Account Payable Market 2023 Driving Factors Forecast Research 2032
Research Reports
Aug 24, 2023
Account Payable Market Overview:
The Account Payable market industry is projected to grow from USD1.2199 Billion in 2023 to USD 2.791107736 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.90% during the forecast period (2023 – 2032).The global account payable market is driven by a large number of companies around the world are actively investing and promoting account payable at different levels in the market. These factors have helped shape the account payable market and are expected to boost the growth. Companies in the account payable market could also face challenges such as lack of awareness about automation as well as lack of skills for the deployment of account payable automation. The details covered in the account payable market report cover all the aspects of the industry. Analysts studying the account payable market have also shared growth projections in the report and have suggested account payable market players to plan business strategies accordingly.
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Key Players:
Key Companies in the Account Payable market include,
- Sage Group plc (UK)
- Newgen Software Technologies Limited (India)
- OSAS (US)
- Esker (France)
- AvidXchange (US)
- SutiSoft Inc. (US)
- Invoicera (India)
- SAP (Germany)
Market Segmentation:
The global account payable market has been segmented based on deployment, enterprise size, vertical, and component. On the basis of deployment, the market for account payable is segmented based on on-premise, cloud. Additionally, the market on the basis of enterprise size, is segmented into large enterprises and small & medium enterprises. The global market for account payable is also covered based on the vertical segment which is further split into energy & utility, healthcare, IT and telecommunication, manufacturing, retail & consumer goods, BFSI, and other. On the basis of components, the market for account payable is segmented based on service-managed and professional, solution.
Factors like growing presence of account payable automation solutions providers as well as increasing interest from industries such as healthcare, BFSI, along with retail and IT will continue to support the account payable market growth. The performance of the account payable market has also been studied for the past and current years. Additionally, the account payable market report provides analysis of these segments. The account payable market segmental analysis provided in the report offers major details about the account payable market based on the data and forecasts till 2032.
Regional Overview:
Companies in the account payable market are spread across the world. The account payable market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American account payable market has many companies across the United States, Canada, and Mexico. The account payable market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the account payable market can be found in the market research report. Europe has companies in the account payable market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the account payable market across India, China, and Japan in the Asia-Pacific region is also presented in the report.
Competitive Landscape:
The account payable market is supported by growing demand for paperless account payable solutions across the European market as well as in other regions. The population growth around the world and increasing demand of account payable market based services and products also support the market growth. However, the account payable market growth can be affected due to underdeveloped IT infrastructure and too much dependency on conventional accounting methods. The report covers all such details which will help companies in the account payable market to strengthen their business plan and improve their product portfolio. The account payable market research report also provides company profiles of major companies. The company profiles of many organizations operating in the account payable market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the account payable market. New companies and established businesses can plan their strategies based on this data provided in the account payable market research report.
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Industry News:
Accounts payable (AP) and payments company AvidXchange has purchased AP financial solutions application Core Associates, for payment automation in the infrastructure and mid-market sectors. The acquisition of Core Associates placed AvidXchange being one of the leading AP software solutions in the mid-market construction sector. One of the only end-to-end, purchase-to-pay options, AvidXchange provides a range of electronic resources, including Sage 300 CRE (formerly Timberline), Sage 100 Contractor, Acumatica and Sage Intact Building. Core Associates, maker of TimberScan and other complementary AP software, is used by more than 30,000 companies throughout the U.S.
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