Pune, Aug. 12, 2024 (GLOBE NEWSWIRE) -- E-Invoicing Market Size & Growth Analysis:
“According to SNS Insider Research, The E-Invoicing Market Size was valued at USD 12.7 Billion in 2023 and is expected to reach USD 63.93 Billion by 2032, with a growing compound annual growth rate (CAGR) of 19.69% over the forecast period of 2024-2032.”
Market Analysis
The increasing e-commerce and penetration of IT in sectors such as BFSI & telecom drive the market growth to demand specific invoicing solution which shall be effective and easy scalable. Digitalization as well as regulatory norms are propelling the e-invoicing market significantly. Organizations have now transformed from paper-based invoicing to electronic systems for more convenient operations, increased effectiveness and reduced costs. This also reflects the broader global shift of a move towards sustainability, as e-invoicing has lower paper requirements and carbon emissions. One of the primary drivers for e-invoicing is regulatory mandates as tax authorities try to improve transparency, reduce fraud, and increase compliance by enforcing the generation and consumption of digital invoices. These regulations are prompting businesses to adopt e-invoicing solutions to meet legal requirements and avoid penalties. A growing global trade fuels more demand with the complexity of international transactions also needed in invoicing from businesses. E-invoicing systems present numerous advantages such as faster processing, cost saving, higher accuracy, etc. In fact, e-invoicing can reduce processing time by up to 80 percent of invoices processed without human intervention according to the Institute of Finance and Management (IOFM), increasing payment cycles and improving operational efficiency.
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Major Players Analysis 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
- Other Players
E-Invoicing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 12.7 Bn |
| Market Size by 2032 | US$ 63.93 Bn |
| CAGR | CAGR of 19.69% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Globalization and digital transformation propel e-invoicing adoption for seamless international transactions and alignment with digital business models. • AI, Machine Learning and Blockchain Tech Are Revolutionizing E-Invoicing |
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Recent Developments
- Dooap partnered with Pagero in November 2022 to offer even more extensive e-invoicing network support. The joint venture will enable customers with an end-to-end, easy and hassle-free e-invoicing experience.
- The adoption of e-invoicing has grown significantly in the U.S. Over 30% of small- to mid-sized enterprises (SMEs) are using e-invoicing solutions by early 2024, compared with only a 25% in 2022. This increase underscores the growing acceptance of e-invoicing technologies among businesses of all sizes.
- Market trends in e-Invoicing are changing rapidly, indicating a dynamic growth and continuously evolving landscape. It is being seen that companies are busy building their e-invoicing capabilities and relationships, in order to be able to serve better bigger customers.
- According to the Institute of Finance and Management (IOFM) in its 2023 report, companies in US saved an average up to 60% on traditional paper invoicing costs. Additionally, switching to paperless invoicing has led to a significant reduction in paper consumption, with an estimated savings of 1.2 billion pounds of paper per year.
Segment Analysis
On the basis of Channel, B2B is a leading segment that held 70.5% revenue share in the e-invoicing market in 2023. This is mostly due to the globalization and rise in demand for centralized online billing interfaces from IT, BFSI (Banking, Financial Services & Insurance), and retail sectors. Sector growth is driven by a rise in wireless payment applications driven by e-commerce and strict financial regulations. This utmost importance makes the online invoicing systems play an important role in handling those complex international transactions among B2Bs.
In terms of deployment, the cloud-based segment held over 65% market share during 2023. Cloud-based e-invoicing solutions offer significant flexibility, enabling companies to access their invoicing systems from any internet-connected location. In the state of modern business where remote work and collaboration are paramount, this kind of mobility is necessary. Furthermore, cloud-based solutions can easily scale up to support higher transaction volumes meaning no additional expensive investments in hardware and a significant reduction of capital expenditures.
In the application, E-commerce emerged as the largest segment which accounted for more than 32% share in 2023. E-commerce generates high transaction volumes, and these invoices need to be generated on time which is possible with e-invoicing as it helps in quick invoice generation, fast transmission of the corresponding data/information digitally without any delays or decay. Including the e-invoicing feature in their digital platforms help businesses to simplify billing processes, and improve customer experience by saving time from doing invoicing manually.
E-Invoicing Market Key Segmentation
By Channel
- B2B
- B2C
By Deployment Type
- Cloud-based
- On-premises
By Application
- Energy and Utilities
- FMCG
- E-Commerce
- BFSI
- Government
- Others
North America dominated the market with the highest share of 35% in 2023
North America marketplace growth is driven by advancements in web and software-based invoicing applications that integrate well with cloud platforms. This region is expected to continue leading in adoption and innovation, with a projected 15% growth in domestic e-invoicing adoption among SMEs. This is indicative of a broad adoption with more than 5 billion global e-invoices processed by the end of 2023. In Europe, e-invoicing is expected to reach 50% in part due to an increasing need for compliance and digitalization drive; mandates will have saved around 40% worth of invoice fraud cases over time, enhance financial transparency.
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Key Takeaways
- The report provides a detailed overview of the market dynamics, which involve emphasis on fuel efficient invoicing procedures and sustainability along with increasing environmental responsibility.
- The report examines market segmentation It provides insights into the performance and dominance of each segment, explaining the reasons behind their market share and growth.
- The report gives a region-wise analysis, This regional market forecast and adoption trends are covered in the research.
- Findings from this report include details on the e-invoicing market, and new partnerships or enhancements between leading developers as well as statistics about business take-up.
- This report seeks to inform participants and stakeholders about the e-invoicing market status and general prospect.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. E-Invoicing Market Segmentation, by Channel
8. E-Invoicing Market Segmentation, by Deployment Type
9. E-Invoicing Market Segmentation, by Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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