year	2023
Market Size in 2023	$5,378.58 million
Market Size in 2032	$17,047.16 million
CAGR	13.9%
No. of Pages in Report	245
Segments covered	Component, Deployment Mode, Enterprise Size, Industry Vertical, and Region.
Drivers	Rise in need to digitize the financial audit processes  Increase in demand for advance technology to speed up payment process  Reduction in invoice processing times
Opportunities	Rise in developments & initiatives toward accounts payable automation
Restraints	The possibility of losing crucial accounting data and the expensive initial cost of software is the issues limiting industry expansion.

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The solution segment maintained its leadership status during the forecast period. 

By component, the solution segment held the highest market share in 2023, accounting for three-fifths of the global online payday loan market revenue, This is attributed to the fact that software developers and vendors are predicting future consumption trends, benchmarking usage across facilities, and gaining insights into alternative business models utilizing statistics, artificial intelligence, and machine learning approaches. Furthermore, businesses are implementing IoT-based analytical solutions for financial accounting and invoicing. However, the solution segment is projected to attain the highest CAGR of 17% from 2024 to 2032, offer easy integration with multiple platforms will appeal to businesses seeking to streamline their operations without disrupting existing infrastructure, which boosts the global market. 

The cloud segment to maintain its leadership status during the forecast period 

By deployment mode, the on-premise segment held the highest market share in 2023, accounting for more than three-fifths of the global online payday loan market revenue. This is attributed to rapid economic growth and the digitization of business processes boom the adoption of accounts payable automation solutions. However, the cloud segment is projected to attain the highest CAGR of 15.0% from 2023 to 2032, as it enables remote access, real-time data processing, and automatic updates, enhancing efficiency and reducing IT overhead costs. 

The small and medium-sized enterprises segment to maintain its leadership status during the forecast period 

By enterprise size, the large enterprise size segment held the highest market share in 2023, accounting for more than two-thirds of the global online payday loan market revenue. This is attributed to rise in need for operational efficiency and cost reduction. Large organizations face significant administrative overheads in managing manual accounts payable processes. However, the small and medium-sized segment is projected to manifest the highest CAGR of 20% from 2023 to 2032, increasing pressure to enhance operational efficiency and reduce costs. SMEs often face tight profit margins and cannot afford the inefficiencies associated with manual AP processes. 

The IT and telecom segment to maintain its leadership status during the forecast period 

By industry verticals, the BFSI segment held the highest market share in 2023, accounting for more than two-thirds of the global online payday loan market revenue. This is attributed to reduced manual errors, enhanced data accuracy, and real-time visibility into payables, allowing financial institutions to streamline operations, improve cash flow management, and ensure compliance with stringent financial regulations. However, the IT and telecom segment is projected to attain the highest CAGR of 17.3% from 2023 to 2032. The integration of artificial intelligence (AI) and machine learning (ML) enhances the capabilities of AP automation systems, enabling intelligent data extraction, predictive analytics, and fraud detection. 

Asia-Pacific maintain its dominance by 2032 

Region-wise, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global online payday loan market revenue due to several factors. as users in the region are seeking accounting systems tailored to their specific needs, as opposed to generic accounting applications. Furthermore, companies in the region are continuously developing their software and applications to match current digitization. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.5% from 2023 to 2032 and is likely to dominate the market during the forecast period, Several factors contribute to this trend, including the region's strong economic growth, the presence of large enterprises boost the market. 

Leading Market Players: - 

• SAP Ariba, 
• Sage Group plc, 
• Tipalti Inc., 
• Zycus Inc., 
• FIS, Bottomline Technologies, Inc., 
• Comarch SA, FinancialForce, 
• AvidXchange 
• Procurify Technologies Inc 
  

The report provides a detailed analysis of these key players of the global Online payday loan market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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Key Benefits for Stakeholders 

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the accounts payable automation market analysis from 2023 to 2032 to identify the prevailing accounts payable automation market opportunity. 
• The market research is offered along with information related to key drivers, restraints, and opportunities. 
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network. 
• In-depth analysis of the accounts payable automation market segmentation assists to determine the prevailing accounts payable automation market forecast. 
• Major countries in each region are mapped according to their revenue contribution to the global accounts payable automation market outlook. 
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
• The report includes the analysis of the regional as well as global accounts payable automation market trends, key players, market segments, application areas, and market growth strategies. 

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Accounts Payable Automation Market Report Highlights 

Aspects Details 

By Component 

• Solution 
• Service 

By Deployment Mode 

• On-Premise 
• Cloud 
  

By Enterprise Size 

• Small and Medium-sized Enterprises 
• Large Enterprises 

By Industry Vertical 

• BFSI 
• Consumer Goods and Retail 
• IT and Telecom 
• Healthcare 
• Government 
• Other 

By Region 

• North America (U.S., Canada) 
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe) 
• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) 
• Latin America (Brazil, Argentina, Rest of Latin America) 
• Middle East and Africa (Gcc Countries, South Africa, Reast Of Middle East And Africa) 

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