Account Payable Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented 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, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 1.75 Billion
CAGR (2026-2031)	9.64%
Fastest Growing Segment	Professional
Largest Market	North America
Market Size (2031)	USD 3.04 Billion

Market Overview

The Global Account Payable Market will grow from USD 1.75 Billion in 2025 to USD 3.04 Billion by 2031 at a 9.64% CAGR. The Global Account Payable Market comprises software and services designed to automate supplier invoicing and payment processes, ensuring efficient liability management and optimized working capital. Key drivers fueling growth include the demand for operational precision, real-time cash flow visibility, and the urgent need to mitigate financial security risks associated with manual handling. According to the Association for Financial Professionals, in 2025, 79% of organizations reported experiencing attempted or actual payments fraud, accelerating the shift toward secure digital platforms that offer enhanced control and audit capabilities.

However, market expansion faces a substantial hurdle regarding the high implementation costs and integration complexity associated with modernizing legacy systems. Many enterprises, particularly smaller firms, struggle with the significant initial investment and technical resources required to transition from established manual workflows to fully automated solutions. This financial and operational barrier often creates resistance to adoption, potentially slowing the penetration of advanced account payable technologies in cost-sensitive sectors.

Key Market Drivers

Integration of Artificial Intelligence and Machine Learning Technologies is fundamentally reshaping the Global Account Payable Market by replacing manual interventions with predictive automation. These technologies enable sophisticated algorithms to extract invoice data and identify anomalies indicative of fraud. This shift is primarily driven by the necessity to reduce operational expenses. According to the Institute of Finance and Management, in 2024, the average cost to process a single invoice with minimal automation was $10.89, creating a clear incentive for intelligent solutions. Consequently, financial leaders are aggressively investing in these capabilities. According to PYMNTS, November 2024, in the '78% of CFOs View AI Integration as Crucial for Accounts Payable' report, 78% of CFOs identified the integration of AI into their AP processes as a critical priority.

Proliferation of Global Electronic Invoicing and Compliance Mandates serves as the second major catalyst, forcing enterprises to abandon legacy workflows for standardized digital formats. Governments are implementing continuous transaction controls to close tax gaps, making digital compliance a non-negotiable baseline. This pressure compels organizations to implement solutions capable of handling complex, multi-jurisdictional tax frameworks. The urgency is reflected in strategic planning. According to Basware, in the 'Industry Report - Embracing Digital Transformation and Compliance' published in 2024, 84% of finance leaders are preparing for increased regulatory oversight driven by the surge in e-invoicing mandates.

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Key Market Challenges

The substantial capital investment and technical intricacy required to modernize legacy systems present a formidable barrier to the Global Account Payable Market. For many small and mid-sized enterprises, the upfront costs of licensing, hardware, and specialized implementation services often exceed available operational budgets. Furthermore, the complexity of integrating automated tools with existing Enterprise Resource Planning (ERP) infrastructure demands extensive IT resources that smaller firms typically lack. This creates a reluctance to abandon established manual workflows, as the immediate financial strain and risk of operational disruption often outweigh the projected long-term efficiency gains.

Consequently, this hesitation directly restricts market penetration and slows the industry's overall expansion momentum. The inability to seamlessly transition to digital workflows leaves a significant portion of the potential client base untapped. According to the Institute of Financial Operations and Leadership, in 2025, 73% of finance teams reported that they were still not fully automated, leaving them dependent on fragmented, hybrid processes. This persistent reliance on legacy methods demonstrates how financial and technical hurdles effectively cap the addressable market size, preventing vendors from unlocking revenue potential in cost-sensitive sectors.

Key Market Trends

Proliferation of Virtual Cards and Real-Time B2B Payments is rapidly expanding as enterprises seek to optimize working capital and enhance transaction security. These tools offer precise spending controls and immediate reconciliation capabilities, allowing businesses to extend days payable outstanding while ensuring timely supplier funding. This shift is primarily driven by the corporate desire for greater financial agility and cash flow precision in volatile markets. According to PYMNTS, December 2024, in the 'CFOs Want Virtual Cards in Their Toolkits' report, 56% of CFOs identified virtual cards as a key instrument for managing financial flexibility. Consequently, organizations are aggressively integrating these digital payment rails to streamline cash management strategies and eliminate the administrative burden associated with legacy check processing.

Enhanced Supplier Collaboration via Self-Service Portals is emerging as a vital strategy to mitigate supply chain friction and improve data accuracy. By empowering vendors to independently track payment status, submit invoices, and update banking details, organizations significantly reduce the manual workload on internal teams and minimize dispute resolution cycles. This transparency is becoming critical as manual inefficiencies increasingly strain buyer-supplier partnerships. According to the Institute of Financial Operations and Leadership, June 2024, in the 'Accounts Payable Automation Trends 2024' report, 40% of finance professionals identified damaged vendor relationships as a significant challenge resulting from poor AP processes. As a result, firms are prioritizing portal adoption to foster stronger strategic alliances and ensure supply chain continuity.

Segmental Insights

The Professional segment is identified as the fastest-growing category in the Global Account Payable Market due to the increasing reliance on specialized expertise for software implementation. As enterprises adopt digital automation, they require professional guidance to integrate new solutions with existing financial infrastructure and ensure compatibility with enterprise resource planning systems. Additionally, the growing complexity of regulatory compliance regarding electronic invoicing compels organizations to seek external consultancy. This reliance on expert support for training, integration, and advisory services directly accelerates demand for professional services, securing its position as the primary growth driver.

Regional Insights

North America maintains a leading position in the Global Account Payable Market due to the widespread adoption of automation software across established enterprises. This dominance is supported by the concentration of key technology providers and a strong financial infrastructure that facilitates efficient invoice processing. Furthermore, ongoing initiatives by the Federal Reserve to modernize business payments accelerate the transition from paper checks to electronic transactions. This strategic focus on digitizing financial operations allows organizations to minimize processing errors and optimize working capital, solidifying the region's primary status in the global sector.

Recent Developments

• In September 2024, BILL launched new payment capabilities for its financial operations platform, including a feature named Local Transfer. This product innovation allowed small and midsize businesses to execute faster same-day international payments to vendors in their local currencies, eliminating the need for intermediary banks and reducing associated fees. The company also introduced enhancements to its instant payment and invoice financing offerings to provide businesses with greater flexibility and access to capital. The EVP and General Manager of Payments at BILL highlighted that these tools were developed to help businesses optimize cash flow and manage payables more efficiently in a complex global economy.
• In August 2024, AvidXchange announced a strategic and exclusive partnership with Workamajig, a prominent agency management software provider for the creative industry. Through this collaboration, AvidXchange became the exclusive embedded provider of invoice automation solutions within the partner’s platform. This integration enabled the partner’s customers to automate their full accounts payable processes, including invoice intake, data capture, and supplier payments, without leaving their primary software. The President of AvidXchange emphasized that this partnership would streamline labor-intensive finance tasks for media companies, allowing them to focus on strategic priorities while navigating a rapidly changing business landscape.
• In May 2024, Corpay, a global corporate payments company, signed a definitive agreement to acquire Paymerang, a leading provider of accounts payable automation solutions. This strategic acquisition was intended to significantly expand Corpay’s presence in four vertical markets: education, healthcare, hospitality, and manufacturing. By integrating the acquired company’s resources, Corpay added over 250,000 merchants to its existing network, bringing its total to more than 1 million vendors. The Chairman and CEO of Corpay noted that the transaction aligned with the company’s growth strategy, aiming to accelerate profitability and sell more effectively into industries where the acquired entity held a strong position.
• In May 2024, Basware, a global leader in AP automation and invoice processing, announced the acquisition of AP Matching, a provider of cloud-based solutions for invoice management and statement reconciliation. This move was designed to expand Basware’s market offering by providing accurate financial data and cost savings across the entire invoice processing cycle. The integration addressed a critical challenge for finance teams by automating statement reconciliation to ensure the accuracy of financial records. The CEO of Basware stated that combining forces would allow CFOs to enhance their automation processes and prevent failures in financial recording, strengthening the company’s end-to-end technology solution.

Key Market Players

• SAP SE
• Oracle Corporation
• Koch Industries Inc.
• Sage Group plc
• Coupa Software Inc.
• Basware Corporation
• Tipalti Inc.
• Tradeshift Holdings, Inc.
• Tungsten Automation Corporation.
• OneNetworks, Inc.

By Component	By Deployment	By Enterprise Size	By Vertical	By Region
Solution Service-Managed Professional	On-Premise Cloud	Large Enterprises Small & Medium Enterprises	BFSI Retail & Consumer Goods Energy & Utility Healthcare IT & Telecommunication Manufacturing Other	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Account Payable Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Account Payable Market, By Component:

• Solution
• Service-Managed
• Professional

• Account Payable Market, By Deployment:

• On-Premise
• Cloud

• Account Payable Market, By Enterprise Size:

• Large Enterprises
• Small & Medium Enterprises

• Account Payable Market, By Vertical:

• BFSI
• Retail & Consumer Goods
• Energy & Utility
• Healthcare
• IT & Telecommunication
• Manufacturing
• Other

• Account Payable Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE