The global Accounts Payable (AP) Automation Market size is expected to grow from USD 1.9 billion in 2019 to USD 3.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. An increasing need for efficient AP process to reduce the invoice processing time across industries is expected to drive the growth of AP automation market across the globe. Furthermore, the AP automation solution empowers organizations to make automatic payment approvals, on-time payment, prevent duplicate payment, and frauds. These benefits drive the adoption of AP automation solutions across industries globally.
Solutions segment to hold the highest market share during the forecast period
Manual entries for AP processes are expensive, error-prone, and highly inefficient. The AP solution automates payment processes and enables enterprises to maintain a vendor-supplier relationship. The AP automation solution offers visibility of the entire AP process from invoicing to receipt generation, ensuring proper approval, correct allocation, and timely payment and spend management. Moreover, it can be easily integrated with the Enterprise Resource Planning (ERP), thereby providing enhanced abilities to adopt changes and increase the efficiency of payment processes. AP automation provides dashboards, account selections, compliance policies, routing rules, and approvals to deliver seamless proficiencies for an organization’s operation. The AP automation solution offers 24/7 accessibility and a real-time view of the invoice status and on-demand reporting capabilities enable businesses to make data-driven decisions for the growth of a business. Moreover, the solution empowers various stakeholders in an organization, including Chief Financial Officers (CFOs), managers, accountant, and AP staff to carry out their tasks effectively, thereby reducing user-related errors in payments.
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Consumer goods and retail vertical to grow at a significant CAGR during the forecast period
Retail organizations face different challenges as compared to their counterparts in other sectors. The highly competitive nature of the industry creates pressure in adopting a lean approach to deliver goods and services to customers. AP automation in the retail and consumer goods vertical refers to the entire process of paying for goods and services by organizations, i.e., from the receipt of the goods to the processing and payment of the vendor invoice. Leading organizations are implementing the AP automation software and streamlining their back-office functions to reduce costs and optimize efficiency. According to Mobile Payment Conference, in 2017, 1.5 billion people worldwide preferred online shopping. By 2019, the number is projected to grow to 2 billion digital buyers. The growing marketplace of online shopping is paving the way for enterprise merchants, as shoppers need an easy and safe way to pay for their purchases.
The major AP automation vendors include SAP Ariba (US), Sage Software(US), Tipalti (Canada), FreshBooks (Canada), Zycus (US), FIS (US), Bottomline Technologies (US), Coupa Software (US), Comarch (Poland), FinancialForce (US), Avidxchange (US), Vanguard Systems (US), Bill.com (US), Procurify (Canada), and Nvoicepay (US). These players have adopted various growth strategies, such as new product launches, business expansions, partnerships, agreements, and collaborations and acquisitions, to expand their presence in the global AP automation market further. These strategies have helped them innovate their offerings and broaden their customer base.
SAP Ariba (US) is one of the leading players in AP automation market across the globe. It offers SAP AP automation solutions in over 190 countries across the Americas, Europe, Middle East and Africa (MEA), and Asia Pacific and Japan (APJ). The company has a strong trading network with more than 3.6 million businesses. As a part of its growth strategy, in April 2019, SAP Arabia signed an agreement with American Express to offer buyers and suppliers new payment and financing options on the Ariba Network. Post the agreement, American Express leveraged the benefits of Ariba Network Application Program Interfaces (APIs) to enable its virtual card capabilities within the SAP Ariba process and platform. The network extension has enabled American Express to facilitate seamless commerce, secure payments, and easy reconciliation between businesses on a single platform.
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FIS (US) is another prominent player that offers AP automation solutions and services. The company is a key provider of financial technology solutions, such as payment processing, financial software, and banking. In the payment space, FIS offers Integrated Payables, Invoice-to-Pay, Payment Factory, and White Label Payment solutions to drive payment processing efficiently. The company continually strives to offer innovative AP automation solutions and emphasizes on expanding its partner network to strengthen its foothold in the global AP automation market. In March 2019, FIS signed a definite merger agreement with Worldpay, a global leader in eCommerce and payments. Post the merger, FIS enhanced its product portfolio for payment-related offerings and significantly increased Worldpay’s global distribution footprint.
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