Westford, USA, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The North America region to remain prominent in the electronic data interchange (EDI) software market by securing the largest market share during the forecast period. The expanding industrial, healthcare, retail, and automotive industries are driving up demand for data exchange solutions. The U.S. is anticipated to grow its share the highest throughout the course of the projection period as a result of an increase in digital business-to-business transactions. Further, the rising need for data interchange in the field of supply chain management for flawless data flow across businesses and from business to customers is predicted to drive market growth.
According to SkyQuest’s findings, around 60% to 86% of businesses in the supply chain sector use EDI technology. Similarly, to this, over 30% of business leaders in 2022, agreed that automation software lowers labor expenses and believed that automating processes will save them more than 360.5 hours annually. Therefore, the market for electronic data interchange (EDI) software is being driven by the growing adoption of automation solutions in corporate operations.
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Tables - 61
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The machine-to-machine exchange of business documents in a common electronic format is known as electronic data interchange or EDI. Businesses gain significant advantages from switching from paper-based to electronic document interchange, including lower costs, faster processing, fewer errors, and enhanced business relationships with their business partners and customers.
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Prominent Players in Electronic Data Interchange (EDI) Software Market
- Boomi Inc. (Dell Boomi) (U.S.)
- SPS Commerce, Inc. (U.S.)
- Software AG (Germany)
- MuleSoft LLC (U.S.)
- Epicor Software Corporation (U.S.)
- TrueCommerce Inc. (U.S.)
- Rocket Software, Inc. (U.S.)
- Open Text Corporation (Canada)
- Babelway (Belgium)
- Comarch SA (Poland)
- Intertrade Systems
- DiCentral
Software Segment to Gain Maximum Market Share Thanks to Rising Digitalization
The component segment of the electronic data interchange (EDI) software market is bifurcated into software and services. The software segment is estimated to gain the maximum market share during the forecast period. The growth of the segment can be ascribed to the increasing digitization taking place in all industries across the globe. Further, the growing sectors including e-commerce, retail, and supply chain is predicted to boost the use of software for data analysis, user experience, and seamless communication. It is projected that as software demand rises, managed services will become more important to maintain an acceptable and continuous flow of applications. Additionally, the increasing launch of software and growing numbers of software developers across the world are expected to drive segment growth. SkyQuest noted that there were more than 24 million software engineers worldwide in 2020 and it is anticipated that this number will increase over the following years, approaching close to 29.5 million by 2024.
Besides this, the North America region is predicted to lead the market by gaining the largest market share during the forecast period. The growth of the market can be ascribed to the increasing industrialization, a significant presence of key market players, growing investment by major IT companies, and the rising need for managing enormous business data. SkyQuest found during the study that one-third of the world's data resides in the United States. Nearly a third of the world's data—or 890 exabytes (1 EB = 1 billion gigabytes)—is stored in the US alone.
Cloud Deployment Segment to Grow at the Fastest Rate Owing to Increasing Demand from the Business Hubs
During the forecast period, among the on-premises and cloud-based deployment segments, the cloud deployment segment is anticipated to grow at the fastest rate. This is a result of its capabilities, which provide organizations with previously unheard-of flexibility and the opportunity to cut costs associated with operations and labor-intensive tasks by boosting agility and scalability. Cloud-based systems are becoming more and more popular among businesses, especially those that have a sizable geographic presence or are gearing up for quick growth. Hence, the rising adoption of cloud bases services by business hubs across the globe is predicted to boost the segment growth.
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SkyQuest’s latest insights show that 60.1% of all corporate data were kept in the cloud in 2022. The majority of firms utilize the cloud for storage, and they are confident enough in its security and dependability to keep their most important data there. Further, SkyQuest predicts that the global cloud computing market, which was already impressively valued in 2021, is anticipated to increase to USD 947.5 billion during the forecast period.
Additionally, the market in Asia Pacific region is predicted to see exponential growth by attaining a notable market share during the forecast period. The growth of e-commerce, particularly in developing nations like China and India, as well as increased supply chain effectiveness between merchants and suppliers are both to thank for the boom. Additionally, it is projected that the expansion of industrial facilities and local government operations will enhance the demand for EDI software among local businesses in the region.
To provide a detailed insight into the present market environment, SkyQuest conducted an extensive analysis of the electronic data interchange (EDI) software imarket. Through in-depth conversations with sector experts and important opinion leaders from many nations, the research findings in the paper are further examined. To further assure the correctness and dependability of the data utilized in the study, we used a variety of market estimation and data validation approaches.
Key Developments in the Electronic Data Interchange (EDI) Software Market
- The US-based software business Radley Corporation introduced ENDEAVOR, a platform for improving supply chain visibility and efficiency, in August 2020. Information is collected during the production process or warehouse processes with the aid of RFID and IoT technology.
- Data Interchange was purchased by US software developer Epicor for an unknown sum in June 2022. Through this acquisition, Epicor acquired a range of B2B integration systems that allow customers to communicate with companies and business partners, potentially boosting supply chain efficiency.
- IBC Industrial Supply Plus, Inc. and Epicor Software Corporation joined forces in July 2021 to offer products from both businesses, including inventory management, customer relationship management, and electronic data interchange.
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Key Questions Answered in the Electronic Data Interchange (EDI) Software Market Research Report
- What are the major driving forces and restraining factors for the growth of the global market?
- What global trends and patterns are currently having the most significant impact on the overall market dynamics?
- How are the latest advancements and innovations influencing the market's growth potential?
- What are the market players' most promising growth opportunities in the coming years?
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