The India e-invoicingmarket 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:
Breakup by Deployment Type:
Breakup by Application:
Energy and Utilities
Breakup by Region:
West and Central India
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Base Year of the Analysis
Channel, Deployment Type, Application, Region
North India, West and Central India, South India, East India
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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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