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  • Accounts Payable Automation Market anticipated to reach USD 3.1 billion by 2024

    (I-SoftwareNews.Com, December 13, 2019 ) MarketsandMarkets forecasts the Accounts Payable (AP) automation market to grow from USD 1.9 billion in 2019 to USD 3.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. An increasing demand to reduce delayed payments and improve the compliance rate among enterprises are the driving factors for the growth of the AP automation market. Complicated billing approval processes is a challenge faced by the market, which is hindering the adoption of the AP automation solution.

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    Professional and managed services deal with complex inquiries and have numerous clients that demand constant changes in the solution and service offerings. The AP automation solution is needed, depending upon the industry and business requirements, which is dealt with by using professional and managed services. Organizations tend to adopt AP services for the adequate deployment of the solution and to effectively cope up with the business to acquire maximum Rate of Interest (RoI). Over the last decade, work culture has changed significantly, which has caused transformations in the business model adopted by enterprises operating globally. The growing digital transformation has led enterprises to automate their process to increase their profitability share. Moreover, the increasing global competition has led organizations to outsource functions such as AP solutions so that enterprises can concentrate over the core the business.

    With the globalization of businesses, large enterprises are increasingly implementing AP automation solutions to avoid missing the deadline of a due payment. AP automation not only helps in automating payable processes but also provides great control and visibility over invoices to the finance heads in the organization. Furthermore, AP automation improves the company’s payment processes and reduces frauds and risks. The AP automation solutions market, is, therefore, experiencing a significant, as its implementation proves to be beneficial.

    The global AP automation market has been segmented into 5 regions, namely, North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. APAC is expected to witness a strong growth owing to the increasing digital transformation across enterprises from all verticals. The region includes major economies, such as China, India, Australia, and New Zealand, which are making consistent enhancements in digitalization and automation of AP processes.

    The dawn of Machine Learning (ML) and Robotic Process Automation (RPA) is projected to benefit the organizations to handle repetitive and labor-intensive tasks. Increasing ML capabilities of the software would take automation to a higher level with more advanced features, with more intelligent, and accurate outputs. RPA coupled with ML would tackle tedious tasks where rules can be applied consistently over a set process, releasing the AP staff to be more proactive and forward thinking on important issues, such as cash flows and frauds. Moreover, the emergence of such technology would help enterprises tame the complex systems, leading to reduced errors and increased accuracy. Moreover, the combination of robotic solutions and AP automation sets the stage for higher performance at a lower cost. Furthermore, the infusion of robotics with existing AP processes accelerates the speed and accuracy with reduced operational costs.

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    About MarketsandMarkets™

    MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

    Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

    MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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