New York, US, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Account Payable Market information by Deployment, by Components, by Vertical and Region – forecast to 2027” the market is set to reach USD 3.63 billion at an 11.4% CAGR by 2025.
Market Scope:
Account payable software is used to simplify and streamline the account payable method. It limits the number of manual activities and improves the overall performance of the account payable process. Account payable software allows businesses to manage supplier invoices without the need for human intervention. Data can be seamlessly transferred between the two systems, and the software can be combined with existing legacy systems such as enterprise resource planning (ERP) software, increasing the overall efficiency of the account payable process.
Dominant Key Players on Account Payable Market covered 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)
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Market USP exclusively encompassed:
Market Drivers
Account payable software is used to automate and streamline the account payable process. It reduces the number of manual tasks and improves the overall performance of the account payable process. Account payable software enables businesses to manage supplier invoices without the need for human involvement. Data can be easily transferred between the two systems, and the software can be combined with existing legacy systems such as enterprise resource planning (ERP) software, increasing the overall efficiency of the account payable process. Account payable software also decreases the risk of fraudulent activities by allowing management to monitor the flow of invoices and transactions through the enterprise. The software also greatly decreases the company's operating costs. There is a variety of account payable software on the market today that can be installed on-premises or in the cloud. Account payable software solutions have many significant benefits, including faster invoice approval since errors are identified and fixed until submission. Since approvals are quicker with account payable software, payments are made on time. Furthermore, it provides greater visibility to all the stakeholders, including suppliers and management teams. Businesses of all sizes are widely adopting such technologies in order to improve the management of the account payable process.
Vendors active in this market offer software and services for account payable management. Sage Group plc., for example, has developed software that can be installed on the cloud. Beanworks, on the other hand, has developed account payable software that can be easily combined with accounting software such as QuickBooks. The software offered by the company can be deployed over the cloud and provide workflow flexibility.
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Segmentation of Market Covered in the Research:
The global account payable software industry has been segmented on the basis of component, deployment, enterprise size, and vertical.
Based on the component, the global account payable market has been segmented into solutions and services. The services segment has been further split into professional and managed services offered by solution providers; these services involve training & consulting and support & maintenance. The solution segment earned the largest share in the overall market in 2018. Many highly regulated verticals are deploying such solutions to efficiently manage the account payable process, which is driving the market.
Based on enterprise size, the global account payable market has been segmented into small & medium enterprises and large enterprises. The small & medium enterprises segment is anticipated to register the highest CAGR during the forecast period, 2019–2025.
Based on deployment, the global account payable market has been segmented into on-premise and cloud-based segments. The cloud-based segment is projected to register a higher CAGR during the forecast period, 2019–2025.
Based on vertical, the global account payable 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 vertical captured the largest share in the year 2018, and it is projected to account for the largest share in the assessment period as well.
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Regional Analysis
Geographically, the global account payable industry has been segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America.
In terms of market share in the account payable market, North America is the market leader. Continuous investment and an emphasis on account payable automation among enterprises of all sizes are some of the factors driving market development. Another aspect that has led to a significant share in the North American account payable software market in 2018 is the involvement of a variety of software providers in the market.
Europe is currently ranked second in the industry. Europe has been split into the United Kingdom, Germany, France, Spain, Italy, and the rest of Europe for the purposes of this report. According to MRFR analysis, the UK will gain the largest market share, followed by Germany and France. The growing demand for paperless account payable solutions is expected to drive growth in the account payable market in this region.
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COVID-19 Impact on the Global Account Payable Market
COVID-19 is an incomparable global public health emergency that has impacted almost every sector, with long-term consequences anticipated to affect industry development over the forecast period.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
