New York, Dec. 22, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners’ latest market study on “Electronic Data Interchange (EDI) Market Size, Share, Growth, Trends and Forecasts to 2027 – COVID-19 Impact and Global Analysis and Forecast by Component (Solution, Services); Type (Direct EDI, EDI via AS2, EDI via VAN, Mobile EDI, Web EDI, EDI outsourcing, Others); Industry (BFSI, Retail and Consumer Goods, Healthcare, IT and Telecommunication, Transportation and Logistics, Others); and Geography,” the electronic data interchange (EDI) market size was valued at USD 24.64 billion in 2019 and is projected to reach USD 49.21 billion by 2027; it is expected to grow at a CAGR of 9.5% from 2020 to 2027.
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Global Electronic Data Interchange (EDI) Market Study, Size, Share, Segmentations and Regional Scope:
| Market Size Value in | USD 24.64 Billion in 2019 |
| Market Size Value by | USD 49.21 Billion by 2027 |
| Growth rate | CAGR of 9.5% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 166 |
| No. of Tables | 86 |
| No. of Charts & Figures | 88 |
| Historical data available | Yes |
| Segments covered | Component; Type; Industry |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Electronic Data Interchange (EDI) Market – Industry Initiatives:
The key companies profiled in the electronic data interchange (EDI) market include Mulesoft, LLC, SPS Commerce, Inc., TrueCommerce Inc., IBM Corporation, Cleo, The Descartes Systems Group Inc., Data Masons Software LLC, crossinx GmbH, EDICOM, and Comarch SA. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.
2020: Cleo and C&A partnered to develop digital ecosystems. The businesses through this partnership which depend on SAP ERP and JD Edwards will be entitled to extend their reach to those applications via cloud-based B2B/EDI integration technology.
2020: Data Communications Solutions (DCS) and Cleo partnered to help enterprises remodel their B2B steps by focusing on EDI & API integration, majorly for ERP systems.
2019: EDICOM announced the deployment of e-invoicing across Denmark, over the the PEPPOL BIS 3 format as well as PEPPOL European network
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2019: The TrueCommerce ecUtopia EDI Solution was selected by Cavender's, which is a supplier community and enhance the supply chain efficiency
2019: The TrueCommerce's Transaction Manager platform was selected by Century Home Fashions, for integrating with Spire ERP to process key business documents such as purchase invoices and orders. Therefore, continuously format transactions with well-known retailers across the North American region
The major stakeholders in the global EDI market ecosystem include solution and service providers, EDI solution providers, cloud service providers, government organizations, tax authorities, industry associations, regulatory bodies and end users. Solution and service providers provide various components/parts/equipment to EDI solution/system providers. The service providers offer cloud storage services for cloud-based EDI solutions. The growing demand for low cost, flexible, and easy to use cloud-based solutions among businesses worldwide is anticipated to drive the demand for these solutions at an impressive pace in the coming years.
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Electronic data interchange (EDI) is a process of transaction of business documents basically standard electronic format between the organization and trade partners. EDI helps the organization and guarantees about the business-critical data to be sent on time. The EDI replaced traditional business communication with mail preparation and handling automatically. Though, it helps the organizations to standardize the information interchanged via business documents, which makes it a paperless exchange. The EDI solutions permit organizations to enhance the overall workflow performance, which is one of the significant factors that drive the global EDI market during the forecast period. The fast and accurate processing of EDI documents leads to less repeated work, fewer canceled orders, and fewer stock-outs. However, the disadvantage of electronic data interchange (EDI) comprises of high implementation cost with the time-consuming deployment of the solutions. Furthermore, these solutions require constant maintenance as the overall workflow of the organization's business depends on it. The mounting trend of digitalizing the business documents for efficient processing, several compliances are implemented, which boosts the transition from paper-based invoices to electronic invoices worldwide. The successful integration of EDI solutions globally and its benefits are driving other countries such as Bolivia, France, various others to implement EDI mandates in the forecast years.
Global Electronic Data Interchange (EDI) Market – Growth Drivers:
Invoicing is a significant function in all business segments, including B2B and B2C, which needs a substantial amount of resources in terms of workforce, cost, and time. With the rising adoption of e-invoicing, businesses can save substantial costs related to invoicing generation and transmission to end customers. The automation of the invoicing process through e-invoicing will result in various strategic and operational benefits for buyers, suppliers, and managers. A few of these advantages of using EDI solutions include reduced costs, increased accuracy, faster payments, and enhanced productivity, improved cash management, environmental benefits, and improved compliance. Thus, the acceptance of innovative and digitalized solutions, such as EDI solutions, drives the growth of the market globally.
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Key findings of the study:
As digital technologies are constantly transforming across the globe and revolutionizing the business processes by improving operational efficiency at reduced costs, large and small enterprises are investing in cloud computing, EDI solutions, web apps, artificial intelligence, predictive analytics, the internet of things, big data, and among others. The growing adoption of cloud computing is one of the significant factors for the deployment of EDI technology and service consumption models. Organizations are focusing on applications, data, connections, and integration with the cloud, which includes EDI.
The potential of digital transformation and process automation is to create unparalleled opportunities for businesses in order to create more value and increased revenue. Invoicing is a significant function in all business segments, including B2B and B2C, which needs a substantial amount of resources in terms of workforce, cost, and time. Along with the generation of paper-based invoices, a large number of e-invoices are generated on a daily basis, thereby decreasing the overall productivity cost of the business. With the rising adoption of e-invoicing, businesses can save substantial costs related to invoicing and transmission to end customers. The automation of the invoicing process through e-invoicing will result in various strategic and operational benefits for buyers, suppliers, and managers. A few of these advantages of using EDI solutions include reduced costs, increased accuracy, faster payments, enhanced productivity, improved cash management, environmental benefits, and improved compliance. Thus, the acceptance of innovative and digitalized solutions, such as EDI solutions, drives the growth of the market globally.
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