India E-Invoicing Market Share, Size, Growth, Opportunity and Forecast 2023-2028

India E-Invoicing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A6021

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Market Overview:

The India e-invoicing market is expected to exhibit a growth rate (CAGR) of 24.3% during 2023-2028.

Electronic invoice, or e-invoice, refers to the invoices developed, reserved, and amended in a structured configuration through an electronic system, enclosing the debit and credit notes, purchase orders, and remittance vouchers specifying payment terms and conditions. E-invoicing is widely implemented in India to plug gaps in GST data reconciliation and curtail tax evasion. An e-invoice includes PDF, XML, or word formatted invoice data on a webpage or electronic mail. Easily deployable via smart devices like smartphones, tablets, or laptops, they can be integrated with the cloud for seamless operations. Thus, e-invoicing helps reduce human errors and processing time while increasing data quality and invoice accuracies.

India E-Invoicing Market Trends:

The India e-invoicing market is primarily driven by the rising need for transparency in invoicing. The increasing adoption of e-invoicing for streamlining invoice management and reduced audit risks are also contributing to the market demand. In line with this, rapid implementations of e-invoicing regulations to keep track of the shadow economy and the loss of tax revenue, incentives and compensations are providing lucrative growth opportunities in the market. Moreover, the emerging fair competition policies and the widespread usage of e-invoicing solutions across retail outlets for improving consumer protection for transactional documents are acting as major growth-inducing factors for the market. Additionally, the increasing need to lower commercial concealment while complying with tax obligations is further providing a boost to the e-invoicing market in the region.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India e-invoicing market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on channel, deployment type and application.

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

Breakup by Region:

North India
West and Central India
South India
East India

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Million
Segment Coverage	Channel, Deployment Type, Application, Region
Region Covered	North India, West and Central India, South India, East India
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2299 Five User License: US$ 3399 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

We expect the India e-invoicing market to exhibit a CAGR of 24.3% during 2023-2028.

The rising need for transparency in invoicing, along with the growing adoption of e-invoicing, as it helps in reducing human errors and processing time, while increasing data quality and invoice accuracies, is primarily driving the India e-invoicing market.

The sudden outbreak of the COVID-19 pandemic has led to the escalating deployment of e-invoicing, owing to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of various products and services.

Based on the channel, the India e-invoicing market can be segregated into B2B, B2C, and others. Among these, B2B holds the largest market share.

Based on the deployment type, the India e-invoicing market has been bifurcated into cloud-based and on-premises, where cloud-based currently exhibits a clear dominance in the market.

Based on the application, the India e-invoicing market can be categorized into energy and utilities, FMCG, E-commerce, BFSI, government, and others. Currently, E-commerce accounts for the majority of the total market share.

On a regional level, the market has been classified into North India, West and Central India, South India, and East India, where West and Central India currently dominates the India e-invoicing market.

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