Pune, India., Sept. 21, 2023 (GLOBE NEWSWIRE) -- An electronic data interchange (EDI) document comprises minimum vital data to ensure smooth EDI transactions. The organizations are required to adhere to stringent EDI formatting rules as this helps retrieve the document's relevant information. The EDI document consists of several transaction numbers from the EDI public format. For example, the purchase order (PO) is assigned to the invoice transaction number 810 and the EDI transaction number 850. Thus, the EDI translator obtains an EDI 850 PO document that easily recognizes the order number, items in the order, the company name of the buyer, and the price per item. An efficient EDI transaction enhances the overall data exchange process with seamless automation of B2B workflows and effective integration of the external and internal systems, cloud ecosystems, and applications.
Electronic Data Interchange (EDI) Market in terms of revenue was estimated to be worth $27.93 billion in 2022 and is poised to reach $58.98 billion by 2030, growing at a CAGR of 9.8% from 2022 to 2030 according to a new report published by The Insight Partners.
The growth of the electronic data interchange (edi) market is driven by rising digital transformation across industries and he increasing adoption of EDI transactions and standards. The solutions segment led the market with a significant share in 2022 and is also expected to grow with the highest CAGR from 2022 to 2030.
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Browse Comprehensive TOC on "Electronic Data Interchange (EDI) Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component (Solution and Services), Type (Direct EDI, EDI via AS2, EDI via VAN, Mobile EDI, Web EDI, EDI Outsourcing, and Others), and Industry (BFSI, Retail & Consumer Goods, Healthcare, IT & Telecommunication, Transportation & Logistics, and Others), and Geography"
Global Electronic Data Interchange (EDI) Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 27.93 Billion in 2022 |
| Market Size Value by | USD 58.98 Billion by 2030 |
| Growth rate | CAGR of 9.8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, Type, Industry, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Many governments are authorizing the adoption of EDI solutions in specific countries for receiving and sending data from organizations to trading partners. EDI solution providers offer various solutions with benefits such as compliance features to tackle the complex country regulations and guard against any risk associated with the regulatory compliances that affect "procure to pay" and "order to cash" business processes. The EDI standard formats of a document on which the data interchange depends are managed and efficiently interpreted by computers so that both parties can easily understand it.
Every country has a different set of regulations, and companies are required to stay updated to avoid penalties or fines (also known as chargebacks). Mounting government and industry compliances are associated with the adoption of EDI for automating and streamlining invoices, purchase orders, acknowledgments, tracking, and payment reports. ANSI ASC X12, Trading Data Communications (TRADACOMS), UN/EDIFACT, and Organization of Data Exchange by Tele Transmission in Europe (ODETTE) are a few EDI standards mandated by the governments for organizations. Therefore, the implementation of such compliances by the organizations further drives the electronic data interchange (EDI) market growth.
Various providers are developing EDI systems to deliver a more robust and user-friendly experience. For instance, in July 2023, Jitterbit, Inc. launched its self-managed, cloud-based EDI solution fully integrated into the Jitterbit Harmony platform. With Harmony EDI, users can fully self-serve and self-manage EDI processes. Data is automatically transferred between trading partners (i.e., Amazon.com, Inc.; Home Depot, Inc.; Lowe's; and Walmart Inc.) and merchants into the merchant's Enterprise Resource Planning (ERP), Customer relationship management (CRM), and shipping systems. Harmony EDI system helps to streamline processes and automate workflows, eliminating the manual processing and approvals of EDI transactions and ensuring the accuracy of information being transmitted between systems. Such developments propel the adoption of the EDI system to automate the workflow process, propelling the electronic data interchange (EDI) market growth.
Germany Dominates Global Electronic Data Interchange (EDI) Market in Europe:
The mounting digital evolution across the logistics sector in Germany demands a wide range of custom-made robust services for specific companies, industries, or multi-users to reduce costs. The growing demand for EDI services offers enhanced services, which include warehousing, outbound transport, inbound transport, and value-added services for different logistics operations.
Several electronic data interchange service providers have increased their product offerings for the automobile sector in Germany through partnerships. In December 2022, T-Systems International GmbH and SEEBURGER AG merged their skills and knowledge to create an original, fully managed, highly available EDI solution. A highly qualified multi-lingual end-to-end worldwide engineering, development, support operations, and delivery team completes the new solution Managed Electronic Data Interchange Services (MEDIS+). With this collaborative strategy, both businesses have already secured a significant order from T-Systems in the automotive sector. Partnership strategies boost the adoption of electronic data exchange services in the automotive sector in Germany, fueling the growth of the electronic data interchange (EDI) market.
Global Electronic Data Interchange (EDI) Market: Segmental Overview
Based on component, the electronic data interchange (EDI) market is segmented into Solution and Services. The solution segment held the largest share of the electronic data interchange (EDI) market in 2022 and is anticipated to register the highest CAGR in the market during 2022–2030. Based on type, the electronic data interchange (EDI) market is segmented into Direct EDI, EDI via AS2, EDI via VAN, Mobile EDI, Web EDI, EDI Outsourcing and Others. The EDI via AS2 segment held a larger share of the electronic data interchange (EDI) market in 2022. The cloud segment is projected to register a higher CAGR in the market during 2022–2030. Based on end user, the electronic data interchange (EDI) market is segmented into BFSI, Retail and Consumer Goods, Healthcare, IT and Telecommunication, Transportation and Logistics and Others. The retail and consumer goods segment held the largest share of the electronic data interchange (EDI) market in 2022. The healthcare segment is anticipated to register the highest CAGR in the market during 2022–2030.
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Global Electronic Data Interchange (EDI) Market: Competitive Landscape
Mulesoft, LLC; SPS Commerce, Inc.; TrueCommerce Inc.; IBM Corporation; Cleo; The Descartes Systems Group Inc.; Data Masons Software LLC; crossinx GmbH; EDICOM; Comarch SA; and InterTrade Systems, Inc. are among the key electronic data interchange (EDI) market players that are profiled in the report, which help in global traffic management. Several other essential electronic data interchange (EDI) market players were analyzed for a holistic view of the market and its ecosystem. The electronic data interchange (EDI) market report provides detailed market insights to help major players strategize their growth.
Global Electronic Data Interchange (EDI) Market - Key Industry Dynamics:
Drivers:
- Increasing Adoption of EDI Transactions and Standards
- Rising Digital Transformation Across Industries
Restraints:
- Emergence of Security Threats and Attacks
Opportunities:
- Growing Adoption of EDI Outsourcing Services
Future Trends:
- Rising Adoption of EDI Solution with Blockchain Technology
Recent Developments:
In 2023: Deloitte and EDICOM entered into a global strategic partnership for the SEA/APAC market. This partnership combines Deloitte's extensive consulting experience with EDICOM's compliant technological services.
In 2022: SPS Commerce acquired InterTrade, a wholly owned subsidiary of mdf commerce Inc., and a technical solutions provider for product, information, and transaction data exchange between retailers and suppliers.
Go through further research published by The Insight Partners:
Digital Transformation Market - Global Analysis and Forecast to 2030
Healthcare EDI Market - Global Analysis and Forecast to 2030
Data-Centric Security Market - Global Analysis and Forecast to 2028
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