Market Highlights
With growing digitalization, the companies are replacing traditional transaction procedures with safer and faster online services, which has gradually increased the demands for account payable solutions. This is a software-powered system that reduces the manual service handling that helps increase the overall efficiency. Primarily the account payables systems are connected parallel to the enterprise resource planning (ERP), which ensures the seamless transmission of the data between the systems, hence reducing fraudulent activities.
Account payable systems have considerable benefits, like checking the errors and correcting them before transmission. To unfold the new aspects of this technology, the companies have made hefty investments in the research & development programs, which has imposed an extra load on the market players but will ensure the successful run in the future aspects.
High development and maintenance costs have come up as the major speed breakers for this market and have slowed down this global pace. The global account payable report will help gain a better overview of the market in terms of major factors like opportunities, competitions, drivers & restraints, and others. In terms of the survey, the global account payable market is projected to touch a 13% annual growth mark.
Market Division
The global account payable market is a vast field and is segmented as follows:
In terms of components, the global account payable market is characterized as solutions and services.
The global account payable market is characterized by small & medium enterprises (SMEs) and large enterprises in terms of enterprise size.
The global account payable market is characterized by on-premise and cloud-based in terms of deployment.
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Segmentation:
The global account payable market has been segmented based on deployment, enterprise size, vertical, and component. On the basis of deployment, the market for account payable is segmented based on on-premise, cloud. Additionally, the market on the basis of enterprise size, is segmented into large enterprises and small & medium enterprises. The global market for account payable is also covered based on the vertical segment which is further split into energy & utility, healthcare, IT and telecommunication, manufacturing, retail & consumer goods, BFSI, and other. On the basis of components, the market for account payable is segmented based on service-managed and professional, solution.
Factors like growing presence of account payable automation solutions providers as well as increasing interest from industries such as healthcare, BFSI, along with retail and IT will continue to support the account payable market growth. The performance of the account payable market has also been studied for the past and current years. Additionally, the account payable market report provides analysis of these segments. The account payable market segmental analysis provided in the report offers major details about the account payable market based on the data and forecasts till 2025.
Regional Overview
Companies in the Account Payable Market Share are spread across the world. The account payable market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American account payable market has many companies across the United States, Canada, and Mexico. The account payable market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the account payable market can be found in the market research report. Europe has companies in the account payable market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the account payable market across India, China, and Japan in the Asia-Pacific region is also presented in the report.
Competitive Landscape
The account payable market is supported by growing demand for paperless account payable solutions across the European market as well as in other regions. The population growth around the world and increasing demand of account payable market based services and products also support the market growth. However, the account payable market growth can be affected due to underdeveloped IT infrastructure and too much dependency on conventional accounting methods. The report covers all such details which will help companies in the account payable market to strengthen their business plan and improve their product portfolio. The account payable market research report also provides company profiles of major companies. The company profiles of many organizations operating in the account payable market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the account payable market. New companies and established businesses can plan their strategies based on this data provided in the account payable market research report.
Industry News
Accounts payable (AP) and payments company AvidXchange has purchased AP financial solutions application Core Associates, for payment automation in the infrastructure and mid-market sectors. The acquisition of Core Associates placed AvidXchange being one of the leading AP software solutions in the mid-market construction sector. One of the only end-to-end, purchase-to-pay options, AvidXchange provides a range of electronic resources, including Sage 300 CRE (formerly Timberline), Sage 100 Contractor, Acumatica and Sage Intact Building. Core Associates, maker of TimberScan and other complementary AP software, is used by more than 30,000 companies throughout the U.S.
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Account Payable Market Research Report: By Component (Solution, Service-Managed and Professional), Deployment (On-Premise, Cloud) Enterprise Size (Large Enterprises and Small & Medium Enterprises), Vertical (BFSI, Retail & Consumer Goods, Energy & Utility, Healthcare, IT and Telecommunication, Manufacturing and other) and Region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America) - Forecast till 2027
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