The global account payable market is expected to expand at 11.4% CAGR during the forecast period, to reach USD 3.63 billion in 2025.
The transition in the method of payments among enterprises, move towards digitization, automation of various processes, and rise of fraud and its impact are major drivers of the market. Rising payment of electronic transfers of payment and payment through credit cards can influence the global account payable market growth.
Accounts payable (AP) and payments company AvidXchange has purchased AP financial solutions application Core Associates, for payment automation in the infrastructure and mid-market sectors. The acquisition of Core Associates placed AvidXchange being one of the leading AP software solutions in the mid-market construction sector.
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The global account payable software market has been segmented by component, deployment, enterprise size, and vertical.
By component, the account payable market has been segmented into solutions and services. The services segment includes professional and managed services offered by solution providers; these services include training & consulting and support & maintenance. Among the two, the solution segment accounted for the largest share in the overall market in 2018. A large number of industry verticals are employing the software for management of their daily transactions, thus driving the segment growth.
The account payable market is supported by growing demand for paperless account payable solutions across the European market as well as in other regions. The population growth around the world and increasing demand of account payable market based services and products also support the market growth. However, the account payable market growth can be affected due to underdeveloped IT infrastructure and too much dependency on conventional accounting methods.
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