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Market Overview Accounts payable automation market was valued at 2.4 billion US$ in 2022 and is projected to reach 5.2 billion US$ by 2030, at a CAGR of 10.2% during the forecast period. Accounts payable automation is the use of software and technology to streamline and automate the process of paying invoices and managing vendor accounts for a business. This can include tasks such as capturing and digitizing invoice data, matching invoices to purchase orders, automating approval workflows, and generating payment files for electronic payment systems. The goal of accounts payable automation is to increase efficiency, reduce errors, and improve cash flow management. Global Accounts Payable Automation market is estimated to reach $XX Million by 2030; growing at a CAGR of XX% from 2023 to 2030. Market Dynamics The increasing adoption of electronic invoicing and payment systems and growing need for efficient and cost-effective accounts payable processes are key driving factors of the market. However, concerns about data security and privacy and resistance to change among users might hamper the market growth. Partnerships and collaborations with technology vendors and service providers would provide lucrative opportunities for the market in coming years. Market Segmentation The global Accounts Payable Automation market is mainly classified based on Component, Deployment Type, Organization Size, and Vertical. Component is further segmented into Solution and Services. By Deployment Type the market is divided into On-premises and Cloud. By Organization Size the market is further divided into SMEs and Large Enterprises. By Vertical the global Accounts Payable Automation market is divided as Consumer Goods and Retail, BFSI, Information Technology (IT) and Telecom, Manufacturing, Healthcare, Energy and Utilities, and Others. Regional Segementation Based on geography, the global Accounts Payable Automation market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa. Competitive landscape Key players operating in the Accounts Payable Automation industry include Airbase Inc., Avidxchange, Billcom, Bottomline Technologies, Inc., Comarch SA, Coupa Software Inc., Financial Force, FIS, Freshbooks, Oracle, Sage Software, SAP Ariba, Tipalti, Vanguard Systems, Financialforce, Fleetcor Technologies, Inc., Freshbooks, Kofax Inc., Mineraltree, Mhc Automation, Procurify Technologies Inc., Sage Group Plc, Tipalti Inc., Zoho Corporation Pvt. Ltd., and Zycus Inc. Accounts Payable Automation Market Key Segments: By Component • Solution • Services By Deployment Type • On-premises • Cloud By Organization Size • SMEs • Large Enterprises By Vertical • Consumer Goods and Retail • BFSI • Information Technology (IT) and Telecom • Manufacturing • Healthcare • Energy and Utilities • Others Key Global Accounts Payable Automation Industry Players • Airbase Inc. • Avidxchange • Billcom • Bottomline Technologies, Inc. • Comarch SA • Coupa Software Inc. • Financial Force • FIS • Freshbooks • Oracle • Sage Software • SAP Ariba • Tipalti • Vanguard Systems • Financialforce • Fleetcor Technologies, Inc. • Freshbooks • Kofax Inc. • Mineraltree • Mhc Automation • Procurify Technologies Inc. • Sage Group Plc • Tipalti Inc. • Zoho Corporation Pvt. Ltd. • Zycus Inc.
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