The Accounts payable automation market report potentially presents with the numerous insights and business solutions that will help to stay ahead of the competition. This industry report also covers very important aspect which is competitive intelligence and with this businesses can gain competitive advantage to thrive in the market. By taking into account strategic profiling of key players in the semiconductors and electronics industry, comprehensively analyzing their core competencies, and their strategies such as new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions, the universal accounts payable automation market report helps businesses improve their strategies to sell goods and services.
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Data Bridge Market Research analyses that the accounts payable automation market are expected to reach USD 5,809.38 million by 2029, at a CAGR of 10.8% during the forecast period.
Definition
Accounts Payable (AP) Automation is the act of processing invoices in a digital format and through a touchless process using an AP automation solution. In an ideal situation, 100% of invoices a company receives can be processed automatically without human intervention. AP automation is more than just Optical Character Recognition (OCR). It is automation across the entire AP process, from data capture using OCR or digital invoice formats (such as EDI and e-invoices) through AP workflow, such as routing, coding, reviewing, and approving invoices and automatically matching them to Purchase Orders (PO), to the seamless integration with your Enterprise Resource Planning system.
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Key Growth Drivers:
Growth in the need to digitize the payment process and reduction in invoice processing time
The growth of digitalization is revolutionizing the interaction between customers and businesses and building a new platform for the interaction of ideas. Digitalization is the process of converting information into digital information by using various data and software. Since 2009 there has been a transformation of financial institutions towards digitalization by integrating digital technologies. Digital transformation has provided automation, better services, and efficiency to financial processes. Even the customers are inclined more towards digital platforms for the transaction of their financial assets; this has even boosted up more during this pandemic. The increasing need to digitize the payment process and reduce invoice time is thus leading to the growth of the accounts payable automation market.
Increasing demand for account payable automation for bill generation
Account payable is important to ensure payment of bills on a timely basis, which improves the company's credit rating. This increasing demand for account payable bill generation due to the timely payment of invoices ensures an uninterrupted flow of supplies and services. Timely payment avoids overdue payments, penalties, and other late fees among organizations, thus creating huge growth for the global account payable automation market.
Increase in the use of account payable platforms
Individual companies are getting more accustomed to account payable platforms for making transactions for their basic usage, such as gaining basic information, buying goods, or using it as a platform for their business.
The report emphasizes the participation of key entities, notably:
- SAP SE
- Oracle Corporation
- Sage Group plc,
- Tipalti Inc.
- FreshBooks
- Zycus Inc.
- Airbase Inc.
- Coupa Software Inc.
- Comarch SA.
- FinancialForce
- MHC Automation
- Procurify Technologies Inc.
- Zoho Corporation Pvt. Ltd.
- MineralTree
- Kofax Inc.
- AvidXchange
- Bottomline Technologies, Inc.
- FLEETCOR TECHNOLOGIES, INC.
- com
Report Objective:
- Investigate the accounts payable automation market, focusing on strategic movements like collaborations, agreements, mergers, and product launches.
- Explore market diversification avenues such as new products, unexplored regions, recent advancements, and investments in accounts payable automation market.
- Streamline initial research efforts by identifying accounts payable automation market growth, size, key players, and segments, saving valuable time.
- Highlight pivotal industry trends in the accounts payable automation market to empower players in devising effective, sustainable strategies.
- Analyze micro markets for their individual growth trajectories, potential, and contributions to the overall market.
- Shape or refine business expansion strategies leveraging growth opportunities in both established and emerging markets.
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Key Market Segmentation
By Component (Solutions and Services), Organization Size (Large Enterprise, Small and Medium Enterprise), Process (Invoice Capture, Invoice Approval, Payment Authorization, Payment Execution, and Export), Deployment Mode (Cloud and On-Premise), Vertical (Manufacturing, Consumer Goods And Retail, Energy and Utilities, Healthcare, Banking, Financial Services, and Insurance, IT and Telecom, Government, Automotive, and Others)
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