India Account Payable Market is expected to register a CAGR of 7.4% through 2030F
The Indian Account payable
market is rising due to rapid digitalization, increasing automation adoption,
and a growing focus on operational efficiency among businesses in the country in the forecast period 2026-2030F.
According to TechSci Research report, “India Account Payable Market -
India Industry Size, Share, Trends, Opportunity, and Forecast 2030F”, India Account Payable Market was valued at USD 165 Million in 2024 and is expected to reach at USD 255.51 Million in 2030 and project robust growth in the forecast period with a CAGR of 7.4% through 2030. Government initiatives and policies in India that promote digitalization and technology adoption are driving the growth of the Account payable market. Programs such as Digital India and Make in India are aimed at enhancing technological infrastructure and encouraging businesses to adopt digital solutions. These initiatives create a favorable environment for the adoption of advanced AP systems by providing incentives and support for technology investments. Additionally, regulatory reforms and policies that promote transparency and efficiency in financial operations further contribute to the demand for sophisticated AP solutions. The government's focus on fostering a digital economy and improving business processes supports the growth of the AP market, as businesses seek to align with these policies and leverage technology to enhance their financial management practices.
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The North India region has emerged as
the fastest-growing segment in the Indian Account payable (AP) market due to a
combination of economic, technological, and infrastructural factors. This
region, encompassing major economic hubs such as Delhi, Gurgaon, Noida, and
Chandigarh, has experienced rapid economic growth and industrial development,
driving substantial demand for advanced AP solutions. A key factor contributing
to this growth is the region’s burgeoning corporate landscape, with numerous
large enterprises and multinational corporations establishing their operations
there. These companies are increasingly adopting digital AP solutions to
streamline their financial processes, improve efficiency, and ensure compliance
with stringent regulatory requirements. The presence of a robust IT and
financial services sector in North India further accelerates the adoption of
innovative AP technologies, as businesses seek to leverage automation, cloud
computing, and data analytics to enhance their operational capabilities.
Additionally, the region benefits from a well-developed infrastructure and a
skilled workforce, which support the implementation and management of
sophisticated AP systems. The rise of technology parks and business centers in
cities like Gurgaon and Noida has created a conducive environment for the
growth of AP solution providers, fostering a competitive market landscape. The
emphasis on digital transformation among enterprises in North India aligns with
the broader trend of modernization across industries, driving demand for
solutions that offer real-time financial visibility, automation, and advanced
analytics. Furthermore, the increasing focus on regulatory compliance and
financial transparency in the region has led businesses to invest in AP solutions
that facilitate accurate reporting and adherence to evolving standards. This
trend is complemented by the growing adoption of cloud-based solutions, which
provide scalability and flexibility, addressing the needs of a diverse range of
businesses. As North India continues to attract investment and expand its
economic footprint, the demand for efficient and innovative AP solutions is
expected to rise, reinforcing the region's position as a key growth driver in
the Indian Account payable market. The convergence of these factors
underscores North India’s rapid ascent in the AP market, positioning it as a
pivotal area for growth and innovation in financial management.
In 2024, Based on Deployment, the Cloud-based
deployment segment dominated the India Account payable (AP) market and is
expected to continue its dominance throughout the forecast period. This trend
is largely attributed to the numerous advantages offered by cloud-based AP
solutions, including scalability, flexibility, and cost-effectiveness. As
Indian businesses increasingly embrace digital transformation, they are
gravitating towards cloud solutions for their ability to provide real-time
access to financial data from any location, facilitating remote work and
enhancing collaboration. Cloud-based AP systems offer several benefits such as
reduced IT infrastructure costs, simplified updates and maintenance, and
enhanced data security through advanced encryption and backup mechanisms.
Additionally, the scalability of cloud solutions allows organizations to easily
adjust their resources in response to changing business needs without the need
for significant capital expenditure. The flexibility and accessibility of cloud-based
systems support the growing trend of remote and hybrid work environments,
making them particularly appealing in the current business landscape. The shift
towards cloud deployment is also driven by the ease of integration with other
digital tools and enterprise systems, providing a seamless flow of information
across various business functions. While On-Premise solutions offer certain
advantages, such as greater control over data and customization options, the
cloud's benefits in terms of cost savings, scalability, and accessibility
position it as the preferred choice for many organizations. As businesses in
India continue to prioritize digital innovation and operational efficiency, the
demand for cloud-based AP solutions is expected to remain strong, reinforcing
its leading position in the market.
Key market players in the India Account
Payable Market are: -
- Tungsten Automation Corporation.
- OneNetworks, Inc
- SAP SE
- Oracle Corporation
- Coupa Software Inc.
- Basware Corporation
- Tipalti Inc.
- Tradeshift Holdings, Inc.
- Koch Industries Inc.
- Sage Group plc
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“The India Account payable market
presents several growth opportunities. The accelerating shift towards digital
transformation offers significant prospects for innovative AP solutions,
particularly those leveraging automation and artificial intelligence to enhance
efficiency and accuracy. There is a growing demand for cloud-based solutions,
which provide scalability and cost benefits, appealing to businesses seeking to
modernize their financial operations. Additionally, the rise in regulatory
compliance requirements creates opportunities for AP solutions that ensure
adherence to evolving standards and streamline reporting processes. The
increasing focus on data analytics presents potential for solutions that offer
advanced insights and strategic decision-making capabilities. Furthermore, the
expanding SMB sector in India represents a burgeoning market for accessible and
cost-effective AP solutions, as smaller enterprises seek to improve their
financial management practices and operational efficiency.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
“India Account Payable
Market By Component (Solution, Service-Managed, Professional), By Deployment
(On-Premise, Cloud), By Enterprise Size (Large Enterprises, Small & Medium
Enterprises), By Vertical (BFSI, Retail & Consumer Goods, Energy &
Utility, Healthcare, IT & Telecommunication, Manufacturing, Other), By Region, Competition, Forecast and Opportunities 2020-2030F”
has evaluated the future growth potential of India Account Payable Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Account Payable Market.
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