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The latest report by IMARC Group, titled “E-Invoicing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global e-invoicing market reached a value of US$ 8.74 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 29.68 Billion by 2027, exhibiting a CAGR of 21.50% during the forecast period (2022-2027).
Market Summary:
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