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$3.1 Billion Accounts Payable Automation Market Outlook (2019-2024): Cloud-Based Deployment to Grow at a Significant RateDUBLIN, Aug. 9, 2019 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering. The global AP automation market size is expected 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% during the forecast period. The AP automation market includes various major vendors, such as SAP Ariba (US), Sage Software(UK), Tipalti (US), FreshBooks (Canada), Zycus (US), FIS (US), Bottomline Technologies (US), Coupa Software (US), Comarch (Poland), FinancialForce (US), AvidXchange (US), Vanguard Systems (US), Bill.Com (US), Procurify (Canada), and Nvoicepay (US). Need to optimize operational efficiency and gain better control on payment processes to drive the accounts payable automation market during the forecast period The increasing demand to reduce the number of delayed payments and improve the compliance rate with controlled user access and credentials leading to reduced fraudulent transactions are the major factors driving the growth of the AP automation market. AP automation solution segment to hold a higher market share during the forecast period Manual procedures for AP processes are expensive, error-prone, and highly inefficient. The AP solution automates payment processes and enables enterprises to maintain a vendor-supplier relationship. The AP automation solution offers visibility of the entire AP processes from invoicing to receipt generation, ensuring proper approval, correct allocation, and timely payment and spend management. Moreover, it can be easily integrated with Enterprise Resource Planning (ERP), thereby providing an enhanced ability to adopt changes and increase the efficiency of payment processes. AP automation provides dashboards, account selections, compliance policies, routing rules, and approvals to deliver seamless proficiencies for an organization's operation. The AP automation solution offers 24/7 accessibility and real-time view of the invoice status and on-demand reporting capabilities enable businesses to make data-driven decisions for the growth of a business. Moreover, the solution empowers various stakeholders in an organization, including Chief Financial Officers (CFOs), managers, accountants, and the AP staff to carry out their tasks effectively, thereby reducing user-related error in payments. Cloud-based deployment to grow at a significant rate during the forecast period Several vendors in the market are providing payment solutions through the public and private cloud. Cloud-based solutions are available in various subscriptions and pay-per-use models. Organizations are looking forward to having their solutions deployed on the cloud, as it offers various advantages, such as scalability, flexibility in capacity, enhanced collaboration, and cost-efficiency. The implementation of the cloud-based AP automation solutions facilitates enterprises to focus on their core competencies, rather than Information Technology (IT) processes. Cloud-based AP automation solutions are significantly gaining traction owing to their unprecedented deployment flexibility benefits and global availability. North America to have the largest market size during the forecast period AP automation is a steady growing market in North America, including countries, such as the US and Canada. The presence of a large number of solutions and services providers in the region makes the AP automation market competitie. The well-developed digital economy in North America and the expansion of the mobile commerce industry are key factors contributing to the major market share of the region in the global AP automation market. The enterprises operating in the region are increasing their IT spending to automate financial processes. Enterprises with a large volume of data and transactions have realized the need for AP automation solutions to carry out error free on-time transactions. Metro cities, such as New York, San Francisco, and Washington, have a large pool of skilled AP automation professionals who use the AP automation solution to get on-time payments for achieving business growth. Factors such as the use of AP automation solutions empower enterprises to have extra visibility and control into business operations; allowing AP departments to focus on more strategic tasks like identifying more cost savings opportunities, and helping their organization achieve greater competitive advantage is contributing in the growth of AP automation in the North American region. Key Topics Covered 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 5 Market Overview and Industry Trends 6 Accounts Payable Automation Market By Component 7 Accounts Payable Automation Market By Organization Size 8 Accounts Payable Automation Market By Deployment Type 9 Accounts Payable Automation Market By Vertical 10 Accounts Payable Automation Market By Region 11 Competitive Landscape 12 Company Profiles For more information about this report visit https://www.researchandmarkets.com/r/hmr150 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Laura Wood, Senior Manager View original content:http://www.prnewswire.com/news-releases/3-1-billion-accounts-payable-automation-market-outlook-2019-2024-cloud-based-deployment-to-grow-at-a-significant-rate-300899485.html SOURCE Research and Markets |