The latest report by IMARC Group, titled “E-Invoicing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Report 2023–2028“. The global e-invoicing market size reached US$ 11.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 35.9 Billion by 2028, exhibiting a growth rate (CAGR) of 20.26% during 2023–2028.
E-invoicing, or electronic invoicing, is a digital method of creating, sending, receiving, and processing invoices between businesses. It replaces traditional paper-based invoicing with a more efficient and automated system. It is typically generated in electronic formats such as portable document formats (PDFs) or structured data files and is transmitted through secure networks or specialized platforms. It offers several advantages, including faster invoice delivery, reduced manual data entry, decreased errors, and improved transparency in financial transactions. Additionally, businesses can streamline their accounts payable and receivable processes, leading to cost savings, enhanced productivity, and reduced paper use. As a result, e-invoicing is gaining immense popularity across the globe.
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E-Invoicing Market Trends and Drivers:
The e-invoicing market is primarily driven by the ongoing digital transformation across industries. In addition, companies are embracing digital technologies to stay competitive, and e-invoicing is an essential component of this transformation, thus influencing the market growth. Along with this, the rising globalization allowed businesses to operate globally, resulting in the need for standardized invoicing processes, thus propelling market growth. E-invoicing provides a standardized format that is easily understood and accepted across borders, facilitating international trade and reducing complexities associated with cross-border transactions. Moreover, the widespread adoption of e-invoicing is due to its improved safety with security features, including encryption and authentication, reducing the risk of fraud and unauthorized access to sensitive financial information, thus representing another major growth-inducing factor. Besides this, the rising environmental concerns toward sustainability led to the adoption of e-invoicing to reduce carbon footprint and the need for paper, printing, and physical transportation of documents, thus accelerating market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Channel:
- B2B
- B2C
- Others
Breakup by Deployment Type:
- Cloud-based
- On-premises
Breakup by Application:
- Energy and Utilities
- FMCG
- E-Commerce
- BFSI
- Government
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Araize Inc.
- Basware Oyj
- Brightpearl
- Cegedim (FCB SAS)
- Comarch SA
- Coupa Software Incorporated
- International Business Machines Corporation
- Nipendo Ltd.
- Paysimple Inc. (EverCommerce)
- SAP Ariba (SAP SE)
- The Sage Group Plc
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