Account Payable Market Status, Revenue, Growth Rate, Services and Solutions- Forecast to 2023
Global Account Payable Market is expected to reach USD 3.63 Billion by 2025, registering a CAGR of 11.4% during the forecast period, 2019–2025. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the coming years.
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With the ever-increasing demand for automation, improved payment processing, and efficient utilization of available resources, the need for account payable software tools and software is increasing. Account payable software is a tool or solution that helps enterprises to effectively complete the accounting or financial process accurately. It eliminates human intervention (via manual input of data), keeping all the numbers accurate. Also, since manual work is eliminated, the software saves the overall time of the account payable process. Account payable software is equipped with various features including invoice capabilities offering support for recurring billing, emailed invoices, automatic reminders, and tracking of unpaid invoices. The software also has business intelligence capabilities that help enterprises in gathering detailed information, including projecting income and calculation of expenses and profits. The software also has data export capabilities that help enterprises to gain insights over every data, making it easy to extract it whenever required.
The adoption of account payable software is specifically increasing in industries such as IT & telecommunication, retail, and manufacturing. Also, the entry of various account payable software tools/solution providers in the market have given the end users a number of options to choose from before selecting a suitable vendor, which, in turn, is creating competition in the market. Also, with the introduction of more comprehensive tools, the popularity of account payable software is increasing. All these developments in the market are expected to drive the market.
The Key Players of the Global Account Payable Software Market are Sage Group plc (UK), Newgen Software Technologies Limited (India), OSAS (US), Esker (France), AvidXchange (US), SutiSoft, Inc. (US), Invoicera (India), SAP (Germany), Comarch (Poland), FIS (US), Vanguard Systems (US), Zycus Inc.(US), Tipalti, Inc. (US), Bottomline Technologies (de), Inc. (US), Beanworks (Canada)
The regional analysis for the global account payable software has been done for North America, Europe, Asia-Pacific, and the Middle East & Africa, and South America.
The market in North America accounted for the largest market share in 2018, and it is expected to register a strong growth during the forecast period. The key driving factors for the growth of the account payable software market in the region include the growing demand for such solutions among enterprises operating in the US, Canada, and Mexico.
The market in Asia-Pacific is expected to register the highest CAGR during the forecast period. For the purpose of analysis, Asia-Pacific has been categorized as China, Japan, India, and the rest of Asia-Pacific. This growth can be attributed to the digital transformation and adoption of new technology. Increasing demand for reducing overall time and cost for the accounting process, among enterprises is one of the key reasons driving the growth of the market.
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The Global Account Payable Software Market has been segmented on the basis of Component, Deployment, Enterprise Size, Vertical, and Region.
Based on component, the account payable software market has been segmented into solutions and services. The solution segment includes tools or software used for managing, organizing, and controlling the account payable process. The services segment includes managed and professional services offered by solution providers. These professional services include training & consulting and support & maintenance services. In 2018, the solution segment accounted for the larger share in the overall market. Account payable tools are being used by enterprises of all sizes to manage their accounting processes. With continuous demand for such tools in verticals including IT & telecommunication, retail, and BFSI, the market share for the solution segment is expected to be larger.
Based on deployment, the account payable software market has been segmented into on-premise and cloud. The on-premise segment accounted for the larger market share in the year 2018, however, cloud-based segment is expected to grow at a higher CAGR during the forecast period. The reason for the same is the comprehensive benefits offered by cloud-based solutions including flexibility, cost-effectiveness, and security.
Based on enterprise size, the account payable software market has been segmented into small & medium enterprises and large enterprises. Small and medium enterprises in manufacturing and retail are expected to demand such tools and services in the coming years due to rapid innovation and new technology development in these enterprises. Due to this, the small and medium enterprise segment is expected to register a higher CAGR in the forecast period.
Based on vertical, the account payable software market has been segmented into banking, financial services, and insurance (BFSI), retail & consumer goods, IT and Telecommunication, energy & utilities, healthcare, manufacturing, and others. The manufacturing segment held the largest share in the year 2018 due to continuous innovation and adoption of industrial automation.
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