What is Automated Invoice Management Software Market?
An Invoice management software helps the companies to automate tasks related to invoice processing. The invoices received by accounting departments typically go through an approval process, after which their information is matched with sales and purchase orders, as well as payments. Also, the Invoice management software streamlines the workflow by scanning invoices, reading and pulling data into the system, and transferring payments electronically. The solutions of invoice management offer a mobile application for remote viewing and approval. The invoice management software often allows manual data entry for invoices in addition to automatic data capture.
Highlights from Automated Invoice Management Software Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | SAP (Germany), Microsoft (United States), Stampli (United States), Bill.com (California), Spendesk (France), Beanworks AP Automation (Canada), AvidXchange (United States), Armatic (United States), Chrome River technologies (United States) and Coupa Invoicing (United States) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Automated Invoice Management Software market throughout the forecasted period.
SAP (Germany), Microsoft (United States), Stampli (United States), Bill.com (California), Spendesk (France), Beanworks AP Automation (Canada), AvidXchange (United States), Armatic (United States), Chrome River technologies (United States) and Coupa Invoicing (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are DocuSend (United States) and PaperSave (United States). Automated Invoice Management Software Market Segmentation:
Scope | Sub-Segments |
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Features | Expense reports,Travel management,Complex approval workflow,Invoice processing,Invoice generation,Others |
Platform | Android,Windows,IOS |
Deployment | On premise,Cloud based |
Pricing | Monthly,Annually,One-time license |
On the basis of geography, the market of Automated Invoice Management 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Introduction of New Technologies in the Automated Invoice Management Software
Market Growth Drivers:
Increasing Effectiveness and Efficiency is Fuelling the Market and Features Such as Invoice Generation and Invoice Processing
Challenges:
Presence of Major as Well as Emerging Players are Increasing the Competition
Restraints:
High Costs Associated with The Installation and Development of Software
Opportunities:
Increasing Adoption of Invoice Management Software in Large Enterprises
Key Target Audience
Automated invoice management software developers, Government associations, Research organisations, software vendors and Others
Market Leaders & Development Strategies
On November 2018, SAP has acquired Contextor which is an independent software vendor, pioneer in robotic process automation & robotic desktop automation
In January 2023, Stampli, a leading provider of accounts payable (AP) automation solutions, launched Stampli Expenses. , invoicing and payments within a single platform