What Is The Overview Of The Global Invoice Processing Software Market?
Invoice processing software is a type of application or system designed to automate and streamline the handling of invoices within an organization. It typically involves capturing, verifying, and processing invoices received from suppliers or vendors. This software helps businesses save time, reduce errors, and improve efficiency in managing financial transactions.
Invoice Processing Software Global Market Report 2024 provides data on the global invoice processing software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Invoice Processing Software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Invoice Processing Software Market?
The invoice processing software market size has grown exponentially in recent years. It will grow from $27.73 billion in 2023 to $33.59 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to the shift from paper-based to digital invoicing systems, the introduction of optical character recognition technology for data extraction, regulatory compliance requirements, demand for automation to streamline accounts payable processes, and integration with accounting and ERP systems for seamless data exchange. The invoice processing software market size is expected to see exponential growth in the next few years. It will grow to $72.66 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to digital transformation initiatives, focus on cost reduction, need for efficiency and accuracy, demand for cloud-based solutions, and focus on data analytics and insights. Major trends in the forecast period include the expansion of mobile functionality, enhanced integration capabilities, the rise of intelligent document recognition (IDR), integration with blockchain technology, and continued emphasis on user experience.
What Are The Core Factors Supporting Growth In The Invoice Processing Software Market?
The expanding e-commerce sector is set to drive the growth of the invoice-processing software market in the future. E-commerce encompasses online commercial transactions conducted over the Internet, driven by increasing internet penetration, consumer convenience, and technological advancements facilitating seamless online transactions. Invoice-processing software in e-commerce automates receipt, verification, and management of supplier invoices, streamlining accounts payable workflows and ensuring timely payment processing. For instance, data from the United States Census Bureau in February 2024 indicated that e-commerce sales in 2023 were projected to reach $1,118.7 billion, a 7.6% increase from 2022, while total retail sales saw a 2.1% rise over the same period. E-commerce sales constituted 15.4% of total sales in 2023, compared to 14.7% in 2022. Therefore, the expanding e-commerce sector is driving the growth of the invoice-processing software market.
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What Are The Major Segments Within The Global Invoice Processing Software Market?
The invoice processing software market covered in this report is segmented –
1) By Solution: Invoice Processing Software, Services
2) By Enterprise Size: Small And Medium-sized Enterprises, Large Enterprises
3) By Industry: Information Technology And Telecommunications, Banking, Financial Services, And Insurance (BFSI), Government, Retail, Healthcare, Education, Other Industries
Which Trends Are Expected To Transform The Invoice Processing Software Market?
Major companies in the invoice processing software market are focusing on developing AI-powered invoicing platforms to enhance their market presence. These platforms automate and optimize invoicing processes using AI, from invoice creation to payment processing. For example, in November 2021, Vroozi, a US software company, launched Vroozi Intelligence, a new accounts payable and invoice automation platform. This platform uses AI to automate invoice capture, approval, and payment, reducing manual work and increasing efficiency. It eliminates manual data entry errors, automates approval processes, and offers one-click approval capabilities to streamline workflow.
What Is The Fastest Growing Region In The Invoice Processing Software Market?
North America was the largest region in the invoice processing software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the invoice processing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
