The global demand for E-Invoicing Market was valued at US$ 6.77 billion in 2020 and is expected to experience a growth rate of 21.6 % from 2021 to 2028. E-invoicing is an electronic billing system that refers to electronic invoice interchange between the buyers and suppliers. It is issued, transmitted, received, processed, and stored digitally in a specific format which was prone to human error when it was done manually on the paper-based system. It is conducted using mobile phones, laptops, and tablets which includes order history, debit, and credit records, and payment vouchers. It can be installed through the cloud and on-premises solutions which improves the tracking the transactions and reduces delayed payment and fast invoice processing.
Substantial growth in the e-commerce industry led to the growth of the e-invoicing market rapidly. The introduction of cloud computing acts as a key driving factor for the e-invoicing market. Therefore, the need for faster payment and enhanced account reconciliation are the main factors anticipated to catalyze the growing demand for e-invoicing during the forecast period. E-invoicing allows faster payment and improved cash flow keeps better account settlement, saves money, fewer disputes and rejected invoices increases productivity and automation. Moreover, E-invoicing controls fraud in trade finance and supply chain financing, which was earlier dependent on manual processes and paper invoices. In addition, improved IT system optimization, tax evasion, and financial fraud between the government organizations and tax authorities are also projected to be an opportunity factor for the e-invoicing market during the forecast period.
The global E-invoicing market is segmented on the basis of deployment type, end-user, and region. By deployment type, it is categorized into cloud and on-premises. On the basis of end-user, it is categorized into B2C, B2B, and others. Furthermore, on the basis of region, it is categorized into North America (US Canada), Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe), Asia Pacific (China, Japan, India, South Korea Rest of Asia Pacific) and Rest of World (Latin America (Brazil, Mexico), Middle East & Africa (South Africa, GGC)).
Key major players in the E-invoicing market are Basware Corporation, Nipendo Ltd., Cegedim SA, Comarch SA, IBM Corporation, SAP SE, The Sage Group Plc, Tradeshift, Transcepta LLC, and Coupa Software Inc. among others.
Global E-Invoicing Market Segmentation and Scope
Global E-Invoicing Market is segmented on the basis of deployment type, end- user and region as mentioned below:
By Deployment Type
The prominent players involved in the global E-invoicing market includes;