Accounts Payable Software Market Size, Share, Statistics, Growth Trend Analysis and Forecast Report, 2021 - 2028

Accounts Payable Software Market is segmented By Type (Cloud/SaaS/Web-Based and Installed), By Application (Large Enterprises and Small and Medium-Sized Enterprises), and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)

  • Report ID : MD2711
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  • Pages : 210
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  • Tables : 70
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  • Formats :

Accounts Payable Software Market size was estimated at $XX billion in 2020 and is expected to reach $1,567 million by 2028, growing at a CAGR of 6.8% during the forecast period of 2021 to 2028.

Enterprises benefit from accounts payable (AP) automation systems that help them streamline their customers payment and invoice operations. The primary objective is to ensure that consumers pay for services and items supplied. AP automation solutions aid in the streamlining of financial transactions between businesses and their customers. It is mainly utilized by accountants and personnel who are accountable for accounts receivable. But executives and managers use it to monitor the AP departments or teams effectiveness.

Accounts Payable Automation includes dashboards, compliance regulations, account identification, routing rules, and permissions to help a company operate more efficiently. The AP automation solutions 24/7 access and real-time visibility of invoice processing, as well as on-demand reporting features, enables organizations to make data-driven choices that benefit their growth. Manual AP methods are inefficient, costly, and prone to errors. The AP solution simplifies payment procedures and helps businesses to maintain a positive vendor-supplier relationship. It integrates seamlessly with Enterprise Resource Planning (ERP), enhancing the capacity to adapt to changes and improve payment operations efficiency.

The growing desire to minimize payment delays and increase compliance rates through restricted user access and credentials, resulting in fewer fraudulent transactions, are the primary drivers driving the AP automation software markets rise. In the BFSI industry, account payable automation focuses on enhancing document efficiency by replacing paper invoices with digital invoicing. The simplified and automated payment process enables outstanding customer service, improves profit, reduces fraud, and enables effective regulatory compliance.

Accounts Payable Software Market Growth and Trend

The accounts payable automation business is growing due to reasons such as increased attention on reducing days sales outstanding and improving cash flow, as well as lowered accounting cycle time. Account payable automation systems streamline the processing of massive numbers of client invoices, considerably reducing the accountants labor and time spent collecting customer payments. Global banking is becoming increasingly strategic and technologically advanced to meet customer expectations while defending market share against an expanding number of rivals.

Factors such as the use of AP automation solutions enable enterprises to gain additional visibility and control over business operations; allowing accounts payable departments to focus on more strategic tasks such as identifying other cost savings opportunities and assisting their organization in achieving a more significant competitive advantage all contribute to the growth of AP automation. In the BFSI industry, account payable automation focuses on enhancing document efficiency by replacing paper invoices with digital invoicing.

The simplified and automated payment process enables outstanding customer service, enhances profit, reduces fraud, and enables effective regulatory compliance. Enterprises may automate their payables workflow and create criteria for automatic invoice approvals using an AP automation system. On-premises AP automation solutions are losing market dominance, as these applications need significant upfront investment and long-term developer commitment. In the BFSI industry, account payable automation focuses on enhancing document efficiency by replacing paper invoices with digital invoicing. The simplified and automated payment process enables outstanding customer service, improves profit, reduces fraud, and enables effective regulatory compliance.

Accounts Payable Software Market Segmentation

The accounts payable software market is segmented by type and application. Based on type, the market consists of cloud/SaaS/web-based and installed. Based on application, the market is segmented into large enterprises and small and medium-sized enterprises.

Accounts Payable Software Market Country Analysis

North America is regarded as a mature sector for accounts payable automation systems, given the regions size, technological competence, and extensive IT infrastructure. The United States and Canada are the two nations that have contributed the most to the growth of the accounts payable automation industry in North America. Businesses in the APAC area are attempting to automate business operations to minimize mistakes caused by manual labor. Numerous companies choose automated payable procedures to increase visibility and control, eliminate paper-based processes, save costs, and safeguard against payment fraud. However, the Asia Pacific region is expected to expand at a rapid pace throughout the projection period.

Businesses in the APAC area are attempting to automate business operations to minimize mistakes caused by manual labor. Numerous companies choose automated payable procedures to increase visibility and control, eliminate paper-based processes, save costs, and safeguard against payment fraud. Additionally, factors such as the use of AP automation solutions enable enterprises to gain increased visibility and control over business processes; enabling AP departments to focus on more strategic tasks such as identifying additional cost savings opportunities and assisting their organization in achieving a more significant competitive edge all contribute to the growth of the AP automation software market.

Accounts Payable Software Market Share and Competition

The major players operating in the global accounts payable software market are Freshbooks, Xero, Zoho, Intuit, Brightpearl, Sage, FinancialForce, Tipalti, PaySimple, Acclivity Group, KashFlow Software, Araize, Micronetics, Norming Software, Yat Software, and SAP.

Report Highlights

• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy


Industry Segmentation and Revenue Breakdown

Type Analysis (Revenue, USD Million, 2021 - 2028)
• Cloud/SaaS/Web-Based
• Installed

Application Analysis (Revenue, USD Million, 2021 - 2028)
• Large Enterprises
• Small and Medium-Sized Enterprises

Region Analysis (Revenue, USD Million, 2021 – 2028)

• North America
o United States
o Canada
o Mexico
• South America
• Europe
o France
o Germany
o Italy
o Spain
o United Kingdom
o Austria
• Asia Pacific
o Russia
o China
o Japan
o India
o Philippines
o Malaysia
o Australia
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World


Accounts Payable Software Market Companies

• Autodesk
• Dassault Systèmes
• Freshbooks
• Xero
• Zoho
• Intuit
• Brightpearl
• Sage
• FinancialForce
• Tipalti
• PaySimple
• Acclivity Group
• KashFlow Software
• Araize
• Micronetics
• Norming Software
• Yat Software
• SAP.

Available Versions

• United States Accounts Payable Software Industry Research Report
• Europe Accounts Payable Software Industry Research Report
• Asia Pacific Accounts Payable Software Industry Research Report


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