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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.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Accounts Payable Automation Market

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