Accounts Payable Automation Market - Forecast(2025 - 2031)
Accounts Payable Automation Market Overview:
The Accounts Payable Automation Market size is estimated to reach $17.4 Billion by 2031, growing at a CAGR of 14.0% during the forecast period 2025-2031. The accounts payable automation market is driven by the increasing demand for operational efficiency, cost reduction, and improved accuracy in financial processes. Businesses are increasingly adopting cloud-based solutions, AI, and machine learning technologies to streamline invoice processing, reduce human errors, and ensure faster payment cycles. Additionally, the need for enhanced compliance, real-time data analytics, and seamless integration with ERP systems is further fueling market growth across industries. By replacing outdated manual processes with intelligent automation, companies are reducing errors, accelerating payment cycles, and achieving greater cost savings.
A significant trend in is the cross-border payments automation, aimed at simplifying international financial transactions. For instance, in March 2025, Prometeo, introduced its Borderless Banking solution to streamline business-to-business financial operations between the U.S. and Latin America, facilitating seamless cross-border payments. Another growing trend is the shift towards mobile-enabled spend management solutions, by integrating various aspects of business spending, from corporate cards to supplier payments, into one accessible solution. In January 2024, Corpay launched Corpay Complete, an innovative spend management platform designed to streamline corporate payments and expenses. By integrating accounts payable automation, expense reimbursements and corporate cards into a single mobile-ready platform, Corpay Complete is helping businesses in the U.S. and Canada manage their finances more efficiently while enhancing mobility and accessibility.
🔗 Schedule a Call @ https://tinyurl.com/2tpxm4yu
Market Snapshot:
Accounts Payable Automation Market - Report Coverage:
The “Accounts Payable Automation Market Report - Forecast (2025-2031)” by IndustryARC, covers an in-depth analysis of the following segments in the Accounts Payable Automation Market.
Key Takeaways:
• North America leads the market
North America continues to lead the Accounts Payable Automation Market, largely due to the region's strong focus on security, efficiency, and compliance in financial operations. The increasing sophistication of digital payment fraud is driving the adoption of advanced automation solutions to safeguard organizations. As noted in a January 2025 article by pymnts.com, more than 80% of U.S. companies are affected by digital payment fraud, and 66% expect these risks to grow. The need for reliable security systems, along with the increasing pressure to streamline financial operations and reduce human errors, is encouraging businesses to adopt automation technologies to mitigate these risks. Additionally, as seen in September 2024, large-scale financial transactions, such as the $42 billion paid by U.S. energy exploration companies to foreign governments, highlight the complexity and magnitude of financial operations in North America. These significant cross-border payments require efficient and accurate accounts payable processes to ensure compliance and minimize the risk of errors. The scale of such transactions demonstrates the growing need for automated solutions that can handle large volumes of financial data with precision.
Inquiry Before Buying @ https://tinyurl.com/mr2mda4k
• Software is the largest segment
The software segment remains the largest in the Accounts Payable Automation Market, driven by innovations in AI and automation technologies that enhance efficiency and accuracy. For example, in May 2024, business management software provider The Access Group has announced its agreement to acquire accounts payable automation provider Lightyear, aiming to expand The Access Group’s global enterprise resource planning (ERP) capabilities which helps customers streamline their operations by enabling data sharing across different business systems, with tailored solutions for industry verticals such as construction, supply chain, waste management, professional services, and facilities management. Similarly, in November 2024, Springtime Technologies, an Austrian startup specializing in AP automation software, secured significant investment to fuel product development and expand its reach globally. These advancements in software solutions are a major driver of the market, as businesses increasingly rely on automated software to streamline their accounts payable processes, reduce manual errors, and improve overall financial operations.
Buy Now @ https://tinyurl.com/vf5rzd3m
• BFSI (Banking, Financial Services, and Insurance) is the largest segment
The Banking, Financial Services, and Insurance segment remains the largest in the Accounts Payable Automation Market, as banks and financial institutions continue to implement advanced solutions to streamline their operations.The 2025 AvidXchange Trends Survey reveals that 76% of finance departments recognize the value of AI in improving efficiency and supporting smarter decision-making. It also found that more than three-quarters of finance teams have either experienced or detected cyberattacks in the past year. With growing concerns over AI-powered threats such as deepfakes and voice cloning, there is a heightened focus on strengthening cybersecurity measures across the sector. Additionally, in August 2024, Centime integrated a fully liquid, high-yield bank account into its AP automation solution, enabling businesses to earn interest on their AP float. This not only helps businesses reduce costs but also creates a new revenue stream by covering the subscription costs of the AP solution. Thus BFSI companies are leveraging AP automation to improve operational efficiency and unlock additional value for their clients.
• Enhanced accuracy and reduced errors in financial processes
Businesses today often rely on multiple platforms to manage their financial operations, which can lead to inefficiencies, errors, and time-consuming manual tasks. For example, 60% of large companies use at least five separate systems just to manage accounts payable. In response, automation technologies are helping businesses streamline their AP workflows, minimize human error, and increase the speed of processing. A case in point is the November 2024 acquisition of Nook by Modulr, an embedded payments platform, aimed at addressing inefficiencies and removing manual steps in AP automation. A survey conducted by Modulr across 250 accounting practices revealed that nearly half (45%) of respondents spent over three hours each week on manual data entry, underscoring the importance of automation in improving accuracy and operational efficiency. This trend highlights how businesses are increasingly adopting automated solutions to enhance financial operations and reduce the risk of errors.
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Accounts Payable Automation Market. The top 10 companies in this industry are listed below:
1. SAP SE
2. Oracle Corporation
3. Coupa Software Incorporated
4. Basware Corporation
5. Microsoft Corporation
6. Celonis SE
7. Serrala
8. AvidXchange Inc.
9. Paylocity Corporation
10. SoftCo Group Ltd.
Scope of the Report:
Comments
Post a Comment