Invoice Processing Software Market Overview
Invoice Processing Software is a software that helps companies to automate the task that are related to invoice processing. Enterprises use invoice processing software for reducing the manual work and eliminating human error.
Invoice processing software offers an overview of whole invoice cycle right from invoicing to receipt production, accurate allocation, & expense management. This software can be easily integrated with enterprise resource planning software for increasing the efficiency of payment process.
Invoice Processing Software Market Forecast and CAGR
According to latest research, invoice processing software market is estimated to grow with a expected CAGR of 15%. Increasing need for secure payments to reduce frauds and adoption of cloud-based service is increasing the demand for invoice processing software.
What is Driving Demand for Invoice Processing Software?
The cloud based solution is helping enterprises to stay above of growing start-ups by gaining profitable revenue streams with minimum investment. The cloud based solution also help enterprises to quickly extend and customize their applications while creating opportunities for enterprises to transform and grow digitally.
Adoption of cloud-based invoice processing solution is a new trend in the market. Cloud-based solutions help companies to reduce their infrastructure and resources (IT personnel) costs, while at the same time allowing them access to all features as offered by on-premise software.
Various vendors such as SAP SE, Zoho Corporation and others that have been providing cloud-based quality and invoice processing solutions in the global market for over a decade have witnessed significant growth in terms of demand for cloud-based solution in the past few years.
Cloud-based invoice processing software enables users to receive real-time business updates and take required actions. Urgent issues regarding payments are being addressed in real time due to adoption of cloud based solution. Digital wallets and invoicing through mobile apps have also become a part of cloud based invoicing process.
Invoicing Using Blockchain Technology
Adoption of blockchain technology in invoicing process is increasing as blockchain technology has a potential to revolutionize how transactions are validated, invoices issued and payments made. Using blockchain in invoicing process helps user to make seamless payments from customer’s to businesses digital wallet. Transaction are easy to monitor and track and the entire history of exchange can be downloaded from blockchain.
Blockchain technology eliminates the manual steps involved in invoice processing and the transaction are becoming paperless as the adoption of blockchain is increasing. As the transaction information is stored in blockchain all relevant parties can view and verify the processes and it can be used with artificial intelligence for identifying payment profiles and risk of end debtors.
South Asia & Pacific Invoice Processing Software Demand Outlook
Invoice processing solution vendors can focus on expanding their businesses across countries in South Asia & Pacific region where there is increasing demand of innovative invoice processing solution to automate the invoicing process and avoid human errors in the process. Invoice processing solution market is growing rapidly due to growing business complexities and changing regulatory requirements.
Therefore companies need to focus on the growing need to analyze regulatory requirements, polices, and obligations. Also, government initiatives that are mandating the use of invoice processing software is facilitating the growth of invoice processing software in the region.
North America Invoice Processing Software Market Outlook
Adoption of invoice processing solution is growing in the region due to rising adaptation of the solution in small and medium size businesses. Moreover, invoice processing solutions offered in the region are integrated with analytical tools like Machine Learning (ML), artificial intelligence, blockchain technology that enable organizations get actionable insights and thereby focus on reducing organizational risks.
Some of the key players in the region are following product launch strategy in order to offer innovative invoice processing solution.
Who are the Key Providers of Invoice Processing Software?
Some of the leading Invoice Processing Software providers include
- SAP SE
- Sage Group PLC
- Chrome River
- Zoho Corporation
- Concur Invoice
- and Invoicera among others.
These vendors have adopted various key strategies, to enhance the customer base globally and locally. Companies are also spending millions of dollars into product R&D to fulfill the unmet needs of their customers. Furthermore, many companies are focusing on inorganic strategies by acquiring small and mid-sized organizations present in this market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
- Invoice Processing Software
- Integration & Implementation
- Consulting Services
- Support & Maintenance
By Enterprise Size:
- Large Enterprises
- IT & Telecom
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- North Africa
- Rest of Middle East & Africa