DUBLIN, March 27, 2024 (GLOBE NEWSWIRE) — By channel (B2B, B2C, other), by deployment type (cloud-based, on-premises), by application (energy and utilities, FMCG, e-commerce, BFSI, Government, Others), and Regions 2024-2032” report added ResearchAndMarkets.com Recruitment.
The global e-invoicing market reached USD 13.5 billion in 2023. In the future, the market is predicted to reach USD 60.9 billion by 2032 and will show a growth rate (CAGR) of 18.2% from 2023 to 2032. Various technological advancements such as expansion of e-commerce industry, widespread adoption of advanced information technology (IT) solutions across various industries, and development of web and software-based billing applications are among the key factors driving the market. It represents the department.
The e-invoicing market is driven by the global shift towards digitalization and automation. As companies strive to streamline their operations and improve efficiency, traditional paper-based billing processes are being replaced with electronic alternatives that offer faster, more accurate, and cost-effective billing methods. Additionally, regulatory initiatives and obligations play a key role in driving the e-invoicing market. Many governments and regulatory bodies are encouraging or requiring businesses to adopt electronic invoicing to curb tax evasion, reduce fraud, and improve overall financial transparency. These regulations act as a catalyst, forcing businesses to adopt e-invoicing solutions to maintain compliance and avoid potential penalties.
Commitment to sustainability and environmental responsibility is also driving the growth of the e-invoicing market. Organizations are becoming increasingly aware of the environmental impact of paper-based processes, including resource consumption and waste generation. By moving to electronic invoicing, businesses can minimize paper usage and waste generation, significantly reducing their carbon footprint. Additionally, the expanding global business environment and cross-border trade are increasing the demand for electronic invoicing solutions.
Advances in globalization and digital transformation
Increasing globalization of business and broader digital transformation trends are driving the adoption of e-invoicing. As companies expand their operations across borders, traditional paper-based invoicing becomes inefficient and prone to delays. E-invoicing bridges geographic gaps and enables seamless and real-time invoice exchange between international partners. Additionally, continued digital transformation efforts by businesses are driving the adoption of e-invoicing as part of broader digitization efforts. The shift to cloud-based solutions, mobility, and remote work has further increased the need for electronic and interconnected claims processes. E-invoicing aligns with this digital evolution, facilitating faster and more efficient financial transactions in an increasingly connected business environment.
Advances in various technologies
Rapid advances in technology and increased interest in automation are fundamentally changing the electronic billing market. Automation technologies such as artificial intelligence (AI) and machine learning are being integrated into electronic billing platforms to streamline and optimize the entire billing process. These technologies allow you to extract relevant information from invoices, verify data accuracy, and even predict potential discrepancies. Additionally, blockchain technology is gaining traction in the electronic invoicing space as it can provide a secure and immutable record of transactions. Blockchain ensures data integrity and reduces the risk of fraud. Such technology integration improves billing efficiency and accuracy and helps build trust among stakeholders.
Expanding EC industry
The remarkable growth of the e-commerce industry has led to a rapid increase in the number of transactions conducted online. This surge has increased the amount of invoices that need to be created, sent, received, and processed. Electronic invoicing provides a solution to efficiently handle this increased workload. Furthermore, e-commerce situations often involve various stakeholders such as sellers, buyers, and intermediaries. An e-billing platform provides the structure needed to seamlessly manage these multiple parties and their associated billing needs. Additionally, e-commerce transactions often occur in real-time, requiring quick invoicing as well. Electronic invoicing systems facilitate the instant generation and delivery of invoices as soon as a transaction is completed. This responsiveness improves the customer experience and ensures that payments are initiated quickly.
Electronic billing industry segmentation
The report offers analysis of key trends in each segment of the global e-invoice market report and forecasts at global, regional and country level from 2024 to 2032. This study categorizes the market based on channel, deployment type, and application.
B2C represents the most dominant channel
The report provides detailed segmentation and analysis of the market based on channels. This includes B2B, B2C, etc. According to the report, B2C accounts for the largest segment.
B2C transactions involve a large number of individual customers purchasing from businesses. In this context, e-invoicing streamlines the payment process for consumers. Customers appreciate the convenience of receiving invoices directly via email or online portal and completing payments immediately without the need for physical paperwork. As consumers become accustomed to digital interactions in many aspects of their lives, electronic invoices align with their expectations for efficient, digitally-driven experiences. Additionally, implementing e-invoicing in a B2C context provides cost-saving benefits to businesses. Traditional paper-based invoicing involves printing, mailing, and administrative fees. Moving to electronic invoicing can significantly reduce these costs, contributing to increased operational efficiency and profitability.
Cloud-based deployments hold largest market share
Detailed segmentation and analysis of the market on the basis of deployment type is also provided in the report. This includes cloud-based and on-premises. According to the report, cloud-based deployments account for the largest market share.
Cloud-based e-invoicing solutions offer unparalleled accessibility. Companies can access billing systems from anywhere with an internet connection, enabling remote work and fostering collaboration between distributed teams. This flexibility is critical in today's dynamic business environment. Additionally, cloud-based e-invoicing can easily scale as transaction volumes increase without requiring large hardware investments. This scalability is especially advantageous for businesses experiencing seasonal fluctuations or rapid growth, allowing them to efficiently manage their billing processes. Additionally, this deployment eliminates the need for businesses to invest in and maintain on-premises infrastructure. This significantly reduces initial capital expenditure and ongoing maintenance costs.
E-commerce holds the largest market share
The report provides detailed segmentation and analysis of the market on the basis of applications. This includes energy and utilities, FMCG, e-commerce, BFSI, government, etc. According to the report, e-commerce accounts for the largest market share.
E-commerce is characterized by large volumes of sales, purchases, and payments between businesses and consumers. This high volume of transactions requires a streamlined and efficient billing process. E-invoice automation capabilities meet this demand and enable rapid generation, delivery, and processing of invoices at scale. Furthermore, e-commerce inherently operates in a digital environment, with online platforms serving as the primary channel for transactions. E-invoicing seamlessly integrates with these digital ecosystems, allowing businesses to generate and submit invoices electronically through the same platform where transactions occur. This natural integration improves the customer experience and accelerates e-invoicing adoption.
Europe has a clear advantage in the market
The report also provides a comprehensive analysis of all major regional markets including North America (USA, Canada). Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe accounted for the largest market share.
European governments have been active in promoting electronic invoicing through regulatory mandates and standardization efforts. Initiatives such as the European Directive 2014/55/EU mandate the use of electronic invoicing in public procurement processes across member states. These regulations create a standardized framework for electronic billing and encourage businesses to adopt digital billing. Additionally, Europe has a history of early technology adoption and a strong digital infrastructure. This technology-savvy environment is driving the adoption of e-invoicing solutions by businesses of all sizes. Furthermore, the widespread use of electronic banking and digital payments in Europe creates a natural linkage with electronic invoicing operations.
competitive environment
The competitive landscape of the market is characterized by the dynamic interaction of established players, innovative start-ups, and technology giants aiming to gain market share. Leading companies are now investing in research and development to integrate advanced technologies such as artificial intelligence (AI), machine learning, and blockchain into their e-invoicing solutions. Additionally, with an emphasis on cloud-based deployments, companies are offering scalable and flexible solutions that adapt to the changing demands of their business. Cloud solutions facilitate remote work, scalability, and real-time accessibility. We have also diversified our services beyond e-invoicing, offering value-added services such as supplier financing, spend analytics, and supply chain visibility, creating comprehensive solutions for businesses.
This report offers a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies are also provided. Key players in the market include:
- Arise Co., Ltd.
- bathware oiji
- bright pearl
- Segedim (FCB SAS)
- Comarch SA
- Cooper Software Co., Ltd.
- International Business Machines Corporation
- Nippendo Co., Ltd.
- Paysimple Co., Ltd. (EverCommerce)
- SAP Ariba (SAP SE)
- Sage Group PLC
Industry development:
- Araize, Inc. has released a new version of its electronic invoicing software that includes enhanced features for invoice tracking, payment reminders, and invoice customization. The software also offers integration with popular CRM and accounting systems.
- Sage Group has introduced AI-powered features to its e-invoicing software, allowing users to automate invoice creation, approval workflows, and payment processing. The software also provides real-time analysis and reporting capabilities.
- SAP Ariba, a subsidiary of SAP SE, has introduced enhancements to its e-invoicing and procurement solutions. These improvements are focused on improving supplier collaboration, optimizing procurement processes, and enhancing end-to-end supply chain visibility.
key attributes
| report attributes | detail |
| number of pages | 143 |
| Forecast period | 2023-2032 |
| Estimated market value in 2023 (USD) | $13.5 billion |
| Projected market value to 2032 (USD) | $60.9 billion |
| compound annual growth rate | 18.2% |
| Target area | global |
For more information on this report, please visit https://www.researchandmarkets.com/r/hwu9jg.
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