Account payable or accounts receivable software which streamlines the payment system of an enterprise and improves its efficiency. The technology allows enterprises to look at amounts due for payment and tracking of payments to vendors and suppliers to ensure negligible hiccups in the supply chain. The global account payable market report by Market Research Future (MRFR) takes a deeper look into various dynamic variables affecting the industry for the period of 2019 to 2025 (forecast period). The outbreak of the COVID-19 pandemic and its impact on the industry has been discussed in the report.
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Beanworks, Esker, AvidXchange, Comarch, SAP, Vanguard Systems, Zycus Inc., Invoicera, OSAS, Bottomline Technologies (de), Inc., Tipalti, Inc., FIS, Newgen Software Technologies Limited, SutiSoft, Inc., and Sage Group plc are key players of the global account payable market.
The global account payable market is expected to expand at 11.4% CAGR during the forecast period, to reach USD 3.63 billion in 2025.
The transition in the method of payments among enterprises, move towards digitization, automation of various processes, and rise of fraud and its impact are major drivers of the market. Rising payment of electronic transfers of payment and payment through credit cards can influence the global account payable market growth. This can be attributed to encryption of critical data in electronic payments and simplicity in transferring money through this method.
The rapid industrialization and investments of business-to-business (B2B) companies in account payable software to serve their clients can play a huge role in the global account payable industry.
The global account payable software market has been segmented by component, deployment, enterprise size, and vertical.
By component, the account payable market has been segmented into solutions and services. The services segment includes professional and managed services offered by solution providers; these services include training & consulting and support & maintenance. Among the two, the solution segment accounted for the largest share in the overall market in 2018. A large number of industry verticals are employing the software for management of their daily transactions, thus driving the segment growth.
Based on enterprise size, the account payable market has been segmented into small & medium enterprises and large enterprises. The small & medium enterprises segment is expected to register the highest CAGR during the forecast period.
Based on deployment, the account payable market has been segmented into on-premise and cloud-based segments. The cloud-based segment is expected to register a higher CAGR during the forecast period among the two.
Based on vertical, the account payable market has been segmented into manufacturing, IT and telecommunication, banking, financial services, and insurance (BFSI), retail & consumer goods, energy & utilities, healthcare, and others. The manufacturing vertical accounted for the largest share in the year 2018 and it is expected to account for the largest share in the forecast period as well. This can be attributed to encouragement of electronic payments by nations globally. On the other hand, the BFSI sector can account for a significant market share during the forecast period owing to replacement of paper invoices with digital ones.
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Geographically, the Global Account Payable Market has been segmented into Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and South America.
North America leads the market in terms of market share in the account payable market. Factors driving the growth of the market include continuous investment and focus on account payable automation among enterprises of all sizes. The presence of various software providers in the region is another factor that has contributed a significant share in North America account payable software market in the year 2018.
Europe has the second position in the global account payable industry. According to MRFR analysis, the UK is expected to gain the highest market share, followed by Germany and France. The account payable market in this region is expected to grow due to the increasing demand for paperless account payable solutions and enterprise resource planning (ERP) integration with account payable software.
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