The latest report by IMARC Group, titled “E-Invoicing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global e-invoicing market reached a value of US$
11.2 Billion in 2022. E-invoicing, or electronic invoicing, is the process of electronic billing that involves the exchange of invoices between the supplier and the customer or buyer. It comprises debit and credit notes, purchase orders, and remittance vouchers. The e-invoicing procedure is carried out via cloud-based solutions, which helps in enhancing accuracy and data quality, avoiding delayed payments, and accelerating invoice-processing time. It also helps in tracking business transactions and reduces the cost incurred in system design, implementation, training and maintenance, as well as customization.
Global E-Invoicing Market Trends:
The market is primarily driven by the growth of the e-commerce industry on account of rising disposable incomes and the increasing penetration of the internet and smart devices. In addition, the adoption of cloud-based services across the energy, telecommunication, retail, and BFSI industries is significantly influencing the demand for e-invoicing. The increasing digital transformation is revolutionizing business processes by enhancing operations and reducing costs. Consequently, various large and small enterprises are investing in digital technologies like predictive analytics, big data, artificial intelligence, cloud computing, and the internet of things (IoT), which is propelling the demand for e-invoicing solutions. Furthermore, the introduction of new e-invoicing software that can be integrated with AI and the IoT is fueling the market growth. Looking forward, the market is expected to reach a value of US$
35.9 Billion by 2028, exhibiting a CAGR of
20.26% during the forecast period (2023-2028).
- Based on the channel, the market has been segmented into B2B, B2C, and others.
- On the basis of the deployment type, the market has been classified into cloud-based and on-premises.
- The market has been categorized based on the application into energy and utilities, FMCG, e-commerce, BFSI, government, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Araize Inc., Basware Oyj, Brightpearl, Cegedim Group (FCB SAS), Comarch SA, Coupa Software Incorporated, International Business Machines Corporation, Nipendo Limited, Paysimple Inc. (EverCommerce Inc.), SAP Ariba (SAP SE), and The Sage Group Plc.
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