Global Accounts Payable Automation Market (2021-2026) by Component, Deployment Type, Application, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Global Accounts Payable Automation Market (2021-2026) by Component, Deployment Type, Application, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Introduction

The Global Accounts Payable Automation Market is estimated to be USD 2.5 Bn in 2021 and is expected to reach USD 4.47 Bn by 2026, growing at a CAGR of 12.3 %.

Market Dynamics

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

1. GEP launched the GEP SMART™ accounts payable Automation platform to cut the cost of accounts payable operations significantly. – 23rd July 2020.

2. Kofax ReadSoft Online Integrates with Microsoft Dynamics 365 for Invoice & Accounts Payable Automation. – 6th January 2021.

Company Profiles

Some of the companies covered in this report are Tipalti, FreshBooks, FIS, Zycus, Bottomline Technologies, Coupa Software, Comarch, FinancialForce, AvidXchange, etc

IGR Competitive Quadrant

The report includes the IGR 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.

Why buy this report?

The report offers a comprehensive evaluation of the Global Accounts Payable Automation Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes an in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
The report also contains the competitive analysis using IGR Positioning Quadrants, Infogence’s Proprietary competitive positioning tool.

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