ID: MRFR/ICT/7211-HCR | February 2021 | Region: Global | 141 pages
Account payable software is used to streamline and automate the account payable process. It eliminates manual tasks and increases the overall efficiency of the account payable process. Account payable software helps companies to process suppliers’ invoices without any human intervention. Since the software can be integrated with the existing legacy system like enterprise resource planning (ERP) software, data can be seamlessly transferred between the two systems, which increases the overall effectiveness of the account payable process. Account payable software also reduces the risk of fraudulent activities by giving management the capability to surveil the flow of invoices and transactions across the enterprise. The software also significantly reduces the operational cost of the company. Today there is a number of account payable software available in the market that can be deployed on-premise or on the cloud. Some of the key benefits of account payable software solutions include faster invoice approval since errors are detected and corrected before submission. Utilization of account payable software also leads to on-time payments, since approvals are faster. Additionally, it provides greater visibility to all the stakeholders, including the suppliers and management teams. Enterprises of all sizes are significantly adopting such solutions for better management of the account payable process.
Vendors operating in this market offer software and services for account payable management. For instance, Sage Group plc. has developed a software that can be deployed on the cloud. Similarly, Beanworks has developed an account payable software that can be easily integrated with accounting software like QuickBooks. The software offered by the company can be deployed over the cloud and provide workflow flexibility.
The Global Account Payable Market is expected to expand at a 11.4% CAGR during the forecast period, to reach USD 3.63 Billion in 2025.
The Global Account Payable Software Market has been segmented on the basis of Component, Deployment, Enterprise Size, Vertical, and Region.
Based on the component, the account payable market has been segmented into solutions and services. The services segment includes professional and managed services offered by solution providers; these services include training & consulting and support & maintenance. The solution segment accounted for the largest share in the overall market in 2018. A large number of highly regulated verticals are deploying such solutions to effectively manage the account payable process, which is driving the market.
Based on enterprise size, the account payable market has been segmented into small & medium enterprises and large enterprises. The small & medium enterprises segment is expected to register the highest CAGR during the forecast period, 2019–2025
Based on deployment, the account payable market has been segmented into on-premise and cloud-based segments. The cloud-based segment is expected to register a higher CAGR during the forecast period, 2019–2025
Based on vertical, the 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 accounted for the largest share in the year 2018 and it is expected to account for the largest share in the forecast period as well.
Geographically, the Global Account Payable Market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
North America leads the market in terms of market share in the account payable market. Some of the factors that are responsible for the growth of the market include continuous investment and focus on account payable automation among enterprises of all sizes. The presence of a number of software providers in the market is another factor that has contributed a significant share in North America account payable software market in the year 2018.
Europe has occupied the second position in the market. For the purpose of this study, Europe has been segmented into the UK, Germany, France, Spain, Italy, and the rest of Europe. According to MRFR analysis, the UK is expected to gain the highest market share, followed by Germany and France. The account payable market in this region is expected to grow due to the increasing demand for paperless account payable solutions.
The Key Players of the Global Account Payable 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)
Key questions addressed by the report
Frequently Asked Questions (FAQ) :
The growth rate that the market can attain the near future is 11.4%.
The market size can expand to USD 3.63 Billion by 2025.
The significant companies listed in the report include Esker (France), Comarch (Poland), AvidXchange (US), Sage Group plc (UK), Invoicera (India), SAP (Germany), SutiSoft, Inc. (US), OSAS (US), FIS (US), Bottomline Technologies (de), Inc. (US), Newgen Software Technologies Limited (India), Beanworks (Canada), Vanguard Systems (US), Zycus Inc.(US), Tipalti, Inc. (US), among others.
Tipalti Inc. entered a partnership with Everflow, a cloud-based partner marketing platform vendor. This partnership can help Everflow offer a complete solution with effective and better user experience to its customers.
The manufacturing vertical is expected to take the lead in the global market.