New York, US, May 17, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Electronic Data Interchange (EDI) Software Market By Type, By Industry, And By Region –Market Forecast Till 2032. Market Research Future (MRFR)'s report, Electronic Data Interchange (EDI) Software Market to Worth USD 5.07 Billion, Growing at a 10.30% CAGR by 2032.
EDI Software Market Scope:
When a company and its trading partners exchange business documents in a standardized electronic format, this is known as electronic data interchange (EDI). The most typical documents transferred with the use of EDI are invoices, purchase orders, and advance dispatch alerts. Bills of lading, payment paperwork, inventory documents, and shipment status documents are examples of additional documents. Organizations may regulate the data transfer across supply chain apps thanks to EDI.
Competition Dynamics
Leading market participants are putting strategic plans into action, including alliances, new launches, and product development. Companies also use mergers and acquisitions and collaborations to expand their markets. To grow and compete in a cutthroat market, the Electronic Data Interchange (EDI) Software sector must provide affordable products.
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Key Companies in the Electronic Data Interchange (EDI) Software market include:
- 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.
Electronic Data Interchange Software Market Report Scope:
| Report Metrics | Details |
| Electronic Data Interchange Software Market Size by 2032 | USD 5.07 Billion |
| CAGR during 2023-2032 | 10.30% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Dynamics | Increase adoption in various industries Rising new initiatives |
Electronic Data Interchange Software Market Drivers
Businesses are investing in electronic data interchange solutions in the age of digital transformation to deal with the issues brought on by the data flood. Managers must now adopt EDI in businesses where many streaming devices and apps coexist. Due to the shortcomings of conventional solutions, these managers are frequently unsatisfied with the performance of EDI. For managing supply chain partners, value-added networks (VANs) as a hosted solution result in limited control over partner registration and administration. As a result, businesses offering electronic data interchange (EDI) solutions are creating software that utilizes AI and the Internet of Things (IoT).
Modern EDI solutions that are flexible and agile are becoming more and more in demand. This helps businesses embrace cutting-edge technology and adapt to the changing needs of their clientele. For managing trading partners and data mapping, EDI software is heavily marketed. Innovative software gateways are being created in the market for electronic data interchange solutions to automate the difficult EDI message processing. Thus, it is expected that the market CAGR will increase in the next years as a result of the increased automation of various operations.
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Demand for EDI platforms is driven by a rise in the adoption and use of EDI solutions. Applications for EDI systems include administration, financial management, inventory and logistics management, transportation and distribution, and more. With the use of these solutions, organizations may cut back on paperwork, transcribing mistakes, the amount of time it takes to respond to customer and procurement requests, inventory stock-out issues, and vendor payments. In many countries, different government regulatory authorities embrace EDI systems.
The need for EDI solutions is also being fueled by the adoption of cutting-edge technology by market players. Many businesses use cutting-edge technology like artificial intelligence, machine learning, and blockchain. There are several ways to send data securely and quickly through the EDI platform. These elements thereby increase the income of the Electronic Data Interchange (EDI) Software industry.
Market Limitations
Electronic data exchange (EDI) has its drawbacks, too, including high installation costs and lengthy solution deployment.
COVID-19 Analysis
The supply chain was badly impacted in 2020 as a result of lockdowns in several nations, which led to a fall in the size of the international market for electronic data interchange software. Major market industry verticals including automotive, manufacturing, transportation, and logistics were closed for a lengthier amount of time. As a result, this also had an impact on the income of providers of software for electronic data exchange.
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Marketing division
By Component
With between 55% and 65% of market revenue coming from solutions, this sector dominated the industry. The market is expected to grow as digital technology is adopted more widely for workflow automation and IoT-connected devices.
By Type
In 2022, the market was led by the online EDI sector. The web-based electronic data interchange (EDI) segment is predicted to dominate the electronic data interchange (EDI) software market due to growing demand from small to medium-sized healthcare providers for its cost-effective solutions and greater flexibility and scalability.
By industry
The segment with the most revenue was transportation and logistics. New technology in logistics services, such carrier-based data analytics, delivery consolidation from numerous carriers, and automated scheduling, are to blame for this. Global data synchronization and the streamlining of Direct Store Delivery (DSD) processes are being driven by the increased usage of data exchange technologies in the retail industry.
Regional Analysis:
In 2022, this market will be dominated by the North American Electronic Data Interchange (EDI) Software market. The demand for data exchange solutions is rising as a result of the expansion of the region's industrial, retail, healthcare, and automotive sectors. Over the course of the projection period, the U.S. is anticipated to gain the biggest market share thanks to a growth in digital business-to-business transactions.
The second-largest market for Electronic Data Interchange (EDI) software is located in Europe. Europe is expected to expand at a large CAGR rate due to the abundance of data exchange solutions and instrument makers. In order to standardize and control electronic data exchange activities, the European United Nations has also accepted the ISO 9735 standard for electronic data transfer. Additionally, the UK's market for electronic data interchange (EDI) software grew at the quickest rate in the European area, while Germany's market had the biggest market share.
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From 2023 to 2032, the Electronic Data Interchange (EDI) Software Market in Asia-Pacific is predicted to see the quickest CAGR. The deployment of EDI solutions is projected to be fueled by rising investment and widespread industrial usage of digital technologies. In addition, it is projected that the Asia-Pacific market would be driven by economic development, legislative changes, and the rise of the IT sector. Additionally, the highest market share was maintained by the Electronic Data Interchange (EDI) Software market in China. The Asia-Pacific region's fastest-growing market for Electronic Data Interchange (EDI) software was found in India.
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