Estimated Growth Potential Of The Accounts Payable Automation Market 2023-2032
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global accounts payable automation market is experiencing a remarkable ascent, projected to grow from $3.14 billion in 2022 to $3.74 billion in 2023, boasting a robust Compound Annual Growth Rate (CAGR) of 19.20%. The trajectory continues upward, with expectations of reaching $7.99 billion in 2027 at an even more accelerated CAGR of 20.92%. A key catalyst driving this surge is the increased penetration of the internet.
- Internet-Powered Growth: Catalyst for Expansion
- Expected growth from $3.14 billion in 2022 to $3.74 billion in 2023 (CAGR: 19.20%)
- Anticipated market size of $7.99 billion in 2027 (CAGR: 20.92%)
- Internet’s Influence: A Pivotal Driver
The accounts payable automation market’s forward momentum is fueled by the increased penetration of the internet. The global network enables automation providers to seamlessly access and streamline various facets of the accounts payable process, from documentation to invoicing, across devices worldwide. With internet penetration on the rise, the accounts payable automation sector benefits from reduced manual intervention and increased efficiency.
- Increased Internet Penetration
- Internet users increased from 4.9 billion in 2021 to 5.3 billion in 2022 (ITU, 2023)
- Facilitates remote access to accounts payable processes globally
- Market Leaders: Guiding the Financial Transformation
Major players are steering the accounts payable automation market, with industry titans such as Oracle Corporation, SAP SE, and Fidelity National Information Services Inc. at the forefront. The diverse lineup of companies underscores the global and competitive nature of the market.
- Major Players in the Market
- Oracle Corporation, SAP SE, Fidelity National Information Services Inc., and others.
- Reflects the market’s global and competitive landscape.
- Technological Leap: Driving Market Trends
Technological innovation emerges as a dominant trend in the accounts payable automation market. Key industry players are strategically enhancing the functionality of accounts payable automation services by leveraging cutting-edge technologies. For instance, Vroozi, a US-based software company, introduced Vroozi Intelligence in November 2021—an accounts payable automation platform integrating artificial intelligence, machine learning, and cognitive data capture.
- Technological Innovation Trend
- Focus on enhancing functionality through technology
- Example: Vroozi Intelligence leveraging AI, ML, and cognitive data capture.
- Market Segmentation: Unveiling Dynamics
To comprehend the nuances of the accounts payable automation market, a close examination of its segmentation is essential. The market is segmented based on components, deployment modes, enterprise sizes, and industry verticals, reflecting the diverse dimensions influencing market dynamics.
- Market Segmentation
- By Component: Solution, Service
- By Deployment Mode: On-Premise, Cloud
- By Enterprise Size: Large Enterprises, Small and Medium-Sized Enterprises
- By Industry Vertical: BFSI, Consumer Goods, IT & Telecom, Manufacturing, Healthcare, Government, and Others
- Regional Dominance: North America Leading the Way
In 2022, North America took the lead as the largest region in the accounts payable automation market. The region’s continued prominence is expected, positioning North America as the frontrunner in the forecast period.
- Regional Dominance
- North America leading in market share (2022)
- Expected to maintain leadership as the fastest-growing region.
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The Accounts Payable Automation Global Market Report 2023 provides comprehensive insights on the accounts payable automation market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the accounts payable automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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