Accounts Payable Automation Market Report 2025

The accounts payable automation market size has grown exponentially in recent years. It will grow from $4.48 billion in 2024 to $5.44 billion in 2025 at a compound annual growth rate (CAGR) of 21.4%. The growth in the historic period can be attributed to manual processes inefficiencies, paper-based invoicing, emergence of ERP systems, cost and time savings, risk management focus.

The accounts payable automation market size is expected to see exponential growth in the next few years. It will grow to $11.81 billion in 2029 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to cloud-based solutions adoption, globalization impact, rise of robotic process automation (RPA), focus on vendor relations, predictive analytics and reporting. Major trends in the forecast period include touchless processing, blockchain integration, mobile applications for approval, real-time invoice tracking, API-driven integrations.

The anticipated increase in internet penetration is expected to boost the growth of the accounts payable automation market moving forward. The Internet is a global network that connects the World Wide Web and billions of computers around the world. Enhanced internet penetration allows accounts payable automation providers to access various aspects of the accounts payable process, such as documentation and invoices, from any device globally, enabling them to automate the process without human intervention. For example, in November 2022, a report from the International Telecommunication Union (ITU), a Switzerland-based agency of the United Nations, indicated that global internet penetration reached approximately 5.3 billion people, accounting for 66% of the world's population in 2022, reflecting a growth of 6.1% compared to 2021. Thus, increased internet penetration is driving the accounts payable automation market.

The escalating trend of digitization is poised to propel the advancement of the accounts payable automation market in the foreseeable future. Digitization, encompassing the conversion of information, data, or content from analog or physical formats into digital forms through computer-based and digital technologies, plays a crucial role in leveraging accounts payable automation. This technology optimizes financial transactions, invoices, and payments, diminishing manual tasks, reducing errors, and expediting workflow. Its core objective is to enhance accuracy, streamline operations, and achieve cost-efficiency, fostering a more agile and responsive business environment. According to data from Augusta Free Press in December 2022, global spending on digital transformation reached approximately $1.85 trillion, reflecting a 16% increase from the previous year. Hence, the escalating trend of digitization serves as a driving force behind the growth of the accounts payable automation market.

Technological advancement is a prominent trend gaining traction in the accounts payable automation market. Leading companies in this sector are concentrating on enhancing the functionality of accounts payable automation services through various technologies. For example, in January 2023, Nimbello, a US-based accounts payable automation solution provider, introduced its Next-Generation Accounts Payable Automation Solution. This cloud-based platform automates the complete accounts payable process, aiding organizations in streamlining invoice management, improving accuracy, and boosting efficiency. Its importance lies in transforming accounts payable teams from administrative roles into strategic business partners, ultimately saving time, cutting costs, and offering better insights into corporate spending.

Prominent companies engaged in the accounts payable automation sector are directing their efforts towards product innovations, exemplified by the introduction of the NFT Suite, aiming to deliver a comprehensive solution for managing NFT portfolios, tracking taxes, and accounts payable. This suite represents a pinnacle in industry-leading tax and accounting software. An instance from June 2023 involves Ledgible, a US-based audit and accounting software enterprise, unveiling its cutting-edge NFT Suite. This suite presents professional-grade NFT portfolio management, robust tax and accounting tracking, comprehensive accounts payable reporting, and year-round planning capabilities. Tailored as a full-service portfolio tracking tool catering to active investors, traders, and funds, it facilitates convenient access to Ethereum-based NFT portfolios. Equipped to monitor realized and unrealized gains or losses, the platform empowers users to make informed decisions concerning buying and selling actions.

In August 2022, Fleetcor Technologies Inc., a U.S.-based business payments management company, successfully acquired Accrualify Inc. for an undisclosed amount. This strategic acquisition serves to augment the capabilities of Fleetcor's corporate payments platform and extends the spectrum of payment solutions offered. Accrualify Inc., the acquired entity, is based in the U.S. and is recognized for providing accounts payable automation solutions.

Major companies operating in the accounts payable automation market include Oracle Corporation, SAP SE, Fidelity National Information Services Inc., Sage Group PLC., Bill.com, Coupa Software, Comarch SA, AvidXchange Holdings, Kofax Inc., Zycus Inc., Zoho Corporation Pvt. Ltd., Esker, FinancialForce, Bottomline Technologies Inc., Corcentric, Chrome River, Tipalti Inc., MHC Automation, Procurify, Airbase Inc., MineralTree, AppZen Inc., Palette Software, Stampli, DocuPhase, Certinia, Medius.

North America was the largest region in the accounts payable automation market in 2024. The regions covered in the accounts payable automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the accounts payable automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Accounts payable automation involves the digitization of accounts payable processes, streamlining tasks related to online account management. This automation aims to eliminate manual activities such as invoice keying and paper processing, providing enhanced visibility and control over financial data.

The primary components of accounts payable automation include solutions and services. Accounts payable automation solutions entail the electronic completion of accounts payable tasks, replacing manual processes. These solutions can be deployed through various modes such as on-premises or cloud-based solutions. The application of accounts payable automation extends across enterprises of different sizes, encompassing large enterprises as well as small and medium-sized enterprises. It finds utility in diverse industry verticals, including but not limited to banking, financial services and insurance (BFSI), consumer goods and retail, information technology (IT) and telecom, manufacturing, healthcare, government, among others.

The account payable automation research report is one of a series of new reports that provides account payable automation market statistics, including account payable automation industry global market size, regional shares, competitors with an account payable automation market share, detailed account payable automation market segments, market trends and opportunities, and any further data you may need to thrive in the account payable automation industry. This account payable automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The accounts payable automation market consists of revenues earned by entities by providing E-invoicing and compliance guidance services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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