Accounts Payable Automation Market: Overview
The use of analogue platforms for business payments is gradually being replaced by digital technologies. Businesses are undergoing rapid digitization to stay in sync with the changing needs of the contemporary times. This factor has played a key role in the growth of the global accounts payable automation market. The recurring need of businesses to make payments and extend grants to their suppliers has paved way for fresh revenues in the global accounts payable automation market. As digital transformation become the order of the day, this market is slated to reach fruition in the years to come.
A research reveals that businesses can lower accelerate processing times by 73% with the use of digital payables platforms. This factor, coupled with advancements in automation technologies, has spearheaded market growth. There is stellar demand for better services across the financial sector, and this factor has generated lucrative opportunities in the global accounts payable automation market. The presence of cash ledgers and digital recording platforms has expedited payment processes across global businesses.
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The volume of payments made during a particular period of time varies according to the size of the business. Large MNCs are necessary deploying accounts payable automation to meet up for the huge demand for making supplier payments. Smaller enterprises are also deploying automation systems to cut costs and accelerate the speed of operations.
The global accounts payable automation market is segmented on the basis of the following parameters: component, organization size, deployment type, and region. Based on component, the demand for solution-based components is growing at a stellar pace. The sizable growth of the digital industry has reflected in terms of growth across automation markets.
Accounts Payable Automation Market: Notable Developments
The global accounts payable market has undergone several key developments in recent times. Some of these developments have been explained here:
- AvidXchange recently announced that it has entered into an agreement to acquire BankTEL Systems, an accounting solutions provider to over 20% of banks in the US. The strong position of AvidXchange in the accounts payable market is expected to further solidify with the acquisition. This AvidExchange’s fifth acquisition over the past decade, and the company expected to fetch key revenues from this one.
- The lucrative opportunities that lie across the global accounts payable market have led several new vendors to enter this market. These newbie vendors are expected to capitalise on understanding the pain points of the masses to penetrate the market.
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Some of the leading players in the global accounts payable automation market are:
- SAP Ariba (US)
- Tipalti (US)
- Sage Software(US)
- FreshBooks (Canada)
- FIS (US)
- Zycus (US)
Accounts Payable Automation Market: Growth Drivers
- Plunge into B2B Payments
Companies and organisations can use B2B payments to feel closer to their clients and suppliers. This can in turn help companies in adhering to their customer and supply management strategies. Agile supply chains require swift payments from the procuring entities. The aforementioned factors have led to increased adoption of accounts payable automation in recent times.
- Need for Operational Efficiency
The need for reducing fraudulent activities has also prompted businesses to induct accounts payable automation. Moreover, the efficiency of organizations is significantly enhanced with the use of automation technologies. The support shown by banks and financial entities in developing automation platforms for accounts payable has also opened a wide net of opportunities in the global market.
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