The North American account payable automation market is anticipated to grow at a substantial CAGR of 9.2% during the forecast period. The market is set to display impressive growth during the forecast period with some key trends emerging, such as the increased aptness of automation payment systems and the rise in presence of the number of the vendor in the region. The account payable automation market is also enhancing due to the enlargement of the mobile commerce industry along with digitization.

The North American account payable automation market suffered a downfall during the COVID-19 crisis as most of the economic activities were halted during Q1 and Q2 2020. Most major revenue-generating vertical of Banking, Financial Services, and Insurance (BFSI), Consumer Goods and Retail, Information Technology (IT) and Telecom, Healthcare and Other activities were favorably affected, leading to a shift towards 24/7 user approach as leads to adoption for new account payable automation system.

The organization's investment in research and varietal development of account payable automation has been growing in the US and Canada. Furthermore, companies are investing in growth strategies including mergers and acquisitions, collaboration, and strategic partnership which is anticipated to boost the market for account payable automation which in turn fuels the demand for service and solutions of account payable automation.

The North American 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.

The key players of the account payable automation market include Bottomline Technologies, Inc., Coupa Software Inc., FIS, Fleetcor Technologies, Inc., SAP Ariba, Zycus Inc., and so on. The new product launch, product development, and considerable investment in R&D are the core focus of these major market players. For instance, in July 2020, one of the A.I.driven Source-to-Pay software solutions providers named Zycus Inc. had enlarged its capabilities for its plug-and-play A.I. This will further support the company in giving 95% accuracy in invoice data extraction along with supplier inquiry management, and invoice processing.?

Research Methodology

The market study of the North American account payable automation market is incorporated by extensive primary and secondary research conducted by the research team at OMR.  Secondary research has been conducted to refine the available data to break down the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. North American Account Payable Automation Market Research and Analysis by Organization Size
2. North American Account Payable Automation Market Research and Analysis by Deployment Type
3. North American Account Payable Automation Market Research and Analysis by Vertical

The Report Covers

• Comprehensive research methodology of the North American account payable automation market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the North American account payable automation market.
• Insights about market determinants that are stimulating the North American account payable automation market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.