The global market for accounts payable automation is estimated to be worth US$ 2.6 billion in 2022, with a projected value of US$ 6.7 billion by 2032. During the forecast period of 2022 to 2032, the market is expected to grow at a CAGR of 10%. Across industries, companies are seeing a surge in the adoption of software enhanced with machine learning and artificial intelligence (AI). A sophisticated invoice software system reduces the amount of manual work required for complex matching tasks, allowing them to be completed more reliably. Intelligent software also makes the process of detecting and correcting errors easier, making them more marketable.
The growing demand for automation in accounts payable due to the numerous benefits it offers, such as remote payment options, real-time payment tracking, 24/7 access to payment information, and improved efficiency, is a major driving force behind the market. Cash patterns can be identified as a result of automation, assisting in the improvement of security and fraud management while allowing complete control over invoice approvals.
Key Takeaways:
- The global account payable automation market is expected to reach $6.7 billion by 2032.
- Solutions are expected to grow at a CAGR of 10% over the forecast period.
- During the forecast period, the U.S. market is expected to reach US$ 2.4 billion, growing at a CAGR of 9.7%.
- On-premises deployments will increase at a CAGR of 9.6% during the forecast period.
- During the forecast period, China is expected to grow at a CAGR of 9.3%, with a market value of US$ 458.3 billion in 2032.
- By 2032, the Japanese market is expected to be worth US$ 384.4 billion.
Competitive Environment
SAP, Sage, Tipalti, Freshbooks, FIS, Zycus, Bottomline Technologies, Coupa Software, Comarch, and FinancialForce are among the key players profiled in the report. Firms continue to pursue a strategy that includes new product launches, R&D, patents, approvals, events, product innovations, joint ventures, partnership agreements, digital marketing, collaborations, mergers, and acquisitions in order to establish themselves as a recognised and profitable business.
