DUBLIN--(BUSINESS WIRE)--The "Global Accounts Payable Automation Market (2021-2026) by Component, Deployment Type, Application and Geography - Competitive Analysis, Impact of COVID-19, Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Accounts Payable Automation Market is estimated to be worth USD 2.5 Billion in 2021 and is expected to reach USD 4.47 Billion by 2026, growing at a CAGR of 12.3%.
The increasing demand for automation of accounts payable owing to the benefits such as remote payable option, real-time fast track process, 24/7 access to payment information, and increased efficacy is majorly driving the market. In addition, automation enables transparency of cash flows, which aids in improving security and fraud management and complete control of the invoice approval process. The Government initiatives in digitalizing and automation are fuelling market growth. However, the high cost of investment and frequent updating is hampering the market growth. Moreover, lack of skilled personnel and complicated software is anticipated to hinder the market.
Emerging of new technologies and expansion of urbanization is anticipated to create lucrative opportunities during the forecast period.
Market Segmentation
The Global Accounts Payable Automation Market is segmented based on Component, Deployment Type, Application, and Geography.
- By Component, the market is classified as software, solutions, and hardware. Amongst the two, the solution segment is estimated to hold the highest market share during the forecast period.
- By Deployment Type, the market is classified as On-premises and cloud. Amongst the two, the on-premises segment is estimated to hold the highest market share during the forecast period.
- By Application, the market is classified as BFSI, Telecom & IT, Manufacturing, Healthcare, Retail & Consumer Goods, Energy & Utilities, and Others. Amongst all, the BFSI segment is estimated to hold the highest market share during the forecast period.
- By Geography, North America is projected to lead the market.
Recent Developments
- GEP launched the GEP SMARTT accounts payable Automation platform to cut the cost of accounts payable operations significantly. - 23rd July 2020.
- Kofax ReadSoft Online Integrates with Microsoft Dynamics 365 for Invoice & Accounts Payable Automation. - 6th January 2021.
Competitive Quadrant
The report includes the Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Report Highlights
- A complete analysis of the market, including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Market Dynamics
Drivers
- Increasing Adoption of Digitalization
- Rising Need of Error Free, Fast and On-Time Payment Process
- Growing Need of Fraud and Risk Management
Restraints
- High Investment Cost
Opportunities
- Merger and Acquisition Strategies of Top Players To Increase Revenue
- Government Initiatives in Automation
Challenges
- Lack of Skilled Professional
- Complicated Software and Security Risk
Companies Mentioned
- SAP Ariba
- Sage
- Tipalti
- FreshBooks
- FIS
- Zycus
- Bottomline Technologies
- Coupa Software
- Comarch
- Financialforce
- AvidXchange
- Vanguard Systems
- Bill.Com
- Procurify
- Nvoicepay
- Oracle Corporation
- Plooto
- Intuit
- Xero
- ACOM Solution
For more information about this report visit https://www.researchandmarkets.com/r/6s3csh
