PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1636740
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1636740
According to Stratistics MRC, the Global E-Invoicing Market is accounted for $15.5 billion in 2024 and is expected to reach $57.4 billion by 2030 growing at a CAGR of 24.4% during the forecast period. E-invoicing, or electronic invoicing, is the digital exchange of invoice papers between buyers and suppliers in a defined electronic format. Since e-invoices are created, sent, and processed online rather than on paper or in PDF format, they may be seamlessly integrated with accounting software or enterprise resource planning (ERP) platforms. By doing away with human entry, lowering mistakes, and speeding up invoice processing, this automation improves operational efficiency. Governments frequently need e-invoicing in order to guarantee tax compliance and lower fraud. It is a vital tool for contemporary organizations in a variety of sectors as it promotes environmentally friendly practices by reducing the amount of paper used and provides cost savings through simplified operations.
According to the U.S. Treasury, it saved the federal government around $450 million a year by using e-invoicing.
Rise of Cloud-Based Solutions
The emergence of cloud-based solutions has greatly boosted the e-invoicing industry by providing scalability, cost-effectiveness, and increased accessibility. Real-time invoice processing, smooth ERP system integration and simplified regional regulatory compliance are all made possible by cloud platforms. They enable small and medium-sized businesses (SMEs) to use e-invoicing by lowering the requirement for substantial IT infrastructure. Additionally, cloud solutions improve remote access, data protection meeting contemporary corporate requirements and hastening the global implementation of digital invoicing procedures.
High Initial Implementation Costs
High initial installation costs in the e-invoicing sector can stymie uptake, particularly among small and medium-sized enterprises (SMBs) with restricted resources. These expenditures, which might deter businesses from switching to e-invoicing systems, could include software, training, and integration fees. As a result, companies could keep using outdated invoicing techniques, postponing digital transformation and losing out on the long-term cost and efficiency advantages of e-invoicing, which limits the market growth.
Integration with ERP and Accounting Systems
Integration with ERP and accounting systems has a big influence on the e-invoicing industry since it streamlines financial processes, reduces human data entry, and ensures smooth invoice processing. It improves real-time reporting, speeds up payment cycles, and increases accuracy. This connectivity also lowers the possibility of mistakes and helps firms stay in compliance with tax laws while providing a more automated and effective invoicing process. This connectivity encourages further use, particularly among large organizations and SMEs seeking operational efficiency, thus it propels market expansion.
Complex Regulatory Requirements
Complex regulatory requirements in the e-invoicing sector can stifle growth by raising compliance expenses and operational difficulties on enterprises. Managing disparate regional rules can cause invoicing procedures to be delayed, inaccurate, and inefficient. Small and medium-sized businesses (SMEs) may find it difficult to implement e-invoicing systems due to this complexity. Frequent changes to regulations can also create uncertainty, which deters investment in new technologies.
COVID-19 significantly accelerated the adoption of e-invoicing in North America as businesses sought contactless and efficient solutions to manage transactions remotely. The pandemic highlighted the need for streamlined digital processes, reducing manual paperwork and enhancing operational continuity. Increased reliance on cloud-based systems and automation also drove growth, as companies prioritized cost savings, faster payments, and compliance with evolving regulations, solidifying e-invoicing's role in the post-pandemic business landscape.
The large enterprises segment is expected to be the largest during the forecast period
The large enterprises segment is expected to be the largest during the forecast period as their widespread implementation of E-Invoicing systems helps standardize invoicing procedures, ensuring compliance with regulatory requirements and accelerating payment cycles. Furthermore, large enterprises' significant financial resources enable them to invest in advanced technologies, fueling market innovation and encouraging smaller businesses to adopt E-Invoicing solutions. This collective push enhances market expansion and adoption across industries.
The healthcare segment is expected to have the highest CAGR during the forecast period
The healthcare segment is expected to have the highest CAGR during the forecast period because E-invoicing systems help healthcare providers manage complex billing structures, reduce human errors, and ensure faster reimbursements. Additionally, healthcare organizations are adopting electronic invoicing to comply with government regulations, improve transparency, and enhance data security. The integration of E-Invoicing with healthcare management systems facilitates better tracking, auditing, and reporting, further boosting market growth in this sector.
North America is anticipated to hold the largest market share during the forecast period because the demand for operational efficiency, cost reduction, and more transparency in corporate transactions driving market expansion. Adoption is further accelerated by the growing emphasis on automation, cloud computing, and digital transformation technologies. The need for e-invoicing solutions in the area is also being driven by the need for enhanced data accuracy, quicker payment cycles, and smooth connection with enterprise resource planning (ERP) systems.
Asia Pacific is anticipated to witness the highest CAGR over the forecast period as countries such as India, China, and Japan are implementing e-invoicing technologies to combat tax evasion, increase compliance, and streamline corporate processes. Growth in the market is also being accelerated by the emergence of cloud-based platforms and developments in automation and artificial intelligence. The market's growth in the area is also being largely driven by the need for paperless transactions, cost reductions, and improved data security.
Key players in the market
Some of the key players in E-Invoicing market include Basware Corp., Cegedim SA., Comarch SA, Coupa Software Inc., Esker SA, International Business Machines Corp., iPayables Inc., Kofax Inc., Nipendo Ltd., PaySimple Inc., Sage Group Plc, SAP SE, Taulia Inc., Tipalti Inc., TradeShift Inc., Transcepta LLC., Visma Solutions Oy, Webtel Electrosoft. Pvt. Ltd., Xero Ltd. and Zoho Corp. Pvt. Ltd.
In October 2024, HSBC and B2B global trade network Tradeshift, launched new jointly owned venture, Semfi by HSBC, which aims to deliver Seamless Embedded Finance solutions to business clients.
In June 2020, Tradeshift, has unveiled Partner Next,a newly formalized partner program, designed to provide new and existing Partners with a full range of tools, support and collaboration opportunities to help them accelerate revenue opportunities through rapid digitization of supply chain relationships.
In April 2020, Tradeshift, has announced a partnership with Chain IQ, an independent, global service company providing strategic, tactical and operational procurement to its international clients.