New York, USA, July 19, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Electronic Data Interchange (EDI) Software Market Information By Component, Type, Industry, And Region - Forecast till 2032"; the market will achieve USD 5.07 billion in 2032 at a 10.30% CAGR”.
Electronic Data Interchange Software Market Overview
The inclination of major enterprises for in-house processing, digital transformation, and process automation is the main factor driving the market's growth. Additionally, it is anticipated that the increasing acceptance of digital information transactions throughout numerous industries will fuel market expansion during the projected period. To increase their dominance in the Electronic Data Interchange software market share, the top software providers are concentrating on implementing various marketing techniques, including joint ventures, mergers & acquisitions, and others. The program enables small businesses to increase customer happiness and brand loyalty by providing online suggestions. Electronic data exchange (EDI) technology advances and the growing desire to reduce healthcare costs are anticipated to support industry expansion.
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Additionally, a rise in end users and EDI use are anticipated to boost market expansion throughout the projection period. Healthcare EDI aids in automating business procedures such as data reporting, insurance eligibility checks, and claim submission and payment. Additionally, effectively and productively addressing the needs for technical and business connections enables small businesses to interact with major businesses globally. The platform facilitated quicker deliveries, payments, and invoices while enhancing commodities' visibility throughout the supply chain.
Electronic Data Interchange Software Market Competitive Landscape:
- Cleo
- Comarch SA
- Crossinx GmbH
- Data Masons Software LLC
- EDICOM
- IBM Corporation
- InterTrade Systems, Inc
- Mulesoft, LLC
- SPS Commerce, Inc.
- The Descartes Systems Group Inc.
- TrueCommerce Inc.
Scope of the Report – Electronic Data Interchange Software Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 5.07 Billion |
| CAGR during 2023-2032 | 10.30% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Growing digital transformation |
| Key Market Dynamics | Increase adoption in various industries Rising new initiatives |
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Market U.S.P. Covered:
Electronic Data Interchange Software Market Drivers:
A new path for the data interchange process has been opened due to the integration of cutting-edge technology in Electronic Data Interchange software systems, providing various advantages to enterprises. Small and medium-sized businesses can use the Electronic Data Interchange technology to automate routine business operations, such as exchanging invoices, purchases, and advanced shipment notices.
The inventory software solution additionally helps manage numerous solutions, resulting in fully integrated, automated, end-to-end EDM software solutions. Enabling fully automated transaction processing dramatically boosts the efficacy, productivity, and profitability of small and medium-sized businesses while expanding the global market. Electronic data interchange services and solutions that have been technologically innovated, such as web-based EDI, have improved to address concerns with data integrity, secrecy, and authentication.
Additionally, an expanding number of end users is anticipated to fuel consumer interest in electronic data exchange services/solutions during the market period. Payers, providers, the pharmaceutical and medical device industries, and others are among the end users. Data exchange transactions are essential to B2B and B2C processes for small and large businesses since they improve SMEs' ability to integrate with larger companies. The Internet of Things (IoT), blockchain technology, and artificial intelligence (AI) will determine how the retail supply chain operates in the future.
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Restraints:
With the use of computers and electronic data interchange technologies, business partners can exchange simple business documents in various common electronic forms. Similar operations, like sending orders, invoicing, and other similar activities, can be carried out via API, replacing conventional data exchange systems. It also provides a secure and reliable data interchange service, making ordering lost merchandise or hunting down lost data possible. This service is emerging as a potential threat to technology.
Electronic Data Interchange Software Market COVID 19 Analysis:
The COVID-19 epidemic has had a substantial effect on the economy. The electronic data interchange method is just one of several corporate operations across all industries that have suffered. During the pandemic, the logistics, retail, production, and healthcare sectors underwent significant modifications in their operation and customer management methods. However, it is projected that the considerable changes and rising demand for supply chain operations that are more streamlined would drive greater demand for EI software.
Market Segmentation:
By type, the market includes direct EDI, EDI via AS2, EDI via VAN, Mobile EDI, Web EDI, and EDI outsourcing. By industry, the market includes retail and consumer goods, BFSI, healthcare, IT and telecommunication, and transportation and logistics. By component, the market includes solutions and services.
Regional Insights:
Due to the faster adoption of Healthcare Information Technology and the existence of significant industry participants, North America maintained a leading share of the market. Due to growing demands for electronic data interchange services and solutions among pharmaceutical firms and medical device manufacturers to combat rising competition, downward pressure on prices, and shrinking profit margins, Europe is also anticipated to hold a sizable market share during the forecast period. The Asia Pacific market is anticipated to expand during the forecast period.
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The expansion is due to improved supply chain efficiency between retailers and suppliers and the expansion of the e-commerce market, particularly in developing nations like China and India. The need for Electronic Data Interchange software among businesses is also anticipated to increase due to growing government initiatives and expanding manufacturing facilities in this area. The Asia-Pacific region's market is anticipated to be driven by economic growth, policy reforms, and the expanding IT sector.
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