The Asia Pacific Accounts Payable Automation Market would witness market growth of 12.3% CAGR during the forecast period (2022-2028).
Accounts payable processes that are manual and rely on paper may lead to erroneous performance and financial reporting and keep team members from concentrating on higher-value tasks that might boost the bottom line. Moreover, inefficiencies brought on by human mistakes might lead to lost opportunities (like discounts for paying bills early) and erroneous payments.
A company's risk of AP fraud or business email compromise (BEC) may also rise due to the manual AP procedure. Due to these factors, it's critical to have a team or accounts payable system that is current and well-managed to make sure the business isn't losing out on chances or providing false financial information. The purchase order (PO), the receiving report (or goods receipt), and the vendor invoice are the three main components normally necessary for execution inside the accounts payable process.
The Chinese banking system, which serves as the primary channel via which funds are allocated to investment possibilities, is essential to the smooth operation of the Chinese economy. As the Chinese economy has risen over the last ten years, so has financial activity, and the Chinese banking system now comprises some of the biggest institutions. Throughout this time, Chinese banks have shifted towards a more commercial focus, although the Chinese Government continues to exert significant control over their operations. The robust presence of the banking sector in the region is expected to raise the usage of accounts payable automation, especially with the digitalization in the region, thereby driving market growth in the region.
The China market dominated the Asia Pacific Accounts Payable Automation Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $442.9 million by 2028. The Japan market is exhibiting a CAGR of 11.6% during (2022 - 2028). Additionally, The India market would experience a CAGR of 13% during (2022 - 2028).
Based on Component, the market is segmented into Solution and Services. Based on Deployment Mode, the market is segmented into On-Premise and Cloud. Based on Organization Size, the market is segmented into Large Enterprises and SMEs. Based on Vertical, the market is segmented into BFSI, IT & Telecom, Government, Manufacturing, Healthcare & Lifesciences, Consumer Goods & Retail and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Accounts Payable Automation Market is Projected to reach USD 5.3 Billion by 2028, at a CAGR of 11.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, Fidelity National Information Services, Inc., The Sage Group PLC, Comarch SA, Tipalti, Inc., Bottomline Technologies, Inc., AvidXchange Holdings, Inc., Procurify Technologies, Inc., FinancialForce.com, Inc. and Zycus, Inc.
By Component
By Deployment Mode
By Organization Size
By Vertical
By Country
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