US & Canada, Sept. 23, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global electronic data interchange (EDI) market is observing significant growth owing to increasing adoption of EDI transactions and standards and rising digital transformation across Industries.
Global Electronic Data Interchange (EDI) Market Experiences Significant Growth Due to Increasing Adoption of EDI Transactions and Standards. Browse More Insights: https://www.theinsightpartners.com/reports/electronic-data-interchange-edi-market
The report carries out an in-depth analysis of market trends, key players, and future opportunities. In general, the electronic data interchange (EDI) market comprises a vast array of component, type, industry, and geography which are expected to register strength during the coming years.
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Overview of Report Findings:
1. Market Growth: The electronic data interchange market was valued at US$ 30.64 billion in 2023 and is projected to reach US$ 65.99 billion by 2031; it is expected to register a CAGR of 10.3% during 2023–2031.
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2. By geography, the electronic data interchange market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. North America dominated the electronic data interchange (EDI) market in 2022. The US is a developed country in terms of modern technology and developed IT infrastructure. Technological advancements are leading to highly competitive markets across North America. The region hosts several technological giants, investing significantly in developing robust technologies. The US has clearly past the phase of early adoption of EDI solutions. With continuous increases in data transactions in B2C, B2B, etc., many organizations and their partners are projected to report business growth in the future. Huge numbers of enterprises are showing interest in EDI solutions to interchange their data accurately, efficiently, and safely.
3. Europe is the second-largest contributor to the global electronic data interchange (EDI) market, followed by Asia Pacific. Europe has a growing EDI market, with Germany and the UK leading the market growth. France, Estonia, Portugal, and Croatia are among the countries working aggressively to bring a B2G e-invoicing mandate. Furthermore, B2B e-invoicing mandates were planned in France and Serbia from 2023 and 2022, respectively. The businesses and governments of various countries in Europe highly adopt EDI solutions. Moreover, the wide market fragmentation and high cross-border trade between European countries drive the demand for efficient invoicing solutions.
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Market Segmentation:
- Based on component, the market is bifurcated into solutions and services. The solutions segment held a larger share of the electronic data interchange (EDI) market in 2023.
- Global electronic data interchange (EDI) market is segmented by type into direct EDI, EDI via AS2, EDI via VAN, Mobile EDI, Web EDI, EDI Outsourcing, and Others. The EDI via AS2 segment held the largest share of the electronic data interchange (EDI) market in 2023.
- Based on industry, the 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 2023.
- The electronic data interchange (EDI) market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development:
- Key Players: A few major companies operating in the electronic data interchange (EDI) market include SPS Commerce, Inc.; International Business Machines Corp; Boomi, Inc; Cleo; and Mulesoft, LLC.
- Trending Topics: IoT sensors, Blockchain technology, and Artificial Intelligence (AI).
Global Headlines on Electronic Data Interchange Market:
- "Cleo’s announced the Procure-to-Pay automation solution (CIC PAVE)—an easy-to-use web portal that automatically enables EDI transactions—bringing SMB manufacturer’s greater control over their supplier ecosystem."
- "SPS Commerce acquired InterTrade, a wholly owned subsidiary of mdf commerce inc. and a provider of technical solutions for product, information, and transaction data exchange between retailers and suppliers"
- "Cleo announced deeper integrations between the Cleo Integration Cloud (CIC) platform and Microsoft Dynamics 365 ERP. The Cleo solution enables organizations to connect their Dynamics 365 Supply chain solutions through the X12 EDI integration. It is expected to reduce the complexity of supporting an organization’s EDI network and seamlessly integrate it into its Dynamics application"
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Conclusion:
The rising digital transformation and acceptance of EDI solutions for data transaction trends, growing EDI-related compliance requirements, and increasing government initiatives to boost EDI adoption are among the critical factors driving the market growth. However, there are a few issues/concerns related to EDI solutions, which may restrain frequent adoption of these solutions in the coming years. Despite some limitations, the growing demand for cloud-based solutions and the adoption of advanced technologies such as blockchain in the global EDI market are anticipated to fuel the market growth during the forecast period.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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