Accounts Payable Automation Market: Factors Influencing Growth

The size of the global accounts payable automation market, which was estimated to be worth US$ 2.3 billion in 2021, is expected to increase at a compound annual growth rate of 10% from 2022 to 2032. By 2022 and 2032, the market is projected to reach US$ 2.6 billion and US$ 6.7 billion, respectively.

Businesses are seeing a huge increase in the use of software that has been upgraded with machine learning and artificial intelligence (AI) across a variety of industries.

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Complex matching processes can be performed more reliably with less manual labour when using an advanced invoice software system. Additionally, error detection and correction are made simpler by intelligent software, increasing their marketability.

Growing demand for automation in accounts payable is a key factor driving the market due to the many benefits it provides, including remote payment alternatives, real-time rapid tracking of payments, 24/7 access to payment information, and increased efficiency. Automation makes it possible to identify cash patterns, which enhances security and fraud monitoring and gives full control over invoice approvals.

Key Takeaways:

Global account payable automation market to reach US$ 6.7 Billion by 2032.
By Component, Solutions are projected to grow at a CAGR of 10% during the forecast period.
S. market is estimated to reach US$ 2.4 Billion while growing at a CAGR of 9.7% during the forecast period.
By Deployment Type, On-premises deployments will grow at a CAGR of 9.6% during the forecast period.
China is expected to reach a CAGR of 9.3% with a market value of US$ 458.3 Billion in 2032 during the forecast period.
The Japanese market is expected to reach a market value of US$ 384.4 Billion by 2032.

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Competitive Landscape

Key Players that have been profiled in the report are SAP, Sage, Tipalti, Freshbooks, FIS, Zycus, Bottomline Technologies, Coupa Software, Comarch, and FinancialForce. In an effort to emerge as a recognized and profitable business, firms continue to adopt a strategy that includes new product launches, R&D, patents, approvals, events, product innovations, joint ventures, partnership agreements, digital marketing, collaborations, mergers, and acquisitions.
In May 2021, Repay Holdings Corporation integrated its account payable automation offering into Sage 100. With this new product offering, Sage now also offers connections to Sage 300 and Sage X3 products. With its integration of accounts payable solutions to Sage 100, Repay continues its commitment to helping businesses reduce costs and optimize processes. Companies can access the new payment option through APS Payments, which offers omnichannel solutions for corporate payments.
In December 2021, Tipalti announced that it has raised $270 million in a Series F funding round that values the company at $8.3 billion. In addition, Tipalti plans on using the new capital to focus on customer operations and global expansion. Furthermore, the company plans to fill positions spanning its product, engineering, sales, and marketing teams.

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Future Market Insights, in its new offering, presents an unbiased analysis of the global accounts payable automation market, presenting historical market data (2015–2021) and forecast statistics for the period of 2022–2032.

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Key Segments Covered in the Accounts Payable Automation Market

By Component: