Account Payable Automation Market
Global Account Payable Automation Market Size, Share & Trends Analysis Report by Organization Size (Large Enterprises and Small and Medium-Sized Enterprises (SMEs)), by Deployment Type (On-Premises and Cloud), and by Vertical (Banking, Financial Services, and Insurance (BFSI), Consumer Goods and Retail, Information Technology (IT) and Telecom, Healthcare and Others) Forecast Period (2021-2027) Update Available - Forecast 2024-2030
The global account payable automation market is growing at a considerable CAGR of 10.2% during the forecast period. Increasing demand to enhance payment process and controlling user access is one of the prime factors affecting and driving the market. Decreasing fraud transactions along with improving compliance rate among others are also estimated to be the key factor that is contributing significantly towards the growth of the market. However, certain factors are affecting the growth of the market. That includes security problems along with insufficient awareness regarding account payable automation is the major factors constraints that are hindering the growth of the global account payable automation market across the globe.
However, emerging of robotic process automation (or RPA) along with rising R&D is also demanded is one of the key factors that are creating opportunities for the market. New product launches in the market are likely to drive the growth of the global account payable automation market. For instance, In April 2021, Medius had launched an end payment automation solution that will provide a single, secure channel for supplier payments named medius pay. Additionally, it decreases the risk of error along with fully managed supplier setup and onboarding with ongoing enablement offered by it.
Impact of COVID-19 Pandemic on the Global Account Payable Automation Market
The global account payable automation market is hardly hit by the outbreak of COVID-19 since December 2019. The outbreak of the COVID-19 pandemic in these major economies had brought a lot of disruption across the globe. Due to the COVID-19 pandemic businesses are looking to shift to the account payable automation system usage had been increased as its software provides real-time tracking and 24/7 access for the users with the reduction in any sort of error.
Segmental Outlook
The global account payable automation market is segmented based on organization size, deployment type, and vertical. Based on organization size, the market is segmented into large enterprises and small and medium-sized enterprises (SMEs). By deployment type, the market is segmented into on-premises and cloud. Further based on vertical the market is segmented into banking, financial services, and insurance (BFSI), consumer goods and retail, information technology (IT) and telecom, healthcare, and others.
Global Account Payable Automation Market Share by Deployment type 2020 (%)
Based on deployment type, the Cloud-based segment had a significant share in the market. The Cloud-based solution supports the organization in low cost of ownership, increases flexibility along with scalability. Additionally, various vendors are offering their payment through the public and private cloud as they are available in pay-per-use models along with subscriptions based as well.
Regional Outlooks
The global account payable automation market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held a considerable share in 2020 in the global account payable automation market. Some factors that are boosting the market growth in North America are raising invoicing systems that are automated. Additionally growing e-commerce trends along with organizations adopting the automated payable system to get better visibility and control are some of the other factors that are boosting the growth of the market.
Global Account Payable Automation Market, by Region 2021-2027
Asia-Pacific will have Considerable Growth in the Global Account Payable Automation Market
The Asia-Pacific region is expected to witness significant growth opportunities for the market. Increasing usage of the AP automation solution in the business application to decrease inaccuracy is likely to drive the growth of the regional market. Additionally, key market companies expanding their reach with their automated payable solutions in this region, especially in South Korea, China, and India for increasing activity in the market.
Market Player Outlook
Key players of the global account payable automation market are Coupa Software Inc., Bottomline Technologies, Inc., FIS, Fleetcor Technologies, Inc, Sage Group plc. To survive in the market, these players adopt different marketing strategies such as product launches and acquisitions. For instance, In January 2021, Fleetcor Technologies, Inc. had done the acquisition of a company providing accounts payable (AP) cloud software platform for small businesses named Roger. Through this acquisition, the company will enlarge its portfolio by supporting small businesses to automate their manual payment processes.
In December 2020, a Partnership has been done by Bill.com, LLC along with Wells Fargo to support small- to medium-sized businesses (SMBs) for accessing automation for the accounts payable (AP) and accounts receivable (AR) process through the support of Bill Manager. For this purpose, bill.com will bring its cloud-based processes into the digital banking service that will be provided by Wells Fargo leading to the paperless payment method that can be controlled and will be simple.
In March 2019, Fleetcor Technologies, Inc. had entered into a definitive agreement to do the acquisition of one of the providers of full AP automation for businesses named Nvoicepay. This acquisition will support Fleetcor Technologies, Inc. to manage the complete disbursement of accounts payable for businesses.
In February 2019, Medius had done a strategic partnership with ACOM to bring out a streamlined Invoice to pay process for businesses in the mid-market. The US users of the company are easily paying 100% electronically their supplier invoices along which is leading to cost reduction as well.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global account payable automation market based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Account Payable Automation Industry
• Recovery Scenario of Global Account Payable Automation Industry
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Bottomline Technologies, Inc.
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. Coupa Software, Inc.
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. FIS Global
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.4. Fleetcor Technologies, Inc.
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.1.5. Sage Group Plc
3.1.5.1. Overview
3.1.5.2. Financial Analysis
3.1.5.3. SWOT Analysis
3.1.5.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Account Payable Automation Market by Organization Size
5.1.1. Large Enterprises
5.1.2. Small and Medium-Sized Enterprises (SMEs)
5.2. Global Account Payable Automation Market by Deployment Type
5.2.1. On-Premises
5.2.2. Cloud
5.3. Global Account Payable Automation Market by Vertical
5.3.1. Banking, Financial Services, and Insurance (BFSI)
5.3.2. Consumer Goods and Retail
5.3.3. Information Technology (IT) and Telecommunication
5.3.4. Healthcare
5.3.5. Other
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. AvidXchange, Inc.
7.2. Bill.com, LLC
7.3. Comarch SA.
7.4. FinancialForce
7.5. FreshBooks USA, Inc.
7.6. Lexmark International, Inc.
7.7. Medius Sverige AB
7.8. MineralTree, Inc.
7.9. MHC Automation, LLC
7.10. Procurify Technologies, Inc.
7.11. Quadient (Neopost SA)
7.12. SAP Ariba
7.13. Tipalti, Inc.
7.14. Zycus, Inc.
1. GLOBAL ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS, 2020-2027 ($ MILLION)
2. GLOBAL ACCOUNT PAYABLE AUTOMATION MARKET BY ORGANIZATION SIZE, 2020-2027 ($ MILLION)
3. GLOBAL LARGE ENTERPRISES MARKET BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) MARKET BY REGION, 2020-2027 ($ MILLION)
5. GLOBAL ACCOUNT PAYABLE AUTOMATION MARKET BY DEPLOYMENT TYPE, 2020-2027 ($ MILLION)
6. GLOBAL ON-PREMISES ACCOUNT PAYABLE AUTOMATION MARKET BY REGION, 2020-2027 ($ MILLION)
7. GLOBAL CLOUD ACCOUNT PAYABLE AUTOMATION MARKET BY REGION, 2020-2027 ($ MILLION)
8. GLOBAL ACCOUNT PAYABLE AUTOMATION MARKET BY VERTICAL, 2020-2027 ($ MILLION)
9. GLOBAL ACCOUNT PAYABLE AUTOMATION FOR BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI) MARKET BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL ACCOUNT PAYABLE AUTOMATION FOR CONSUMER GOODS AND RETAIL MARKET BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL ACCOUNT PAYABLE AUTOMATION FOR INFORMATION TECHNOLOGY (IT) AND TELECOM MARKET BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL ACCOUNT PAYABLE AUTOMATION FOR HEALTHCARE MARKET BY REGION, 2020-2027 ($ MILLION)
13. GLOBAL ACCOUNT PAYABLE AUTOMATION FOR OTHER VERTICAL MARKET BY REGION, 2020-2027 ($ MILLION)
14. GLOBAL ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
15. NORTH AMERICAN ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
16. NORTH AMERICAN ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY ORGANIZATION SIZE, 2020-2027 ($ MILLION)
17. NORTH AMERICAN ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT TYPE, 2020-2027 ($ MILLION)
18. NORTH AMERICAN ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2020-2027 ($ MILLION)
19. EUROPEAN ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY COUNTRIES, 2020-2027 ($ MILLION)
20. EUROPEAN ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY ORGANIZATION SIZE, 2020-2027 ($ MILLION)
21. EUROPEAN ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT TYPE, 2020-2027 ($ MILLION)
22. EUROPEAN ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2020-2027 ($ MILLION)
23. ASIA-PACIFIC ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY COUNTRIES, 2020-2027 ($ MILLION)
24. ASIA-PACIFIC ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY ORGANIZATION SIZE, 2020-2027 ($ MILLION)
25. ASIA-PACIFIC ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT TYPE, 2020-2027 ($ MILLION)
26. ASIA-PACIFIC ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2020-2027 ($ MILLION)
27. REST OF THE WORLD ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY ORGANIZATION SIZE, 2020-2027 ($ MILLION)
28. REST OF THE WORLD ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT TYPE, 2020-2027 ($ MILLION)
29. REST OF THE WORLD ACCOUNT PAYABLE AUTOMATION MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL ACCOUNT PAYABLE AUTOMATION MARKET, 2020-2027 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL ACCOUNT PAYABLE AUTOMATION MARKET SHARE BY SEGMENT, 2020-2027 ($ MILLION)
3. RECOVERY OF GLOBAL ACCOUNT PAYABLE AUTOMATION MARKET, 2021-2027 (%)
4. GLOBAL ACCOUNT PAYABLE AUTOMATION MARKET SHARE BY ORGANIZATION SIZE, 2020 VS 2027 (%)
5. GLOBAL ACCOUNT PAYABLE AUTOMATION MARKET SHARE BY DEPLOYMENT TYPE, 2020 VS 2027 (%)
6. GLOBAL ACCOUNT PAYABLE AUTOMATION MARKET SHARE BY VERTICAL, 2020 VS 2027 (%)
7. GLOBAL ACCOUNT PAYABLE AUTOMATION MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
8. GLOBAL LARGE ENTERPRISES MARKET BY REGION, 2020 VS 2027 (%)
9. GLOBAL SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) MARKET BY REGION, 2020 VS 2027 (%)
10. GLOBAL ON-PREMISES MARKET BY REGION, 2020 VS 2027 (%)
11. GLOBAL CLOUD MARKET BY REGION, 2020 VS 2027 (%)
12. GLOBAL BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI) MARKET BY REGION, 2020 VS 2027 (%)
13. GLOBAL CONSUMER GOODS AND RETAIL MARKET BY REGION, 2020 VS 2027 (%)
14. GLOBAL INFORMATION TECHNOLOGY (IT) AND TELECOM MARKET BY REGION, 2020 VS 2027 (%)
15. GLOBAL HEALTHCARE MARKET BY REGION, 2020 VS 2027 (%)
16. GLOBAL OTHER MARKET BY REGION, 2020 VS 2027 (%)
17. US ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
18. CANADA ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
19. UK ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
20. FRANCE ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
21. GERMANY ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
22. ITALY ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
23. SPAIN ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
24. REST OF EUROPE ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
25. INDIA ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
26. CHINA ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
27. JAPAN ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
28. SOUTH KOREA ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
29. REST OF THE ASIA-PACIFIC ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
30. REST OF THE WORLD ACCOUNT PAYABLE AUTOMATION MARKET SIZE, 2020-2027 ($ MILLION)
