The North American Account Payable Automation market is anticipated to grow at a CAGR of 9.6% during the forecast period (2021-2027). The factors driving the growth of the North American Account Payable Automation market include the increasing adoption of automated invoicing systems and the significant presence of several key players in the account payable Automation market. These players are making a considerable contribution to the high market share of the region by adopting several growth strategies such as new initiatives, mergers & acquisitions, partnerships, and collaboration among others.
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For instance, in September 2020, AvidXchange had introduced its new Boost your Business Program to support the companies through quick and efficient account payable automation. This program will support the companies in transforming invoicing along with payment through the electronic way that will save around $10,000 in less than 45 days.
In January 2021, one of the providers of accounts payable (AP) and payment automation solutions companies named as AvidXchange had done the acquisition of Core Associates that is involved in making of the TimberScan along with complementary AP solutions. Through this acquisition, the company will provide full purchase-to-pay solution AP automation for the construction industry that includes contractors, commercial developers, and property managers supporting them in reducing the manual account payable.
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Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered-
- By Organization Size
- By Deployment Type
- By Vertical
- Competitive Landscape- Bottomline Technologies, Inc., Coupa Software Inc., FIS Group, Fleetcor Technologies, Inc., SAP Ariba
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
North American Account Payable Automation Market
By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
By Deployment Type
- On-Premises
- Cloud
By Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Consumer Goods and Retail
- Information Technology (IT) and Telecom
- Healthcare
- Other
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Company Profiles
- AvidXchange, Inc.
- Bill.com, LLC
- Bottomline Technologies, Inc.
- Comarch SA.
- Coupa Software Inc.
- FinancialForce
- FIS Group
- Fleetcor Technologies, Inc.
- FreshBooks USA, Inc.
- Lexmark International, Inc.
- Medius Sverige AB
- MHC Automation, LLC
- MineralTree, Inc.
- Procurify Technologies, Inc.
- Quadient (Neopost SA)
- SAP Ariba
- Tipalti, Inc.
- Zycus, Inc.
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