The global account payable software market is likely to witness the growth with a CAGR of 6% during the forecast period. The account payable software simplifies the financial and accounting processes, which thereby allows the enterprise to save time, improve accuracy, and increases work effectiveness and efficiency. The increasing demand for software by the organizations in order to track and calculate short-term debts propels the growth of the account payable software market. Further, the rising adoption of software by large enterprise and small and medium enterprise is creating the opportunity for the market during the forecast period. At the same time, the low maintenance feature and affordable price of the software are also creating new opportunities for the market. However, the lack of guidance to handle cloud-based technologies and security concern related to data authentication are some of the factors that are obstructing the growth of the market.
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Based on type, cloud-based technology dominated the market in 2018 and is expected to show similar trends during the forecast period. The increasing deployment of cloud-based technologies by developing countries is expected to fuel the demand for the segment in the coming years. Based on organization size, small and medium enterprise (SMEs) dominated the market in 2018. The increasing adoption of software by SMEs which are embedded with SaaS technologies is one of the factors that are driving the demand for the software.
North America dominated the market in 2018 and is expected to show similar trends in the coming years. The increasing use of blockchain technology in financial and banks institutes to track and manage transaction records is expected to drive the growth of the market in the region. Further, Europe holds a large market share during the forecast period. The increasing adoption of accounts payable software by large enterprise propels the growth of the market in the region. Asia Pacific is expected to be the fastest growing market owing to the increase in the number of IT startups in the region. India and China contribute the major share in the Asia Pacific market. The announcement of Goods and Services Tax (GST) in India is expected to increase the use of the software in financial and banking institutions. At the same time, the increasing use of WeChat Pay and Alipay in China is boosting the growth of the software market in the region.
The key players in the market are FreshBooks, Inc., Xero Limited., Zoho Corporation Pvt. Ltd, Intuit Inc., FinancialForce, Tipalti., PaySimple.com, SAP ERP, Araize, Inc., KashFlow Software Ltd and others.