Pune, April 05, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the E-Invoicing Market had a valuation of USD 10.92 billion in 2022 and is projected to attain USD 46.68 billion by 2030, with a compound annual growth rate (CAGR) of 19.91% during the forecast period spanning 2023 to 2030.
Market Overview
E-invoicing can also enhance the security and reliability of invoicing processes, by providing advanced features such as digital signatures, authentication, and encryption. This can help businesses minimize the risks of fraud, payment disputes, and compliance issues, and ensure the confidentiality and integrity of their invoicing data. E-invoicing is becoming an increasingly popular and important component of modern business practices, as companies seek to digitize and automate their workflows, improve their financial management, and stay competitive in a rapidly evolving marketplace.
Market Analysis
The key drivers for the e-invoicing market include the increasing adoption of automation and digitalization, the need for cost savings and efficiency in business processes, the growing demand for secure and reliable transactions, and government initiatives and regulations mandating the use of e-invoicing. Additionally, the rising adoption of cloud-based solutions, the growing popularity of mobile-based invoicing, and the advancements in artificial intelligence and machine learning technologies are also expected to drive the growth of the market in the coming years. Many countries have implemented or are planning to implement e-invoicing mandates to promote digitalization, reduce tax evasion, and improve the efficiency of public procurement processes. This has led to a significant increase in the adoption of e-invoicing solutions by businesses of all sizes and across various industries.
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Key Company Profiles Listed in this Report Are:
- Basware Corporation
- Cegedim SA
- Comarch SA
- Coupa Software Inc.
- IBM Corporation
- Nipendo Ltd.
- SAP SE
- The Sage Group PLC
- Tradeshift
- Transcepta LLC
Impact of Recession on E-Invoicing Market Growth
The e-invoicing market has become increasingly popular in recent years due to the benefits it provides to businesses, such as increased efficiency and cost savings. However, the market is not immune to economic downturns, such as recessions. During a recession, businesses may be more hesitant to invest in new technologies, including e-invoicing systems. This could result in slower adoption rates and a slowdown in the growth of the market. While a recession may have some negative impacts on the market, it may also present opportunities for growth and increased adoption of these systems.
Key Regional Developments
E-invoicing has emerged as a popular and efficient alternative to traditional paper-based invoicing methods in recent years, and Europe is expected to lead the way in the adoption of this technology. With initiatives from governments in countries such as the United Kingdom, Denmark, Sweden, and Norway mandating the use of e-invoicing in both B2B and B2C transactions, the region is poised for significant growth in this e-invoicing market.
E-Invoicing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 10.92 Bn |
| Market Size by 2030 | US$ 46.68 Bn |
| CAGR | CAGR of 19.91% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| E-Invoicing Market: Key Segmentation | • By Channel (B2B, B2C, Others) • By Deployment Type (Cloud-based and On-premises) • By Application (Energy and Utilities, FMCG, E-Commerce, BFSI, Government, Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
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Key Takeaway from E-Invoicing Market Study
- The Business-to-Business (B2B) segment is set to dominate the market in the coming years. The adoption of electronic invoicing has been on the rise as more businesses recognize the benefits of digitizing their invoicing processes.
- SNS Insider predicts that the cloud-based segment is set to hold a significant share of the market. With the growing adoption of cloud-based technology across various industries, more businesses are moving towards cloud-based solutions to meet their invoicing needs.
Recent Developments Related to E-Invoicing Market
- Recently, Clear, a leading provider of financial technology solutions, has launched its GST e-invoicing generating services for large taxpayers. Clear's GST e-invoicing generating services are designed to streamline the invoicing process for large taxpayers, enabling them to comply with the GST regulations easily and efficiently.
- UpScale, a fintech application, has recently launched an innovative e-invoicing solution specifically designed to cater to the needs of Small and Medium Enterprises (SMEs). The introduction of this solution is set to revolutionize the way SMEs operate their businesses and manage their finances.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. E-Invoicing Market Segmentation, By Channel
9. E-Invoicing Market Segmentation, By Deployment Type
10. E-Invoicing Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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