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Invoice management software helps organizations in automating all tasks related to processing of invoices. It streamlines the workflow of matching information with purchase and sales orders, as well as payments by scanning invoices, reading and pulling data into the system, and transferring payments electronically. Some solutions offer a mobile application for remote viewing and approval, in addition to payment allocation and account selection for each payment.
Automated invoice management software often saves around 50% of the time and resources for organizations.
The global invoice management software market has huge potential to grow in the upcoming years with substantial growth rate. The market growth is supported with various factors such as growing demand to improve the accuracy and to reduce the operational cost of organizations. While, increasing adoption of cloud-based services and increasing demand for secure invoice management software to reduce payment fraud are the key factors adding impetus to the market growth during the forecast period. Further, lack of technical workforce with adequate structured hardware training and low return on investment will hinder the market growth for the mid-term. Nevertheless, growth of the IT industry and technological advancements owing to continuous R&D are some favourable growth opportunities for the invoice management software market.
Segmentation Overview of the Global Invoice Management Software Market
The global invoice management software market is segmented on the basis of type, organization size and end-user. These major market segments are further categorized into various sub-segments to study the market in detail.
By Organization Size:
Geographically, the global invoice management software market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, North America dominate the market by holding largest market share, as Canada and US are experiencing a steady growth in the market with their well-developed digital economy, also growth of the mobile commerce industry, strong governmental initiatives and increasing IT spending to automate financial processes will boost the growth of the North America invoice management market.
Key Players Insights
The major players in the market are PayPal, Microsoft, ServiceChannel, Chrome River Technologies, FreshBooks, Zoho, Intuit, Xero, SAP Concur, AvidXchange, Coupa, Chargebee, Tipalti, PandaDoc and Bitrix among others are some major players included in the research study of the invoice management software market.
Research Report on the Global Invoice Management Software Market Include: