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Invoice Processing Software Market is Projected to Cross USD 4.6 Billion by 2030 at a CAGR of 8.5% from 2023 to 2030; Growing Need for Automation and Digitization of Financial Processes in Businesses to Boost Market Growth
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Westford, USA, March 24, 2023 (GLOBE NEWSWIRE) — The invoice processing software market is expected to witness significant growth in North America as the region takes a leading strike in adopting digitalization and automation of business processes. The increasing demand for cost-effective and efficient invoice processing solutions has further fueled the growth of this market. Adopting cloud-based technologies has also played a crucial role in driving the market, providing businesses with greater flexibility, scalability, and security. Moreover, with increasing investments in research and development, the accuracy and efficiency of invoice processing software are improving rapidly. Developers are working on advanced machine learning algorithms and artificial intelligence technologies to improve the accuracy of data extraction and invoice classification. This, in turn, is helping businesses to reduce their processing times and enhance their overall productivity.
According to SkyQuest’s research findings, online invoices currently hold a 31.3% market share, which is expected to experience a growth of 72.6% by 2030. As more and more businesses shift towards digital processes, the need for efficient and secure invoice processing software becomes increasingly important. With the convenience and accessibility of online invoicing, businesses can streamline their operations and save valuable time and resources.
Browse in-depth TOC on the “Invoice Processing Software Market”
- Pages – 275
- Tables – 59
- Figures – 66
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Invoice processing software is a computer program designed to streamline the accounts payable process by automating the handling of invoices. By automating the invoicing process, businesses can save time and reduce the risk of errors resulting in overpayments or underpayments. The software also helps to eliminate manual data entry tasks, which can be tedious and prone to mistakes. Additionally, it provides greater visibility into the invoice processing workflow, allowing businesses to track the status of invoices in real-time and improve overall efficiency.
Prominent Players in Invoice Processing Software Market
- Araize Inc.
- Comarch SA
- Nipendo Ltd.
- Chrome River
- Basware Oyj
- Coupa Software Incorporated
- Paysimple Inc.
- Brightpearl
- Spendesk
- SAP Ariba
- Concur Invoice
- International Business Machines Corporation
- Cegedim
- The Sage Group Plc.
- Invoicera
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Cloud-Based Segment to Show Remarkable Growth as It Eliminates Need for Costly On-Premise Infrastructure, Such as Servers and Storage Devices
The invoice processing software market has seen significant growth in recent years, with the cloud-based segment emerging as a major player in 2022. According to research, this trend is expected to continue well into the future, with cloud-based solutions commanding from 2023 to 2030. As per SkyQuest’s research, the cloud-managed service industry has been rapidly growing and is projected to continue its upward trend, with estimates suggesting that it will reach a market size of USD 130.1 Billion by 2028. The positive outlook for the cloud-managed service industry provides a promising future for cloud-based invoice-processing software providers. For starters, cloud-based solutions are highly scalable, allowing companies to easily expand their operations without needing expensive hardware upgrades.
North America’s invoice processing software market has experienced significant growth over the past year, with 2022 seeing exponential expansion. This surge is expected to continue and even accelerate over the next decade, with experts forecasting that the market will maintain its upward trajectory until 2030. Adopting technology in finance departments has significantly contributed to the market’s growth. In addition, as businesses strive for greater efficiency and accuracy, automation of manual processes has become a top priority. Invoice processing software provides a streamlined solution that reduces manual intervention, minimizes errors, and speeds up payment cycles.
Large Enterprise Segment to Exhibit High CAGR as Large Enterprises Mostly Benefit from Cost Savings by Automating their Invoice Processing Workflows
In 2022, the large enterprise segment comfortably dominated the invoice processing software market, accounting for a significant overall revenue share. The large enterprise segment is projected to remain the key contributor to the market from 2023 to 2030. This can be attributed to large enterprises often having complex invoicing requirements and handling a high volume of invoices, making automation a crucial factor in streamlining their financial operations. As businesses strive for greater efficiency and cost savings, invoice processing software will likely become essential in their financial management toolkit.
The Asia Pacific region witnessed remarkable growth in the invoice processing software market in 2022, and the trend is expected to continue into 2030. The increasing adoption of digital solutions across various industries in the region has driven the market’s growth, making it a lucrative market for vendors operating in the invoice processing software industry. With the rise of digitalization, businesses increasingly recognize the importance of automating manual processes, including invoice processing. The invoice processing software helps businesses automate the entire invoicing process, from capturing to making payments.
SkyQuest, a renowned research firm, has conducted an extensive analysis of the invoice processing software market and published a comprehensive report outlining the current and future state of the industry. The report delves into the technical and financial aspects of the market, exploring emerging trends and patterns while evaluating the essential dynamics driving the global market. Its findings and recommendations will be useful to businesses, investors, and other stakeholders seeking to understand the market’s evolving landscape.
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Key Developments in Invoice Processing Software Market
- Extensiv, a leading provider of business management software, has recently announced the launch of its latest offering, the Extensiv Billing Manager. This software provides a comprehensive solution for payment processing, allowing businesses to streamline their billing operations and improve their overall efficiency.
- Billie and Mollie have recently announced the launch of their exciting new pan-European partnership. The partnership aims to bring innovative Buy Now, Pay Later (BNPL) payment methods to business customers across the continent. Through this partnership, Billie and Mollie can leverage their expertise and resources to offer BNPL solutions to businesses of all sizes.
- Laserfiche, a leading provider of enterprise content management solutions, has announced its participation in the Boomi Technology Partner Program. Through its partnership with Laserfiche, Boomi customers will now have access to Laserfiche’s content management and workflow automation capabilities, which can help organizations optimize their business processes and improve overall efficiency.
Key Questions Answered in Invoice Processing Software Market Report
- What are the key factors contributing to the success of promising players in the global market, and how are they differentiating themselves from competitors?
- How are traditional market players adapting to the entry of new, disruptive companies, and what strategies are they employing to maintain their position?
- In which geographic regions is the competition particularly intense, and what factors drive this competition?
- How are companies innovating to meet changing customer needs and preferences, and how does this impact the industry?
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