MarketsandMarkets™ forecasts a new market research report “Accounts Payable (AP) automation market 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 demand to reduce delayed payments and improve the compliance rate among enterprises are the driving factors for the growth of the AP automation market. Complicated billing approval processes is a challenge faced by the market, which is hindering the adoption of the AP automation solution.
Browse 63 market data Tables and 31 Figures spread through 121 Pages and in-depth TOC on “Accounts Payable Automation Market by Component (Solution and Services), Organization Size, Deployment Type, Vertical (Consumer Goods and Retail, BFSI, IT and Telecom, and Manufacturing), and Region – Global Forecast to 2024″
Professional and managed services deal with complex inquiries and have numerous clients that demand constant changes in the solution and service offerings. The AP automation solution is needed, depending upon the industry and business requirements, which is dealt with by using professional and managed services. Organizations tend to adopt AP services for the adequate deployment of the solution and to effectively cope up with the business to acquire maximum Rate of Interest (RoI). Over the last decade, work culture has changed significantly, which has caused transformations in the business model adopted by enterprises operating globally. The growing digital transformation has led enterprises to automate their process to increase their profitability share. Moreover, the increasing global competition has led organizations to outsource functions such as AP solutions so that enterprises can concentrate over the core the business.
With the globalization of businesses, large enterprises are increasingly implementing AP automation solutions to avoid missing the deadline of a due payment. AP automation not only helps in automating payable processes but also provides great control and visibility over invoices to the finance heads in the organization. Furthermore, AP automation improves the company’s payment processes and reduces frauds and risks. The AP automation solutions market, is, therefore, experiencing a significant, as its implementation proves to be beneficial.
The global AP automation market has been segmented into 5 regions, namely, North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. APAC is expected to witness a strong growth owing to the increasing digital transformation across enterprises from all verticals. The region includes major economies, such as China, India, Australia, and New Zealand, which are making consistent enhancements in digitalization and automation of AP processes.
The dawn of Machine Learning (ML) and Robotic Process Automation (RPA) is projected to benefit the organizations to handle repetitive and labor-intensive tasks. Increasing ML capabilities of the software would take automation to a higher level with more advanced features, with more intelligent, and accurate outputs. RPA coupled with ML would tackle tedious tasks where rules can be applied consistently over a set process, releasing the AP staff to be more proactive and forward thinking on important issues, such as cash flows and frauds. Moreover, the emergence of such technology would help enterprises tame the complex systems, leading to reduced errors and increased accuracy. Moreover, the combination of robotic solutions and AP automation sets the stage for higher performance at a lower cost. Furthermore, the infusion of robotics with existing AP processes accelerates the speed and accuracy with reduced operational costs.
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