Invoice Processing Software Global Market Report 2024

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 observed in the historical period can be attributed to several factors, including the transition from paper-based to digital invoicing systems, the implementation of optical character recognition (OCR) technology for efficient data extraction, compliance with regulatory requirements, the increasing demand for automation to enhance efficiency in accounts payable processes, and the integration with accounting and ERP systems to facilitate 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 anticipated growth in the forecast period can be attributed to various factors, including digital transformation initiatives, a heightened focus on cost reduction, the increasing need for efficiency and accuracy in processes, growing demand for cloud-based solutions, and a focus on leveraging data analytics and insights. Major trends expected in the forecast period encompass the expansion of mobile functionality, enhancements in integration capabilities, the rise of intelligent document recognition (IDR), integration with blockchain technology, and a continued emphasis on improving user experience.

The burgeoning e-commerce sector is poised to be a significant catalyst in driving the growth of the invoice-processing software market. E-commerce comprises businesses engaged in commercial transactions conducted electronically over the Internet, with its ascent attributed to increasing internet penetration, consumer convenience, and technological advancements facilitating seamless online transactions. In the realm of e-commerce, invoice processing software plays a pivotal role by automating the receipt, verification, and management of invoices from suppliers. This automation streamlines accounts payable workflows, ensuring efficient processing and timely payments. For instance, data from the United States Census Bureau in February 2024 revealed that e-commerce sales were projected to reach$1.11 trillion in 2023, marking a 7.6% increase from 2022. During the same period, total retail sales experienced a 2.1% rise, with e-commerce sales constituting 15.4% of total sales, compared to 14.7% in 2022. Consequently, the expanding e-commerce sector is driving the growth of the invoice-processing software market.

Leading companies in the invoice processing software market are innovating with advanced technologies, such as artificial intelligence (AI)-powered invoicing platforms, to maintain their competitive edge. AI-powered invoicing platforms leverage AI algorithms to automate and optimize various aspects of the invoicing process, ranging from invoice creation and validation to data extraction, approval routing, and payment processing. For example, Vroozi, a US-based software company, introduced Vroozi Intelligence in November 2021, a new accounts payable and invoice automation platform powered by AI technology. This platform automates invoice capture, approval, and payment processes, significantly reducing manual intervention and enhancing efficiency. By utilizing AI, the platform automates invoice capture, eliminating manual data entry and reducing errors. Additionally, it streamlines the approval process, enabling one-click approval capabilities and optimizing workflow approval cycles.

In March 2022, Visma, a Norway-based software company, expanded its automatic invoice processing capabilities through the acquisition of Lyanthe B.V., a Netherlands-based accounting software company, for an undisclosed amount. This strategic acquisition is poised to bolster Visma's market position and enhance its automatic invoice processing capabilities, further solidifying its presence in the invoice-processing software market.

Major companies operating in the invoice processing software market are Oracle Corporation, NetSuite Inc., SAP SE, Intuit Inc., GEP LLC, Zoho Corporation Pvt. Ltd., Coupa Software Inc., Xero Limited, Bill.com Holdings Inc., Basware Corporation, AvidXchange Inc., Ariba Inc., Tipalti Inc., Esker Inc., Expensify Inc., Corcentric LLC, Sage Intacct Inc., Chrome River Technologies Inc., Procurify Inc., Yooz Inc., MineralTree Inc., SutiSoft Inc., Beanworks Solutions Inc.

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. The countries covered in the invoice processing software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Invoice processing software is a specialized application or system engineered to automate and optimize the management of invoices within a company. Its functionalities typically involve capturing, validating, and processing invoices received from suppliers or vendors. This software solution aids businesses in saving time, minimizing errors, and enhancing operational efficiency in handling financial transactions.

The primary offerings of invoice processing software encompass both software solutions and associated services. Invoice processing software constitutes a digital tool specifically crafted to automate and streamline the entire invoice management process within an organization. This software is utilized across various enterprise sizes, including small and medium-sized enterprises (SMEs) and large corporations, spanning multiple industries such as information technology, telecommunications, banking, financial services, insurance (BFSI), government, retail, healthcare, education, and others.

The invoice processing software market research report is one of a series of new reports that provides invoice processing software market statistics, including invoice processing software industry global market size, regional shares, competitors with a invoice processing software market share, detailed invoice processing software market segments, market trends and opportunities, and any further data you may need to thrive in the invoice processing software industry. This invoice processing software 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 invoice processing software market consists of revenues earned by entities by services such as invoice matching, data validation and verification, data extraction, invoice capture, and exception handling. 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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