DUBLIN--(BUSINESS WIRE)--The "Accounts Payable Automation Market by Component (Solution and Services), Organization Size, Deployment Type, Vertical (Consumer Goods and Retail, BFSI, IT and Telecom, and Manufacturing), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Global AP Automation Market Size is Expected to Grow from USD 1.9 Billion in 2019 to USD 3.1 Billion by 2024, at a CAGR of 11.0% During the Forecast Period
The increasing demand to reduce the number of delayed payments and improve the compliance rate with controlled user access and credentials leading to reduced fraudulent transactions are the major factors driving the growth of the AP automation market.
Several vendors in the market are providing payment solutions through the public and private cloud. Cloud-based solutions are available in various subscriptions and pay-per-use models. Organizations are looking forward to having their solutions deployed on the cloud, as it offers various advantages, such as scalability, flexibility in capacity, enhanced collaboration, and cost-efficiency. The implementation of the cloud-based AP automation solutions facilitates enterprises to focus on their core competencies, rather than Information Technology (IT) processes. Cloud-based AP automation solutions are significantly gaining traction owing to their unprecedented deployment flexibility benefits and global availability.
North America to have the largest market size during the forecast period
AP automation is a steady growing market in North America, including countries, such as the US and Canada. The presence of a large number of solutions and services providers in the region makes the AP automation market competitive. The well-developed digital economy in North America and the expansion of the mobile commerce industry are key factors contributing to the major market share of the region in the global AP automation market. The enterprises operating in the region are increasing their IT spending to automate financial processes. Enterprises with a large volume of data and transactions have realized the need for AP automation solutions to carry out error free on-time transactions.
Metro cities, such as New York, San Francisco, and Washington, have a large pool of skilled AP automation professionals who use the AP automation solution to get on-time payments for achieving business growth. Factors such as the use of AP automation solutions empower enterprises to have extra visibility and control into business operations; allowing AP departments to focus on more strategic tasks like identifying more cost savings opportunities, and helping their organization achieve greater competitive advantage is contributing in the growth of AP automation in the North American region.
- Growing Need to Accelerate Payment Process and Reduce Invoice Processing Time
- Increasing Demand to Reduce the Number of Delayed Payments and Improve the Compliance Rate
- Control User Access and Credentials Leading to Reduced Fraudulent Transactions
- Insufficient Data Encryption and Security
- Emergence of ML and RPA Technology to Handle Repetitive and Labor-Intensive Task
- Lack of Technical Skills and Digital Literacy in Emerging Countries
- Complicated Billing Approval Process
- Bottomline Technologies
- Coupa Software
- SAP Ariba
- Vanguard Systems
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