Invoice Automation Software Market Scope
The invoice automation software module is defined as an automated payment management tool that helps to operate and handle a large number of transactions and invoices between the suppliers and the company. Moreover, it reduces the manual work and eliminate human error and give accurate allocation, ensures proper clearance, and receipt production, and so on. The benefits including reduction of operation costs for payment processing, better visibility of invoice cycle is booming the demand of invoice automation software in the market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | SAP (Germany), AvidXchange (United States), Bill.com (United States), ServiceChannel (United States), Chrome River Technologies (United States), Coupa (United States), FreshBooks (Canada), WorkflowMax (New Zealand) and Zoho (India) |
CAGR | % |
Key players are implementing various strategies such as new product development, partnerships, and others. The companies are exploring the market in new regions by expansions, investments, new service launches, and collaborations as their preferred strategies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Invoice Automation Software market throughout the predicted period.
SAP (Germany), AvidXchange (United States), Bill.com (United States), ServiceChannel (United States), Chrome River Technologies (United States), Coupa (United States), FreshBooks (Canada), WorkflowMax (New Zealand) and Zoho (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are QuickBooks (United States) and Xero (New Zealand).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Invoice Automation Software market by Type , by Application (BFSI, IT and Telecommunications, Retail and e-commerce, Government, Energy and Utilities and Others) and Region with country level break-up.
On the basis of geography, the market of Invoice Automation Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In In September 2023, SAP announced its intention to acquire LeanIX. LeanIX is a market leader for enterprise architecture management (EAM), driving the modernization of IT landscapes and continuous business transformation. Its software-as-a-service solutions enables organizations to visualize, assess and manage the transition towards their target IT architecture. With the intended acquisition, SAP is building a comprehensive transformation suite to help customers navigate change more easily and permanently improve their business processes.
In March 2024,HighRadius has launched a generative artificial intelligence (GenAI)-powered solution designed to automate the payer-supplier payment process.
Influencing Trend:
Demand for Cloud-Based Invoice Automation Software Solutions
Market Growth Drivers:
Increasing Need to Accelerate Payment Process and Reduce Invoice Processing Time
Challenges:
Lack of Awareness Related to Invoice Automation Software
Restraints:
Cost Associated with the use of Invoice Automation Software
Opportunities:
Growing Demand to Reduce the Number of Delayed Payments and Improve the Compliance Rate is Introducing the Growth Opportunities for Invoice Automation Software
Key Target Audience
Invoice Automation Software Service Provider, Government Regulatory Bodies, Industry Associations, Government and Other Research Organizations and Others