DUBLIN, July 22, 2021--(BUSINESS WIRE)--The "Global Accounts Payable Automation Market (2021-2026) by Component, Deployment Type, Application and Geography - Competitive Analysis, Impact of COVID-19, Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Accounts Payable Automation Market is estimated to be worth USD 2.5 Billion in 2021 and is expected to reach USD 4.47 Billion by 2026, growing at a CAGR of 12.3%.
The increasing demand for automation of accounts payable owing to the benefits such as remote payable option, real-time fast track process, 24/7 access to payment information, and increased efficacy is majorly driving the market. In addition, automation enables transparency of cash flows, which aids in improving security and fraud management and complete control of the invoice approval process. The Government initiatives in digitalizing and automation are fuelling market growth. However, the high cost of investment and frequent updating is hampering the market growth. Moreover, lack of skilled personnel and complicated software is anticipated to hinder the market.
Emerging of new technologies and expansion of urbanization is anticipated to create lucrative opportunities during the forecast period.
The Global Accounts Payable Automation Market is segmented based on Component, Deployment Type, Application, and Geography.
By Component, the market is classified as software, solutions, and hardware. Amongst the two, the solution segment is estimated to hold the highest market share during the forecast period.
By Deployment Type, the market is classified as On-premises and cloud. Amongst the two, the on-premises segment is estimated to hold the highest market share during the forecast period.
By Application, the market is classified as BFSI, Telecom & IT, Manufacturing, Healthcare, Retail & Consumer Goods, Energy & Utilities, and Others. Amongst all, the BFSI segment is estimated to hold the highest market share during the forecast period.
By Geography, North America is projected to lead the market.
GEP launched the GEP SMARTT accounts payable Automation platform to cut the cost of accounts payable operations significantly. - 23rd July 2020.
Kofax ReadSoft Online Integrates with Microsoft Dynamics 365 for Invoice & Accounts Payable Automation. - 6th January 2021.
The report includes the Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
A complete analysis of the market, including parent industry
Important market dynamics and trends
Historical, current, and projected size of the market based on value and volume
Market shares and strategies of key players
Recommendations to companies for strengthening their foothold in the market
Increasing Adoption of Digitalization
Rising Need of Error Free, Fast and On-Time Payment Process
Growing Need of Fraud and Risk Management
High Investment Cost
Merger and Acquisition Strategies of Top Players To Increase Revenue
Government Initiatives in Automation
Lack of Skilled Professional
Complicated Software and Security Risk
For more information about this report visit https://www.researchandmarkets.com/r/6s3csh
View source version on businesswire.com: https://www.businesswire.com/news/home/20210722005476/en/
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