In 2021, the global E-Invoicing market made significant strides with a market size of US$ 5.1 billion. The journey ahead appears even more promising, with projections indicating robust growth, with the market set to reach a remarkable US$ 15.6 billion by 2030. This outstanding expansion is bolstered by a commendable compound annual growth rate (CAGR) of 15.1% during the forecast period from 2022 to 2030.
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Defining E-Invoicing
E-Invoicing, short for electronic invoicing, involves the electronic exchange of invoices between buyers and suppliers. The definition of e-invoicing varies across regions, subject to the legal frameworks and types of businesses operating within specific countries. For this analysis, electronic invoices refer to structured invoices with more than seven required fields for supplier and buyer verification.
Key Market Drivers
Several pivotal factors are shaping the E-Invoicing market:
- Booming E-Commerce Sector: The remarkable growth in the e-commerce sector is the primary driver of the E-Invoicing market during the forecast period. Smart IT solutions are widely integrated across industries such as Banking, Financial Services, and Insurance (BFSI), energy, telecommunications, and retail, fostering a positive outlook for E-Invoicing.
- Versatile E-Invoicing Solutions: The flexible E-Invoicing solutions offered by product providers will further boost the E-Invoicing market, providing convenience to users.
- Technological Advancements: The development of cloud-based invoicing web and software-based services, the Internet of Things (IoT), and predictive analytics are poised to revolutionize various industries. The growing user base on e-commerce platforms offers significant growth opportunities for the market.
- Combatting Tax Fraud: E-Invoicing significantly reduces the risk of tax fraud. These advantages unlock untapped growth opportunities for the market.
Challenges
Despite the potential for growth, the high initial cost of adopting E-Invoicing may act as a limiting factor.
Impact of COVID-19
The E-Invoicing market saw an upsurge in demand during the COVID-19 pandemic, particularly driven by the rapid growth in the user base of e-commerce platforms. The pandemic increased the adoption of smart technologies in banking, retail, and other sectors to combat fraud, which is expected to have a lasting positive impact on the E-Invoicing market in the years to come.
Regional Dominance
Europe leads the global E-Invoicing market and is projected to maintain its dominance in terms of revenue. Government initiatives mandating the use of B2B and B2C E-Invoicing procedures and the increasing digitalization in the region are expected to have a long-term impact on the market.
Key Market Competitors
Key players in the E-Invoicing market include:
- Basware Corporation
- Transcepta LLC
- The Sage Group Plc
- Cegedim SA
- IBM Corporation
- Tradeshift
- Coupa Software Inc.
- Comarch SA
- Nipendo Ltd.
- SAP SE
Market Segmentation
The global E-Invoicing market is segmented based on end-users, deployment, and region:
- End-User:
- B2C
- B2B
- Others
- Deployment:
- Cloud
- On-Premises
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