Latin America Accounts Payable Automation Market by Components (Solution, Services), By Deployment Type (On-Premises, Cloud), By End-User (Consumer Goods and Retail, Banking Financial Services and Insurance (BFSI), Other End-Users), and by Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Latin America Accounts Payable Automation Market Overview

The Latin America Accounts Payable Automation Market is projected to be USD 195.3 Mn in 2021, reaching USD 558.8 Mn by 2031 at a CAGR of 11.3%.

Market.US announces the publication of its most recently generated research report titled, “Latin America Accounts Payable Automation Market by Components (Solution, Services), By Deployment Type (On-Premises, Cloud), By End-User (Consumer Goods and Retail, Banking Financial Services and Insurance (BFSI), Information Technology (IT) and Telecom, Manufacturing, Healthcare, Energy and Utilities, Other End-Users), and by Region – Global Forecast to 2031”, which offers a holistic view of the Latin America Accounts Payable Automation Market through systematic segmentation that covers every aspect of the target market.

Accounts Payable (AP) is a general ledger account that a firm is responsible for paying off its short-term obligation to creditors or suppliers. AP automation refers to using software to record account payable transactions. Invoice receipt, matching and workflow, and archive and audit are the three key components of automated AP. AP is at the heart of any financial operation since it records every outgoing transaction a company has made or will make. This software can accept invoices in electronic formats such as PDF, Excel, and others, as well as paper invoices that have been converted to electronic formats and input into it.

B2B/EDI connections, PDF invoicing or receipts, and electronic invoicing via a supplier portal are examples of electronic invoicing. The data is subsequently analyzed using artificial intelligence (AI) or optical character recognition (OCR) and then stored in the cloud. An audit trail of all transactions for each invoice feed is available at any time for auditing purposes, and these invoices are preserved for future reference. This electronic archiving solution makes it easy to search for and locate any invoice stored on the cloud server from any location and at any time.

Latin America Accounts Payable Automation Market Revenue (US$ Mn), 2021–2031

The rapid growth of the e-commerce business and small vendors’ greater concentration on selling and distributing their items through these platforms has increased the flow of bills. These variables are expected to improve the market’s financial prospects in this process even more.

Furthermore, the increased use of technology in various industries such as BFSI, retail, consumer goods, healthcare, manufacturing, and so on, as well as an increase in workload, a spike in the number of incoming and outgoing invoices and payments, has increased the chances of human error significantly.

Automated AP solutions help to reduce errors while also increasing efficiency and accuracy. These elements are expected to boost profit market predictions for this market in Latin America even more.
Several countries have seen a pause in vital commercial activity due to the COVID-19 epidemic. A predicted economic recession is also likely to have a negative influence on future investments in a variety of sectors, including manufacturing, consumer goods, retail, and automotive, among others.

Furthermore, the outbreak of this pandemic has had a severe impact on different supply-chain operations around the world. As major economies implement precautionary lockdowns, manufacturers and distributors find it more difficult to manage their businesses properly. This has also resulted in lower revenues for some Latin American corporations, thus limiting any intentions for future expenditures. This is a major aspect that is expected to influence revenue growth possibilities in the future. This market is expected to reflect the same when these lockdowns are progressively loosened, and economies begin to recover

The COVID-19 epidemic has slowed important trade activities. Still, due to lockdowns and other limitations imposed by various countries, including Mexico, Brazil, Chile, and Argentina, corporations have begun to adopt a Work-From-Home (WFH) mentality. This greater adoption of WFH culture has cleared the path for businesses to employ AP automation software, which decreases interhuman contacts and can even use electronically generated bills, which is a plus for businesses. This might also be linked to the rising need for AP automation solutions in this target market.

Several governments in the Latin American region have begun implementing automated accounts payable solutions to streamline their invoicing procedures. Furthermore, governments throughout Latin America, including Brazil, Mexico, and Argentina, have enacted legislation requiring automated invoicing solutions. This helps reduce tax collection losses and gives a transparent view of a company’s financial operations. Shortly, this tendency is projected to support the economic expansion of this target market.

Latin America Accounts Payable Automation Market Attractiveness Analysis by Components, 2015–2031

The Latin American accounts payable automation market is segmented under the component, deployment model, end-user, & region. Based on components, this market is further bifurcated into solutions and services. Among all the component segments, the solution sub-segment is expected to register the highest CAGR of over 12.7%. In terms of deployment model, this market is sub-segmented into on-premise and cloud.

Amongst deployment mode segments, the on-premise sub-segment in the accounts payable automation market is estimated to account for a majority revenue share of 57.8% in 2021. In terms of end-user, this market is sub-divided into consumer goods and retail, banking financial services and insurance (BFSI), information technology (IT) and telecom, manufacturing, healthcare, energy and utilities, and other end-users.

The banking financial services and insurance (BFSI) sub-segment holds the majority market share of 20.4% in 2021. Latin America accounts payable automation market is segmented into Mexico, Chile, Colombia, Brazil, Argentina, and the Rest of Latin America. The market in Brazil is expected to account for the majority stake of the Latin America accounts payable automation market, followed by the market in Mexico. It is expected to account for the largest market revenue share compared to other countries markets.

The research report on the Latin America Accounts Payable Automation Market includes profiles of some of the major companies such as –

• Oracle Corp
• SAP SE
• Fidelity National Information Services Inc.
• The Sage Group Plc
• Coupa Software, Inc.
• Automation Anywhere Inc.
• Comarch SA, Vertex Inc
• Bill.com Holdings Inc.
• MHC Automation, among others

Latin America Accounts Payable Automation Market Segmentation Based on Component, Deployment Model, End-User, and Region

Based on Component:

• Solutions
• Services

Based on Deployment Mode:

• On-Premise
• Cloud

Based on End-User

• Consumer Goods & Retail
• Banking Financial Services & Insurance (BFSI)
• Information Technology (IT) & Telecom
• Manufacturing
• Healthcare
• Energy & Utilities
• Other End-Users

Based on Country:

• Mexico
• Chile
• Colombia
• Brazil
• Argentina
• Rest of Latin America

For the Latin America Accounts Payable Automation Market research study, the following years have been considered to estimate the market size: