Accounts Payable Software Market Size, Share, And Growth Report 2032

Accounts Payable Software Market: Size

The global Accounts Payable Software market size was worth around USD 3.95 billion in 2023 and is predicted to grow to around USD 10.02 billion by 2032 with a compound annual growth rate (CAGR) of roughly 10.9% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Accounts Payable Software market on a global and regional level.

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Accounts Payable Software Market: Overview

The accounts payable software is used for financial and accounting processes. It has witnessed many changes over the last few years. One of the major changes is offering accounting software on cloud-based platforms. According to a recent survey, most organizations are planning to adopt cloud as their deployment modes. The biggest advantage of the accounts payable software is that the organizations are able to save money by making timely payments.

The increasing adoption of the accounts payable software by the small- and medium-sized organizations to run their various business processes is one of the major factors expected to drive the growth of the global accounts payable software market in the years ahead. In addition, the deployment of cloud-based technology in developing countries is also expected to fuel the accounts payable software market in the upcoming years. On the contrary, the security concerns related to data authentication and lack of guidance to handle different cloud-based solutions may hamper the growth of the accounts payable software market over the forecast time period. Nonetheless, the affordable price and low maintenance feature of the software are expected to open new growth opportunities for the players operating in the global accounts payable software market.

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Accounts Payable Software Market: Segmentation

The global accounts payable software market is segmented on the basis of type, application, and region.  All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on the type, the market is categorized into Cloud/SaaS/Web-based and installed. Cloud/SaaS/Web-Based type is expected to hold the largest market share over the projected years, owing to its online services that are becoming profitable options for small- and medium-sized businesses.

The application segment includes SMEs and large enterprises.

Accounts Payable Software Market: Report Scope

Accounts Payable Software Market: Regional Analysis

The regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

By region, North America held the largest share of the global accounts payable software market in 2023. This can be due to the presence of major software platform QuickBooks, which is likely to dominate the U.S. market in the years ahead. This software platform is majorly used by SMEs. Europe was the second largest accounts payable software market globally in 2023, due to the increasing adoption of the accounts payable software by large corporations to maintain big orders, track accurate records, and improve client relationships. The Asia Pacific accounts payable software market is expected to be the fastest growing region in the upcoming years, owing to the increasing number of start-ups that adopt the accounts payable software to run their various business processes and the rising investment across various business sectors.

Accounts Payable Software Market: Competitive Players

Some key participants operating in the global accounts payable software market are:

• Freshbooks
• Xero
• Zoho
• Intuit
• Brightpearl
• Sage
• FinancialForce
• Tipalti
• PaySimple
• Acclivity Group
• KashFlow Software
• Araize
• Micronetics
• Norming Software
• Yat Software
• SAP

The Global Accounts Payable Software Market is segmented as follows:

Accounts Payable Software Market: Type Analysis

• Cloud/SaaS/Web-Based
• Installed

Accounts Payable Software Market: Application Analysis

• SMEs
• Large Enterprises

Accounts Payable Software Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa