Overview and Scope
E-invoicing, short for electronic invoicing, refers to the process of creating, sending, receiving, and processing invoices electronically rather than using traditional paper-based methods. It involves the digital exchange of invoice data between trading partners or businesses, often facilitated through specialized software platforms or electronic data interchange (EDI) systems.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The e-invoicing market report table of contents includes:
1. Executive Summary
2. E-Invoicing Market Characteristics
3. E-Invoicing Market Trends And Strategies
4. E-Invoicing Market – Macro Economic Scenario
5. Global E-Invoicing Market Size and Growth
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32. Global E-Invoicing Market Competitive Benchmarking
33. Global E-Invoicing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The E-Invoicing Market
35. E-Invoicing Market Future Outlook and Potential Analysis
36. Appendix
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