(MENAFN- Zion Market Research) Zion Market Research has published a new report titled 'Accounts Payable Software Market by Type (Cloud/SaaS/Web-Based and Installed) and by Application (SMEs and Large Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025'. According to the report, the global accounts payable software market was valued at around USD 988 million in 2018 and is expected to reach approximately USD 1,567 million in 2025, at a CAGR of slightly above 6.8% between 2019 and 2025.
Accounts payable software enables the enterprises to improve the accuracy of their financial data, save time on various business methods, and allow the staff to work on other tasks. It allows the companies to maintain accurate financial records and track vendors and suppliers activities with ease. This software is ideal for calculating and tracking short-term debts. The software is perfect for small businesses and startups that are looking to control their cashflow and manage their finances.
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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.
The global accounts payable software market is segmented on the basis of type and application. 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. In addition, the cloud-based solutions address the problems related to the traditional accounting payable software. The application segment includes SMEs and large enterprises. SMEs are expected to hold the largest market share over the estimated time period, as the software used by the small- and medium-sized businesses are hosted with SaaS that can easily operate in a cloud environment.
By region, North America held the largest share of the global accounts payable software market in 2018. 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 2018, 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.
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, and SAP, among others.
This report segments the global accounts payable software market into:
Accounts Payable Software Market: Type Analysis
- Cloud/SaaS/Web-Based
- Installed
Accounts Payable Software Market: Application Analysis
Accounts Payable Software Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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