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Europe Accounts Payable Automation Market – Industry Trends and Forecast to 2031

Semiconductors and Electronics

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Europe Accounts Payable Automation Market – Industry Trends and Forecast to 2031

  • Semiconductors and Electronics
  • Upcoming Report
  • Mar 2024
  • Europe
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Europe Accounts Payable Automation Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 910.00 USD Million
Diagram Market Size (Forecast Year) USD 2,037.43 USD Million
Diagram CAGR %

Major Markets Players

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Europe Accounts Payable Automation Market, By Components (Solution and Services), Organization Size (Large Enterprise and 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 2031.

Europe Accounts Payable Automation Market Analysis and Size

Accounts payable is crucial for ensuring timely bill payments, thereby enhancing a company's credit rating. The rising demand for efficient account payable bill generation stems from the need for punctual invoice payments to maintain a seamless supply chain and services. Timely payments also prevent overdue payments and associated penalties. The rapid growth of the Europe accounts payable automation market is attributed to the integration of artificial intelligence, machine learning, and cloud services, with companies launching new software to capture a larger market share.

Data Bridge Market Research analyses the Europe accounts payable automation market valued at USD 910.0 million in 2023, will reach USD 2,037.43 million by 2031, growing at a CAGR of 10.60% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation      

Report Metric

Details

Forecast Period

2024-2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Component (Solutions and Services), Organization Size (Large Enterprise and 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)

Countries Covered

U.K., Germany, France, Italy, Spain, Russia, Netherlands, Switzerland, Turkey, Belgium, and the Rest of Europe

Market Players Covered

Oracle (U.S.), AvidXchange (U.S.), SAP SE (Germany), FIS (U.S.), Bottomline Technologies, Inc.  (U.S.), FLEETCOR TECHNOLOGIES, INC.  (U.S.), FINANCIAL FORCE (U.S.), Sage Group plc (U.K.), FreshBooks (Canada), Tipalti Inc.  (U.S.), Comarch SA (Poland), Zoho Corporation Pvt. Ltd.  (India), Coupa Software Inc.  (U.S.), Zycus Inc.  (U.S.)

Market Opportunities

  • Digital Transformation Initiatives Enhances Operational Efficiency
  • Increase in the Use of Account Payable Platforms

Market Definition

Accounts payable (AP) automation involves digitally processing invoices through a touchless system using specialized solutions. Ideally, the entire invoice processing, from OCR or digital formats such as EDI and e-invoices for data capture to workflow steps such as routing, coding, reviewing, and approval, is automated without human intervention. It extends beyond simple OCR, encompassing the end-to-end AP process, including seamless integration with enterprise resource planning systems and automatic matching to purchase orders, ensuring an efficient and error-free financial workflow.

Europe Accounts Payable Automation Market Dynamics

Drivers

  • Increasing Complexity of Financial Regulations Leads to the Adoption of Accounts Payable Automation Solutions

Accounts payable automation solutions provide a structured and auditable process, ensuring compliance with regional financial regulations. Automated validation and verification processes contribute to accuracy and reduce the risk of non-compliance or errors in financial transactions. As regulatory requirements evolve, businesses in Europe are turning to automation to meet these standards and to proactively mitigate potential risks associated with non-compliance, thereby safeguarding their financial operations and reputation in the market.

  • Rise in Demand for Strengthening Supplier Relationships

Automation streamlines the payment process, ensuring timely and accurate payments to suppliers. This fosters trust and collaboration between businesses and their suppliers. Automated systems also enable easy access to payment status and historical data, reducing communication gaps and enhancing transparency. As organizations prioritize positive supplier relationships for long-term success, accounts payable automation becomes a strategic tool to improve communication, reduce payment delays, and build a more efficient and collaborative supply chain ecosystem.

Opportunities

  • Digital Transformation Initiatives Enhances Operational Efficiency

As businesses increasingly prioritize technology-driven advancements, there is a growing demand for modernizing financial processes. Accounts payable automation aligns seamlessly with these initiatives, offering a pathway to enhance operational efficiency, reduce manual errors, and improve overall agility. The opportunity lies in providing innovative solutions that integrate seamlessly into organizations undergoing digital transformations, ensuring that accounts payable processes keep pace with the broader technological advancements

  • Increase in the Use of Account Payable Platforms

As businesses recognize the benefits of streamlined financial processes, there is a rising demand for dedicated AP platforms that offer comprehensive automation solutions. This trend creates opportunities for market players to provide user-friendly, customizable platforms that cater to diverse business needs. With a focus on scalability and integration capabilities, AP platforms can address the specific requirements of Europe businesses, facilitating seamless automation of invoice processing, validation, and workflow management.

Restraints/Challenges

  • Limited Customization Limits the Adaptability of Accounts Payable Automation Solutions

Many off-the-shelf automation solutions may lack the flexibility needed to accommodate the unique and evolving requirements of diverse businesses. This constraint hampers organizations from tailoring the automation system to align with their specific workflows, industry nuances, or changing business processes. As businesses vary widely in their structures and operational needs, a one-size-fits-all approach limits the adaptability of accounts payable automation solutions.

  • Rise in Demand for Security Concerns Impacts the Accounts Payable Automation

The handling of sensitive financial data within automated systems raises apprehensions about data security and regulatory compliance. Organizations are challenged with ensuring robust measures for data encryption, secure access controls, and compliance with stringent privacy regulations such as GDPR. The potential risk of data breaches or unauthorized access to financial information acts as a deterrent, impacting the adoption of accounts payable automation.

This Europe accounts payable automation market, report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Europe accounts payable automation market, contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

  • In April 2022, Stacks Pharmacy Group integrated Seamless Smart Office AP automation software to replace their manual invoice processing system. This fully integrated online solution, seamlessly connected with the Group's Sage 50c accounting system, streamlines the processing of 7,000 paper invoices monthly, marking a significant shift towards automated accounts payable processes for increased efficiency
  • In January 2022, SAP SE entered into a strategic partnership with Icertis to enhance its contract management solutions. This collaboration aims to leverage Icertis' technology to broaden SAP's portfolio of enterprise contract intelligence, enabling them to deliver more valuable services to their customer base
  • In November 2021, Oracle Corporation introduced an Oracle Fusion ERP Analytics tool designed to simplify data processing and provide financial insights. This solution, catering to large and mid-sized businesses, strengthens Oracle's position in the market by offering a reliable and efficient tool for enhanced financial analytics
  • In June 2021, Repay Holdings Corporation announced the acquisition of Kontrol Payables for up to $11 million. With a focus on Accounts Payable (AP) automation and a robust supplier network, Kontrol positions itself as an ideal partner for REPAY to expand its B2B services. This strategic move allows Kontrol to leverage REPAY's technology resources and tap into a larger virtual card market, targeting the $2.2 trillion total addressable market for B2B AP automation services

Europe Accounts Payable Automation Market Scope

The Europe accounts payable automation market is segmented based on components, organization size, process, vertical, and deployment mode. 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.

Component

  • Solutions
  • Services
    • Professional Services
    • Implementation and Integration Services
    • Advisory Services
    • Support and Maintenance Services
    • Managed Services

Organization Size

  • Large Enterprise
  • Small and Medium Enterprise

Process

  • Invoice Capture,
  • Invoice Approval
  • Payment Authorization
  • Payment Execution
  • Export

Deployment Mode

  • Cloud
  • On-Premise

Vertical

  • Manufacturing
  • Consumer Goods And Retail
  • Energy And Utilities
  • Healthcare
  • Banking, Financial Services
  • Insurance
  • IT And Telecom
  • Government
  • Automotive
  • Others

Europe Accounts Payable Automation Market Regional Analysis/Insights

Europe accounts payable automation market is analyzed, and market size insights and trends are provided by country, components, organization size, process, vertical, and deployment mode as referenced above.

The countries covered in the Europe accounts payable automation market report are U.K., Germany, France, Italy, Spain, Russia, Netherlands, Switzerland, Turkey, Belgium, and the Rest of Europe

The U.K. is expected to dominate the Europe accounts payable automation market, driven by a rising trend in Hybrid automation. This approach, connecting applications and data across cloud and on-premises systems, contributes to the country's dominance. Moreover, the implementation of robust accounts payable automation compliance programs, imperative for financial institutions and businesses of various sizes, ensures adherence to regulations and safeguards against data loss. The U.K.'s substantial growth in the accounts payable automation market further solidifies its position in driving innovation and compliance in this sector across Europe.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, 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, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Europe Accounts Payable Automation Market Share Analysis

Europe accounts payable automation market competitive landscape provides details by 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 focus on the Europe accounts payable automation market.

Some of the major players operating in the Europe accounts payable automation market are

  • Oracle (U.S.)
  • AvidXchange  (U.S.)
  • SAP SE  (Germany)
  • FIS  (U.S.)
  • Bottomline Technologies, Inc.  (U.S.)
  • FLEETCOR TECHNOLOGIES, INC.  (U.S.)
  • FINANCIALFORCE  (U.S.)
  • Sage Group plc  (U.K.)
  • FreshBooks  (Canada)
  • Tipalti Inc.  (U.S.)
  • Comarch SA  (Poland)
  • Zoho Corporation Pvt. Ltd.  (India)
  • Coupa Software Inc.  (U.S.)
  • Zycus Inc.  (U.S.)


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FREQUENTLY ASK QUESTIONS

Increasing complexity of financial regulations leads to the adoption of accounts payable automation solutions & rise in demand for strengthening supplier relationships are the growth drivers of the Europe accounts payable automation market.
Component, deployment mode, vertical, and process are the factors on which the accounts payable automation market research is based.
The Europe accounts payable automation market size will be worth USD 2,037.43 million by 2031.
The growth rate of the Europe accounts payable automation market is 10.60%.
Major companies in the Europe accounts payable automation market are Oracle (U.S.), AvidXchange (U.S.), SAP SE (Germany), FIS (U.S.), Bottomline Technologies, Inc. (U.S.), FLEETCOR TECHNOLOGIES, INC. (U.S.), FINANCIAL FORCE (U.S.), Sage Group plc (U.K.), FreshBooks (Canada), Tipalti Inc. (U.S.), Comarch SA (Poland), Zoho Corporation Pvt. Ltd. (India), Coupa Software Inc. (U.S.), Zycus Inc. (U.S.).
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