The e-invoicing global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
E-Invoicing Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size — The e-invoicing market size has grown exponentially in recent years. It will grow from $15.98 billion in 2023 to $19.64 billion in 2024 at a compound annual growth rate (CAGR) of 22.9%. The growth in the historic period can be attributed to regulatory mandates, cost savings initiatives, technological advancements, environmental sustainability, and globalization trends.
The e-invoicing market size is expected to see exponential growth in the next few years. It will grow to $45.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The growth in the forecast period can be attributed to increased adoption of cloud-based solutions, growing emphasis on data security and compliance, expansion of digital transformation initiatives, rising demand for automated invoice processing, and accelerated shift towards paperless workflows. Major trends in the forecast period include blockchain integration, AI-driven invoice analytics, mobile invoicing solutions, interoperability standards, and the emergence of invoice financing platforms.
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Scope Of E-Invoicing MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
E-Invoicing Market Overview
Market Drivers -The increasing adoption of digital transformation is expected to propel the growth of the e-invoicing market going forward. Digital transformation refers to the strategic integration of digital technologies to fundamentally change business processes, customer experiences, and organizational culture to meet evolving market demands. The increasing adoption of digital transformation is due to the need for businesses to stay competitive, improve operational efficiency, enhance customer experiences, and adapt to rapidly evolving technological landscapes. Digital transformation enhances e-invoicing by automating manual processes, improving accuracy, accelerating invoice processing, and increasing efficiency and cost savings. For instance, in October 2023, according to the Australian Bureau of Statistics, an Australia-based governmental organization, the total digital business activity in Australia increased from 7.7% in 2021 to 8.6% in 2022. Therefore, the increasing adoption of digital transformation is driving the growth of the e-invoicing market.
Market Trends — Major companies operating in the e-invoicing market are increasing their focus on developing advanced e-invoicing solutions, such as ONESOURCE e-invoicing, to boost their revenue in the market. ONESOURCE e-invoicing is a software solution designed to streamline electronic invoice management and ensure compliance with global e-invoicing regulations. For instance, in October 2023, Thomson Reuters Corporation, a Canada-based media company, launched ONESOURCE e-invoicing for multinational businesses. It provides clients with a pre-built suite of integrations that connect financial systems, such as common enterprise resource planning (ERP) systems. The technology automates the end-to-end compliance process. It centralizes and standardizes the compliance workflow to ensure accurate, on-time digital filings. This centralized platform leverages technology to streamline electronic invoicing management for multinational businesses, providing a single access point to manage e-invoicing compliance, reduce costs, simplify data management, and save time through automated e-invoice validation and data enrichment.
The e-invoicing market covered in this report is segmented —
1) By Type: Integrated E-Invoicing Solutions, Standalone E-Invoicing Solutions
2) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
3) By Application: Energy, Fast-Moving Consumer Goods (FMCG), Express Services, Finance, E-Commerce, Other Applications
4) By End-User: Large Enterprises, Small And Medium-Sized Enterprises
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Regional Insights — North America was the largest region in the e-invoicing market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the e-invoicing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies — Major companies operating in the e-invoicing market are Oracle Corporation, Fiserv Inc., FIS Global Solutions Holdings LLC, Thomson Reuters Corporation, Deluxe Corporation, GEP Solutions Pvt. Ltd., SAP Ariba Inc., Coupa Software Incorporated, Bill Holdings Inc., Bottomline Technologie Inc., Basware Corporation, AvidXchange Inc., Zycus Inc., Jaggaer Inc., Tipalti Inc., Ivalua Inc., Esker Inc., Corcentric LLC, Tradeshift Holdings Inc., Taulia Inc., MineralTree Inc., Plooto Inc., Transcepta LLC, Certify Inc., Yooz Inc.
Table of Contents 1. Executive Summary2. E-Invoicing Market Report Structure3. E-Invoicing Market Trends And Strategies4. E-Invoicing Market — Macro Economic Scenario5. E-Invoicing Market Size And Growth…..27. E-Invoicing Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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