The research study on Global Accounts Payable Automation Market organizes the overall perspective of the industry. This incorporates upcoming flow of the Accounts Payable Automation Market together with an extensive analysis of recent industry statistics. It describes the Accounts Payable Automation market size as well as factors controlling market growth.
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In Depth Analysis of the Market
Global accounts payable automation market is set to witness a healthy CAGR of 11.55% in the forecast period of 2019- 2026. The report contains data of the base year 2018 and historic year 2017. Increasing integration of ML and RPA Technology and rising demand for cost effective solutions are the factor for the market growth
The key players examine the Accounts Payable Automation market in new regions by inspecting different techniques. This includes mergers & acquisitions, Accounts Payable Automation expansions, investments, new service launches. Similarly, they adopt distinct Accounts Payable Automation strategies such as collaborations, agreements etc. The leading vendors of Accounts Payable Automation market are:
- Ariba, Inc.,
- The Sage Group plc,
- Tipalti, Inc.,
- FreshBooks,
- FIS,
- Zycus Inc,
- Bottomline Technologies (de), Inc.,
- Coupa Software Inc.,
- Comarch,
- FinancialForce,
- AvidXchange, Inc.,
- Vanguard Systems, Inc.,
- Procurify, Bill.Com,
- Nvoicepay,
- Norming Software International Ltd.,
- Qvalia AB, Beanworks.,
- KashFlow Software Ltd,
- Basware,
- Corcentric,
- LLC.,
- MineralTree among others.
Market Definition: Global Accounts Payable Automation Market
Accounts Payable Automation is a technology which is specially designed to streamline and automate payable accounts procedures, remove manual duties and provide higher visibility and control over significant economic information. They have the ability to manage the invoice coding and routing via digital workflow, whose function are based on the specific logic installed in the automation accounts payable software by the organization. This AP automation is widely used in industries such as consumer goods &retails, BFSI, IT& telecom, healthcare and other. It is cost effective and also reduces the risk of frauds.
Segmentation: Global Accounts Payable Automation Market
Accounts Payable Automation Market : By Component
- Solution
- Services
- Professional Services
- Implementation and Integration
- Advisory
- Support and Maintenance
- Managed Services
Accounts Payable Automation Market : By Organization
- Large Enterprises
- Small and Medium-Sized Enterprises
Accounts Payable Automation Market : By Deployment Type
Accounts Payable Automation Market : By Vertical
- Consumer Goods and Retail
- Banking, Financial Services, and Insurance
- IT and Telecom
- Manufacturing
- Healthcare
- Energy and Utilities
- Others
Accounts Payable Automation Market : By Geography
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
Key Development in the Accounts Payable Automation Market:
- In August 2019, AvidXchange announced the acquisition of BankTEL Systems so they can become the major provider of invoice-to-payment solutions to banking and financial services sector. This will also help both the company to offer their customer fully integrated payment solution. Incorporating AvidPay into the ASCEND solution of BankTEL provides more industry-specific capacities for AP, fixed assets, prepaid and accruals to AvidXchange clients
- In March 2019, FLEETCOR Technologies, Inc. announced the acquisition of Nvoicepay, Inc. The addition of Nvoicepay to the portfolio of FLEETCOR Corporate Payments will help them to manage the full disbursement of business accounts payable. This will also provide their customers with a method where they can pay all their account payable with one vendor
Accounts Payable Automation Market: Drivers
- Increasing demand for AP automation to enhance payment process and reduce invoice processing time will drive the market
- Rising demand to decrease the reduce the number of delayed payments and improve the compliance rate will also accelerate the growth of this market
- Their ability to control user access and credentials leading to reduced fraudulent transactions will also enhance the market
Accounts Payable Automation Market : Restraints
- High investment cost will hamper the market growth
- Increasing data encryption and security concerns is another factor restricting this market growth
TOC of Accounts Payable Automation Market Report Includes: –
- Accounts Payable Automation Market Overview
- Market Status and Forecast by Regions
- Market Status and Forecast by Types
- Market Status and Forecast by Downstream Industry
- Driving Factor Analysis of Accounts Payable Automation
- Market Competition Status by Major Players
- Major Manufacturers Introduction and Market Data
- Upstream and Downstream Market Analysis
- Cost and Gross Margin Analysis
- Marketing Status Analysis
- And Many More…
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Key questions answered in the Global Accounts Payable Automation Market report include:
- What will be Accounts Payable Automation market share and the forecast for 2020-2027?
- What are the key factors compelling the worldwide Accounts Payable Automation market?
- Who are the key players in the world Accounts Payable Automation industry?
- What are the factors impacting the revenue and production growth of the Accounts Payable Automation market?
- What are the opportunities & challenges in the Accounts Payable Automation industry?
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