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Accounts Payable Automation Market

Accounts Payable Automation Market Size by Organization Type (Large Enterprises & Small and Medium Enterprises), Deployment Type (On-Premises & Cloud), Component, Application, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-12694
  • Published Date: Mar, 2022
  • Pages: 222
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global accounts payable automation market is expected to reach USD 7.5 billion by 2030, at a CAGR of 12.5% from 2022 to 2030. Accounts payable automation market growth would be driven by the increasing digitization of business services, growing concerns about payment delays and payment frauds & the inefficiency of manual processes.

Market Overview:

Accounts payable is the money an organization owes to someone or another organization. A company needs certain goods and services for its in-house process. For example, a manufacturing company will need raw materials to produce its final good, and it would need to transport that good to the market for its sale. Only after the sale will the company receive its revenue. However, the company needs to purchase raw materials and labor to produce the good before that. The company purchases these goods and services with a legally binding promise with the vendors that it will pay them the money in a few days, which allows the company to start manufacturing the good without actual capital going out of the company. Once the goods are sold, the vendors are paid as promised. Accounts payable is the short-term liability a company owes to a third party that it holds in its ledger. These third parties could be creditors, suppliers & vendors. This process involves invoice generation, timely payment, approval, accurate allocation, among other things. For the longest time, the accounts payable process was done manually. However, as the company scales its production, the manual process becomes expensive, inefficient, and error-prone. To overcome these challenges and stay competitive in the market, a need to automate the accounts payable process has gained traction. Automation of accounts payable is integrating technology with supply chain processes & strategies. This automation is flexible, scalable, cost-efficient, faster, and more accurate than manual processes. Automation enables controlled user access and reduces payment fraud. It saves time by taking care of the day-to-day needs, thereby relieving the business units to focus on the business's core competencies. Automation of accounts payable is more efficient and gives the user a better competitive position.

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Market Dynamics:

Drivers:
  • The growing digitization of businesses

The rapid urbanization, the adoption of smart technologies & increased internet penetration has created a need for businesses to adopt and integrate technologies into their services. The digitization of businesses provides controlled user access, wider visibility, better control over operations, flexibility & increased coordination. These benefits translate into error-free and timely deliveries, reduction in payment frauds, increased compliance rate, and efficiency, which allows the companies to make better decisions, save money and increase profit margins.

Restraints:
  • Lack of awareness

There is a lack of awareness about the benefits of automated accounts payable processes in developing economies. This lack of awareness coupled with deep-seated insecurity about automating services related to money could hamper the market's growth. The insecurity stems from the increasing instances of payment frauds, cyber-attacks, and lack of digital literacy.

Opportunities:
  • New advanced technologies

The increasing demands for new features that provide remote access, 24/7 availability, real-time invoices status, and flexible integration with enterprise resource planning have led to advanced technologies. Such advanced technologies allow customization according to the needs of the enterprise. New advancements have also reduced the cost of these products, which will enable the expansion of the market; small and medium enterprises will drive this market expansion.

Challenges:
  • Lack of skilled professionals

The installation and maintenance of this system need skilled personnel with expertise in the field. The complicated nature of the software has few takers in the market, resulting in the dearth of skilled professionals. Offering lucrative retribution and proper training can enable the market to tackle this challenge effectively.

Segmentation Analysis:

The global accounts payable automation market has been segmented based on organization type, deployment type, component, application, and regions.

  • The organization type segment is divided into large enterprises and small & medium enterprises. The large enterprises' segment dominated the market, with a market share of around 59% in 2021. The deployment of automated accounts payable systems needs significant upfront investments. The maintenance of the system requires long-term developer commitment. The involvement of large capital expenditure can be attributed to the dominance of large enterprises, which have deep pockets.
  • The deployment type segment is divided into on-premises & cloud. Over the forecast period, the cloud segment is expected to grow at the fastest CAGR of 18.8%. The deployment of automated accounts payable system on premises is an expensive affair. The cloud platform is comparatively cheaper, customizable, and has various subscription models to choose from.
  • The component segment is divided into solutions and services. In 2021, the services segment dominated the market, accounting for around 55% of global revenue. The increasing demand for controlled user access to reduce frauds, timely payments, expeditated approvals, and data reporting capabilities to make better cost-saving business decisions drives the demand for the services segment.
  • The application segment is divided into consumer goods & retail, manufacturing, healthcare, banking & financial services, energy & utilities & others. The banking & financial services segment dominated the market, with a market share of around 36%. The increased automation & digitization of banking & financial services is the reason for the dominance of the segment in the market. The entry of new market players in banking increases competition, thereby growing the demand for automation to improve client services.
Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest market for the global accounts payable automation market, with a 35.2% share of the market revenue in 2021.

  • North America region currently dominates the accounts payable automation market due to the extensive presence of major market players and a well-developed digital economy. The Asia Pacific region is expected to grow during the forecast period following the growing government initiatives that encourage the use of information technology to make it more efficient.

North America region Accounts Payable Automation Market Share in 2021 - 35.2%

 

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Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global accounts payable automation industry.

GEP, a consulting company based out of the United States, specializing in supply chain & procurement Vistara, developed a new accounts payable automation platform called 'GEP SMARTT.' GEP SMARTT is anticipated to cut costs of accounts payable operations by a significant percentage.

List of Key Market Players:

  • SAP Ariba
  • Sage Software
  • Zycus
  • Tipalti
  • FreshBooks
  • Bottomline Technologies
  • Vanguard Systems
  • Bill.com
  • Coupa Software
  • Comarch

Key Target Audience

  • Manufacturing Units
  • Warehouses
  • Healthcare Institutions
  • Banking Institutions
  • Market Players
  • Investors
  • Government Authorities
  • Consulting And Research Firm
  • Venture capitalists
  • Third-party knowledge providers
  • Value-Added Resellers (VARs)

Report Description:

  • Global accounts payable automation market, Industry Analysis, Trends, Analysis and Forecast, 2022 to 2030 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2021 is considered as the base year of the report. 2019 and 2020 are the historic years, and 2022 to 2030 are the forecast years. The global accounts payable automation market is based on revenue (USD Billion). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each segment, region, and country catering to the global accounts payable automation market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of accounts payable automation based on organization type, deployment type, component, application, and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to the global accounts payable automation market. This offers vital and in-depth insights to depict the overall market scenario.
  • The report offers the detailed study for the company profiles of key organizations operating in the global accounts payable automation market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
  • The report provides an elaborative assessment of the porter's five forces analysis coupled with SWOT analysis to provide business related data and information. Porter's five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company's growth and development to sustain and survive in the long run.
  • Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which act as a key potential for the investors.
  • Potential growth prospects along with the penetration rate analysis of the product (market related, i.e., global accounts payable automation market) is covered to comprehend the adoption rate and evaluate the market size. 

Frequesntly Asked Questions

As per The Brainy Insights, the size of the accounts payable automation market was valued at USD 2.6 billion in 2021 to USD 7.5 billion by 2030.

Global accounts payable automation market is growing at a CAGR of 12.5% during the forecast period 2022-2030.

The global accounts payable automation market has been segmented based on organization type, deployment type, component, application, and regions. The large enterprises segment led the market in 2021.

North America region emerged as the largest market for the accounts payable automation.

The market's growth will be influenced by the growing digitization of businesses.

Lack of awareness could hamper the market growth.

New advanced technologies of accounts payable automation systems will provide huge opportunities to the market.

Key players are SAP Ariba, Sage Software, Zycus, Tipalti, FreshBooks, Bottomline, Technologies, Vanguard Systems, Bill.com, Coupa Software, and Comarch.

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  • Further segmentation of the market on the basis of type, application, end use, product, technology, method, process and any other segment depending on the market
  • Segmentation on the basis of any specific country or region
  • Any segment can be classified on the basis of application
  • Application segment can be further divided on the basis of companies
  • The companies profiled are not limited, we can incorporate additional companies of your choice
  • We can split the company market share on the basis of product, application and region
  • Report can be prepared for any specific country/region/segment
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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Organization Type
          4.3.2. Market Attractiveness Analysis by Deployment Type
          4.3.3. Market Attractiveness Analysis by Component
          4.3.4. Market Attractiveness Analysis by Application
          4.3.5. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Growing digitization of businesses
    5.3. Restraints
          5.3.1. Lack of awareness
    5.4. Opportunities
          5.4.1. New advanced technologies
    5.5. Challenges
          5.5.1. Lack of skilled professionals

6. Global Accounts Payable Automation Market Analysis and Forecast, By Organization Type
    6.1. Segment Overview
    6.2. Large Enterprises
    6.3. Small & Medium Enterprises

7. Global Accounts Payable Automation Market Analysis and Forecast, By Deployment Type
    7.1. Segment Overview
    7.2. On-Premises
    7.3. Cloud

8. Global Accounts Payable Automation Market Analysis and Forecast, By Component
    8.1. Segment Overview
    8.2. Solutions
    8.3. Services

9. Global Accounts Payable Automation Market Analysis and Forecast, By Application
    9.1. Segment Overview
    9.2. Bottle Consumer Goods & Retail
    9.3. Manufacturing
    9.4. Healthcare
    9.5. Banking & Financial Services
    9.6. Energy & Utilities
    9.7. Others

10. Global Accounts Payable Automation Market Analysis and Forecast, By Regional Analysis
    10.1. Segment Overview
    10.2. North America
          10.2.1. U.S.
          10.2.2. Canada
          10.2.3. Mexico
    10.3. Europe
          10.3.1. Germany
          10.3.2. France
          10.3.3. U.K.
          10.3.4. Italy
          10.3.5. Spain
    10.4. Asia-Pacific
          10.4.1. Japan
          10.4.2. China
          10.4.3. India
    10.5. South America
          10.5.1. Brazil
    10.6. Middle East and Africa
          10.6.1. UAE
          10.6.2. South Africa

11. Global Accounts Payable Automation Market-Competitive Landscape
    11.1. Overview
    11.2. Market Share of Key Players in the Accounts Payable Automation Market
          11.2.1. Global Company Market Share
          11.2.2. North America Company Market Share
          11.2.3. Europe Company Market Share
          11.2.4. APAC Company Market Share
    11.3. Competitive Situations and Trends
          11.3.1. Product Launches and Developments
          11.3.2. Partnerships, Collaborations, and Agreements
          11.3.3. Mergers & Acquisitions
          11.3.4. Expansions

12. Company Profiles
    12.1. SAP Ariba
          12.1.1. Business Overview
          12.1.2. Company Snapshot
          12.1.3. Company Market Share Analysis
          12.1.4. Company Product Portfolio
          12.1.5. Recent Developments
          12.1.6. SWOT Analysis
    12.2. Sage Software
          12.2.1. Business Overview
          12.2.2. Company Snapshot
          12.2.3. Company Market Share Analysis
          12.2.4. Company Product Portfolio
          12.2.5. Recent Developments
          12.2.6. SWOT Analysis
    12.3. Zycus
          12.3.1. Business Overview
          12.3.2. Company Snapshot
          12.3.3. Company Market Share Analysis
          12.3.4. Company Product Portfolio
          12.3.5. Recent Developments
          12.3.6. SWOT Analysis
    12.4. Tipalti
          12.4.1. Business Overview
          12.4.2. Company Snapshot
          12.4.3. Company Market Share Analysis
          12.4.4. Company Product Portfolio
          12.4.5. Recent Developments
          12.4.6. SWOT Analysis
    12.5. FreshBooks
          12.5.1. Business Overview
          12.5.2. Company Snapshot
          12.5.3. Company Market Share Analysis
          12.5.4. Company Product Portfolio
          12.5.5. Recent Developments
          12.5.6. SWOT Analysis
    12.6. Bottomline
          12.6.1. Business Overview
          12.6.2. Company Snapshot
          12.6.3. Company Market Share Analysis
          12.6.4. Company Product Portfolio
          12.6.5. Recent Developments
          12.6.6. SWOT Analysis
    12.7. Vanguard Systems
          12.7.1. Business Overview
          12.7.2. Company Snapshot
          12.7.3. Company Market Share Analysis
          12.7.4. Company Product Portfolio
          12.7.5. Recent Developments
          12.7.6. SWOT Analysis
    12.8. Bill.com
          12.8.1. Business Overview
          12.8.2. Company Snapshot
          12.8.3. Company Market Share Analysis
          12.8.4. Company Product Portfolio
          12.8.5. Recent Developments
          12.8.6. SWOT Analysis
    12.9. Coupa Software
          12.9.1. Business Overview
          12.9.2. Company Snapshot
          12.9.3. Company Market Share Analysis
          12.9.4. Company Product Portfolio
          12.9.5. Recent Developments
          12.9.6. SWOT Analysis
    12.10. Comarch
          12.10.1. Business Overview
          12.10.2. Company Snapshot
          12.10.3. Company Market Share Analysis
          12.10.4. Company Product Portfolio
          12.10.5. Recent Developments
          12.10.6. SWOT Analysis
 

List of Table

1. Global Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

2. Global Large Enterprises Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

3. Global Small & Medium Enterprises Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

4. Global Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

5. Global On-Premises Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

6. Global Cloud Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

7. Global Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

8. Global Solutions Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

9. Global Services Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

10. Global Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

11. Global Consumer Goods & Retail Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

12. Global Manufacturing Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

13. Global Healthcare Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

14. Global Banking & Financial Services Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

15. Global Energy & Utilities Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

16. Global Others Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

17. Global Accounts Payable Automation Market, By Region, 2019-2030 (USD Billion) 

18. North America Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

19. North America Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

20. North America Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

21. North America Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

22. U.S. Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

23. U.S. Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

24. U.S. Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

25. U.S. Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

26. Canada Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

27. Canada Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

28. Canada Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

29. Canada Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

30. Mexico Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

31. Mexico Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

32. Mexico Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

33. Mexico Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

34. Europe Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

35. Europe Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

36. Europe Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

37. Europe Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

38. Germany Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

39. Germany Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

40. Germany Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

41. Germany Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

42. France Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

43. France Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

44. France Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

45. France Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

46. U.K. Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

47. U.K. Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

48. U.K. Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

49. U.K. Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

50. Italy Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

51. Italy Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

52. Italy Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

53. Italy Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

54. Spain Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

55. Spain Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

56. Spain Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

57. Spain Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

58. Asia Pacific Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

59. Asia Pacific Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

60. Asia Pacific Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

61. Asia Pacific Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

62. Japan Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

63. Japan Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

64. Japan Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

65. Japan Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

66. China Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

67. China Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

68. China Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

69. China Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

70. India Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

71. India Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

72. India Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

73. India Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

74. South America Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

75. South America Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

76. South America Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion)

77. South America Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion)

78. Brazil Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

79. Brazil Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

80. Brazil Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

81. Brazil Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion)

82. Middle East and Africa Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

83. Middle East and Africa Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

84. Middle East and Africa Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

85. Middle East and Africa Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion)

86. UAE Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

87. UAE Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

88. UAE Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

89. UAE Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion)

90. South Africa Accounts Payable Automation Market, By Organization Type, 2019-2030 (USD Billion) 

91. South Africa Accounts Payable Automation Market, By Deployment Type, 2019-2030 (USD Billion) 

92. South Africa Accounts Payable Automation Market, By Component, 2019-2030 (USD Billion) 

93. South Africa Accounts Payable Automation Market, By Application, 2019-2030 (USD Billion) 

List of Figures 

1. Global Accounts Payable Automation Market Segmentation

2. Accounts Payable Automation Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Accounts Payable Automation Market Attractiveness Analysis by Organization Type

9. Global Accounts Payable Automation Market Attractiveness Analysis by Deployment Type

10. Global Accounts Payable Automation Market Attractiveness Analysis by Component

11. Global Accounts Payable Automation Market Attractiveness Analysis by Application

12. Global Accounts Payable Automation Market Attractiveness Analysis by Region

13. Global Accounts Payable Automation Market: Dynamics

14. Global Accounts Payable Automation Market Share by Organization Type (2022 & 2030)

15. Global Accounts Payable Automation Market Share by Deployment Type (2022 & 2030)

16. Global Accounts Payable Automation Market Share by Component (2022 & 2030)

17. Global Accounts Payable Automation Market Share by Regions (2022 & 2030)

18. Global Accounts Payable Automation Market Share by Company (2021)

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global accounts payable automation market based on below mentioned segments:

Global Accounts Payable Automation Market by Organization Type:

  • Large Enterprises
  • Small & Medium Enterprises

Global Accounts Payable Automation Market by Deployment Type:

  • On-Premises
  • Cloud

Global Accounts Payable Automation Market by Component:

  • Solutions
  • Services

Global Accounts Payable Automation Market by Application:

  • Consumer Goods & Retail
  • Manufacturing
  • Healthcare
  • Banking & Financial Services
  • Energy & Utilities
  • Others

Global Accounts Payable Automation Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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