PUBLISHER: The Business Research Company | PRODUCT CODE: 1500047
PUBLISHER: The Business Research Company | PRODUCT CODE: 1500047
E-invoicing, an abbreviation for electronic invoicing, denotes the practice of generating, dispatching, receiving, and handling invoices digitally, rather than relying on traditional paper-based methodologies. This entails the electronic transmission of invoice data between business partners or entities, typically facilitated through specialized software platforms or electronic data interchange (EDI) systems.
The primary categories of e-invoicing encompass integrated solutions and standalone systems. Integrated e-invoicing solutions encompass comprehensive platforms that seamlessly oversee the entire invoicing workflow, spanning from creation to settlement, within an organization's existing infrastructure. E-invoicing deployment occurs across public cloud, private cloud, and hybrid cloud environments, finding utility across diverse sectors such as energy, fast-moving consumer goods (FMCG), express services, finance, e-commerce, and others. The beneficiaries of e-invoicing include both large enterprises and small to medium-sized businesses.
The e-invoicing market research report is one of a series of new reports from The Business Research Company that provides e-invoicing market statistics, including e-invoicing industry global market size, regional shares, competitors with an e-invoicing market share, detailed e-invoicing market segments, market trends, and opportunities, and any further data you may need to thrive in the e-invoicing industry. This e-invoicing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The e-invoicing market size has grown exponentially in recent years. It will grow from $15.98 billion in 2023 to $19.64 billion in 2024 at a compound annual growth rate (CAGR) of 22.9%. The expansion observed during the historical period can be attributed to regulatory mandates, endeavors to achieve cost savings, technological progress, commitments to environmental sustainability, and the influence of globalization trends.
The e-invoicing market size is expected to see exponential growth in the next few years. It will grow to $45.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The anticipated growth in the forecast period can be ascribed to several factors, including the heightened uptake of cloud-based solutions, a growing focus on data security and compliance, the proliferation of digital transformation initiatives, escalating demand for automated invoice processing, and an accelerated transition towards paperless workflows. Key trends expected in the forecast period encompass the integration of blockchain technology, the implementation of AI-driven invoice analytics, the adoption of mobile invoicing solutions, the establishment of interoperability standards, and the emergence of invoice financing platforms.
The increasing embrace of digital transformation is anticipated to drive the expansion of the e-invoicing market in the foreseeable future. Digital transformation involves strategically integrating digital technologies to fundamentally alter business processes, customer experiences, and organizational culture in response to evolving market demands. This surge in digital transformation adoption stems from businesses' imperative to remain competitive, enhance operational efficiency, improve customer experiences, and adapt to swiftly changing technological landscapes. Digital transformation enhances e-invoicing by automating manual processes, enhancing accuracy, expediting invoice processing, and delivering efficiency gains and cost savings. For example, in October 2023, as per the Australian Bureau of Statistics, digital business activity in Australia surged from 7.7% in 2021 to 8.6% in 2022, underscoring the driving force behind the e-invoicing market's growth.
Leading companies in the e-invoicing market are intensifying their efforts to develop advanced e-invoicing solutions, such as ONESOURCE e-invoicing, to bolster their market revenue. ONESOURCE e-invoicing is a software solution engineered to streamline electronic invoice management and ensure compliance with global e-invoicing regulations. For instance, in October 2023, Thomson Reuters Corporation, a Canada-based media company, rolled out ONESOURCE e-invoicing tailored for multinational enterprises. This solution furnishes clients with a pre-built suite of integrations linking financial systems, such as prevalent enterprise resource planning (ERP) systems. The technology automates the end-to-end compliance process, centralizing and standardizing the compliance workflow to ensure precise, timely digital filings. Leveraging technology, this centralized platform simplifies electronic invoicing management for multinational enterprises, providing a unified access point to handle e-invoicing compliance, cut costs, streamline data management, and save time through automated e-invoice validation and data enrichment.
In February 2024, Thomson Reuters Corporation, a Canada-based media company, acquired Pagero Group AB for $800 million. This acquisition is poised to enable Thomson Reuters Corporation to broaden its offerings in the e-invoicing and indirect tax solutions realms, positioning the company for significant growth prospects. Pagero Group AB is a Sweden-based e-invoicing and business network company.
Major companies operating in the e-invoicing market are Oracle Corporation, Fiserv Inc., FIS Global Solutions Holdings LLC, Thomson Reuters Corporation, Deluxe Corporation, GEP Solutions Pvt. Ltd., SAP Ariba Inc., Coupa Software Incorporated, Bill Holdings Inc., Bottomline Technologie Inc., Basware Corporation, AvidXchange Inc., Zycus Inc., Jaggaer Inc., Tipalti Inc., Ivalua Inc., Esker Inc., Corcentric LLC, Tradeshift Holdings Inc., Taulia Inc., MineralTree Inc., Plooto Inc., Transcepta LLC, Certify Inc., Yooz Inc.
North America was the largest region in the e-invoicing market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the e-invoicing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the e-invoicing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The e-invoicing market includes revenues earned by entities by providing services such as electronic invoice generation, invoice delivery, supplier onboarding and management, and compliance monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
E-Invoicing Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on e-invoicing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for e-invoicing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The e-invoicing market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.