Asia-Pacific Accounts Payable Automation Market, By Components (Solutions and Services), Organization Size (Large Enterprise, Small and Medium Enterprise), Process (Invoice Capture, Invoice Approval, Payment Authorization, Payment Execution, and Export), Deployment Mode (Cloud and On-Premise), Vertical (Manufacturing, Consumer Goods and Retail, Energy and Utilities, Healthcare, Banking, Financial Services, and Insurance, It and Telecom, Government, Automotive, and Others) – Industry Trends and Forecast to 2029
Asia-Pacific Accounts Payable Automation Market Analysis and Size
Account payable is important to ensure payment of bills on a timely basis, which improves the company's credit rating. This increasing demand for account payable bill generation is due to the timely payment of invoices, which ensures an uninterrupted flow of supplies and services. Timely payment avoids overdue payments and penalties. The Asia-Pacific accounts payable automation market is growing rapidly due to AL, ML, and cloud services. The companies are even launching new software to gain a larger market share.
Data Bridge Market Research analyses that the accounts payable automation market are expected to reach USD 1,384.01 million by 2029, at a CAGR of 10.3% from 2022 to 2029. "Solutions" accounts for the most prominent modules mode segment.
2022 to 2029
2020 (Customizable to 2019 - 2014)
USD Million in 2022
By Components (Solutions and Services), Organization Size (Large Enterprise, Small and Medium Enterprise), Process (Invoice Capture, Invoice Approval, Payment Authorization, Payment Execution, and Export), Deployment Mode (Cloud and On-Premise), Vertical (Manufacturing, Consumer Goods and Retail, Energy and Utilities, Healthcare, Banking, Financial Services, and Insurance, IT and Telecom, Government, Automotive, and Others)
China, India, Japan, South Korea, Singapore, Australia, Malaysia, Thailand, Indonesia, Philippines, and the Rest of Asia-Pacific
Market Players Covered
Oracle Corporation, AvidXchange, SAP SE, FIS., FLEETCOR TECHNOLOGIES, INC., Kofax Inc., Coupa Software Inc., Zoho Corporation Pvt. Ltd., Bottomline Technologies, Inc., MineralTree, Zycus Inc., FINANCIAL FORCE, FreshBooks, Tipalti Inc., and Comarch SA.
Accounts Payable (AP) Automation is the act of processing invoices in a digital format and through a touchless process using an AP automation solution. In an ideal situation, 100% of invoices a company receives can be processed automatically without human intervention. AP automation is more than just Optical Character Recognition (OCR). It is automation across the entire AP process, from data capture using OCR or digital invoice formats (such as EDI and e-invoices) through AP workflow, such as routing, coding, reviewing, and approving invoices and automatically matching them to Purchase Orders (PO), to the seamless integration with your enterprise resource planning system.
Asia-Pacific Accounts Payable Automation Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
- Growth in the need to digitize the payment process and reduction in invoice processing time
The growth of digitalization is revolutionizing the interaction between customers and businesses and building a new platform for the interaction of ideas. Digitalization is the process of converting information into digital information by using various data and software. Since 2009 there has been a transformation of financial institutions towards digitalization by integrating digital technologies. Digital transformation has provided automation, better services, and efficiency to financial processes. Even the customers are inclined more towards digital platforms for the transaction of their financial assets; this has even boosted up more during this pandemic. The increasing need to digitize the payment process and reduce invoice time is thus leading to the growth of the global accounts payable automation market.
- Increasing demand for account payable automation for bill generation
Account payable is important to ensure payment of bills on a timely basis, which improves the company's credit rating. This increasing demand for account payable bill generation due to the timely payment of invoices ensures an uninterrupted flow of supplies and services. Timely payment avoids overdue payments, penalties, and another late fees among organizations, thus creating huge growth for the global account payable automation market.
- Increase in the use of account payable platforms
Individual companies are getting more accustomed to account payable platforms for making transactions for their basic usage, such as gaining basic information, buying goods, or using it as a platform for their business.
- Higher cost for implementation of account payable automation systems
Generally, the cost of account payable automation depends on the specific needs and application. However, purchasing and implementing automation software in various systems for streamlining the transaction processes can seem daunting and expensive. Hence the higher cost can raise an issue in some companies, where the budget allocated for the system set up by the company remains unvaried.
- Rise in complexities of payable automation systems in large enterprises
Payable automation systems and software have been implemented across the globe to benefit from decreasing the necessity for human staff and to perform repetitive tasks by implementing automated machine processes instead. But the higher the system's complexity, the greater the risk that a system failure would seriously affect payable-related functioning. Many critical system failures, especially involving the assembly lines, would require restoring manual procedures for managing data and payment information of different clients. Although in most companies, it is found that resources are a limiting factor for development. A traditional way to manage the bills and coordinate schedules of payments to the suppliers' connections manually.
Post COVID-19 Impact on Asia-Pacific Accounts Payable Automation Market
The confinement and lockdown period during the COVID-19 crisis has shown the importance of good, reliable internet connectivity in a large industry. A high-speed connection in the large industry has allowed efficient teleworking, maintaining entertainment habits, and keeping close contacts. Data traffic in all networks has increased significantly during the pandemic period. COVID-19 has increased the demand for data integration in the market. Fixed broadband networks have gained immense popularity for keeping the world connected. Traffic grew 30-40% overnight, driven primarily by working from large industries (video conferencing and collaboration, VPNs), learning from large industries (video conferencing and collaboration, e-learning platforms), and entertainment (online gaming, video streaming, social media). Moreover, limited supply and shortage of software have significantly affected data integration in the market. The flow of new equipment, such as computers, servers, switches, and Customer Premise Equipment (CPE), has either been fully stopped or delayed, with lead times of up to 12 months for different items.
Manufacturers are making various strategic decisions to bounce back post-COVID-19. The players are conducting multiple research and development activities to improve the technology involved in data integration. With this, the companies will bring advanced data integration to the market.
- In January 2022, SAP SE partnered with Icertis to deliver enterprise contract intelligence. The partnership took place to expand solution portfolio of contract management. The partnership will leverage the company's technology to deliver more valuable services to their customer base
- In November 2021, Oracle Corporation launched an oracle fusion ERP analytics instrument for financial insights. This solution was designed to enable data process easier. This solution was a reliable solution for large-sized and mid-sized businesses, thereby helping the company to expand its market
Asia-Pacific Accounts Payable Automation Market Scope
The Asia-Pacific accounts payable automation market is segmented on component, organization size, deployment mode, vertical, process. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
On the basis of component, the Asia-Pacific accounts payable automation market is segmented into solutions and services.
By Organization Size
- Large Enterprise
- Small and Medium Enterprise
On the basis of organization size, the Asia-Pacific accounts payable automation market has been segmented into large enterprise and small and medium enterprise.
- Invoice Capture,
- Invoice Approval
- Payment Authorization
- Payment Execution
On the basis of process, the Asia-Pacific accounts payable automation market has been segmented into invoice capture, invoice approval, payment authorization, payment execution, and export.
By Deployment Mode
On the basis of deployment mode, the Asia-Pacific accounts payable automation market has been segmented into cloud and on-premise.
- Consumer Goods And Retail
- Energy And Utilities
- Banking, Financial Services, And Insurance
- IT and Telecom
On the basis of vertical, the Asia-Pacific accounts payable automation market has been segmented into manufacturing, consumer goods and retail, energy and utilities, healthcare, banking, financial services, and insurance, IT and telecom, government, automotive, and others.
Asia-Pacific Accounts Payable Automation Market Regional Analysis/Insights
The Asia-Pacific accounts payable automation market is analyzed, and market size insights and trends are provided by country, organization size, deployment mode, process, vertical, and component, as referenced above.
The countries covered in the Asia-Pacific accounts payable automation market report are China, India, Japan, South Korea, Singapore, Australia, Malaysia, Thailand, Indonesia, Philippines, and the Rest of Asia-Pacific.
China is expected to dominate the Asia-Pacific accounts payable automation market as the country is witnessing increasing Hybrid automation has been in use lately due to its ability to connect applications, data files, and business partners across cloud and on-premises systems and also accounts payable automation compliance program is a set of regulations or rules that a financial institution, companies such as large enterprises, small enterprises, and medium enterprises must follow to prevent data loss and the growth of the country in the Asia-Pacific accounts payable automation market.
The country section of the report also provides individual market-impacting factors and market regulation changes that impact the market's current and future trends. Data points like downstream and upstream value chain analysis, technological trends, porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Accounts Payable Automation Market Share Analysis
The Asia-Pacific accounts payable automation market competitive landscape provides details on a competitor. Details include company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points are only related to the companies focusing on the Asia-Pacific accounts payable automation market.
Some of the major players operating in the Asia-Pacific accounts payable automation market are:
- Oracle Corporation
- SAP SE
- FLEETCOR TECHNOLOGIES, INC.
- Kofax Inc.
- Coupa Software Inc.
- Zoho Corporation Pvt. Ltd.
- Bottomline Technologies, Inc.
- Zycus Inc.
- FINANCIAL FORCE
- Tipalti Inc.
- Comarch SA.