What are the Historical Developments and Current Growth Metrics of the Accounts Payable Software Market?
The accounts payable software market has seen considerable growth due to a variety of factors.
• The accounts payable software market is expected to grow from $1.53 billion in 2024 to $1.67 billion in 2025, at a CAGR of 9.3%.
Factors driving this growth include increased automation, regulatory compliance, higher invoice volumes, demand for real-time financial data, and a focus on sustainability in manufacturing practices.
What is the Forecasted Market Size and CAGR for the Accounts Payable Software Market in the Coming Years?
The accounts payable software market is expected to maintain its strong growth trajectory in upcoming years.
• The accounts payable software market is projected to grow to $2.36 billion by 2029, with a CAGR of 9.0%.
Growth is driven by the need to reduce costs, improve efficiency, streamline accounts payable operations, and minimize payment delays. Major trends include automation and digitization in financial processes, advancements in AI, machine learning, robotic process automation, and cloud-based solutions.
What Key Factors and Trends Are Driving The Growth Accounts Payable Software Market?
The accounts payable software market is expected to grow due to the rise in startups. Startups are new businesses founded with the goal of creating innovative products or services with significant growth potential. The growth in startups is fueled by a strong entrepreneurial culture, the demand for flexible solutions, and the emphasis on entrepreneurship education. Accounts payable software helps startups optimize cash flow, streamline processes, and make informed financial decisions, driving their business success. For example, in February 2024, Startups.co.uk reported a 19.5% increase in new business registrations in the UK, with 39,966 new businesses registered in 2023, a 6.5% rise from 2022. This growth in startups supports the accounts payable software market.
What Are The Market Segments In The Accounts Payable Software Market?
The accounts payable software market covered in this report is segmented –
1) By Deployment Type: On-Premises, Cloud-Based
2) By Application: Large Enterprises, Small And Medium-Sized Enterprises
3) By End-User Industry: Retail, Manufacturing, Healthcare, Information Technology And Telecom, Banking, Financial Services, And Insurance (BFSI)
Subsegments:
1) By On-Premises: Self-Hosted Solutions, On-Premises Enterprise Solutions
2) By Cloud-Based: Saas (Software As A Service) Solutions, Hybrid Cloud Solutions
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What Trends Are Shaping The Accounts Payable Software Market?
Companies in the accounts payable software market are focusing on GenAI-based solutions to automate processes and improve the accuracy of financial management. GenAI-based solutions leverage artificial intelligence to create new outputs based on learned data. For example, in April 2024, High Radius launched Accounts Payable Automation, an AI-driven solution that automates invoice processing, payment approvals, and vendor communication, enhancing efficiency for AP teams and reducing costs.
Who Are the Key Players In The Accounts Payable Software Market?
Major companies operating in the accounts payable software market are:
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• Intuit inc.
• Sage Group Plc
• Zoho Corporation Pvt. Ltd.
• Epicor Software Corp.
• Coupa Software Inc.
• Xero Ltd.
• AvidXchange
• Tipalti inc.
• Freshbooks
• Tradeshift Inc.
• Acumatica Inc.
• QuickBooks
• Stampli
• MineralTree Inc.
• Nipendo
• Brightpearl
• Nvoicepay Inc.
• Lightyear AI Inc.
• FinancialForce Pty Ltd.
• Acclivity Group LLC
• Micronetics
• Norming Software International Ltd.
What Are The Regional Insights Into The Accounts Payable Software Market?
North America was the largest region in the accounts payable software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the accounts payable software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
