Global Electronic Invoicing (e-Invoicing) Market Size By Deployment Type, By Type, By End-User, By Geographic Scope And Forecast

Electronic Invoicing (e-Invoicing) Market Size And Forecast

Electronic Invoicing (e-Invoicing) Market size was valued at USD 16.8 Billion in 2023 and is projected to reach USD 66.9 Billion by 2030, growing at a CAGR of 17.4% during the forecast period 2024-2030.

Global Electronic Invoicing (e-Invoicing) Market Drivers

The growth and development of the Electronic Invoicing (e-Invoicing) Market is attributed to certain main market drivers. These factors have a big impact on how Electronic Invoicing (e-Invoicing) are demanded and adopted in different sectors. Several of the major market forces are as follows

• Cost Savings The possibility of cost savings is one of the main factors pushing the adoption of e-invoicing. Businesses can cut expenses by using electronic invoicing instead of paper bills, printing, mailing, and human processing.
• Efficiency and Automation By automating processes including creation, approval, and delivery, e-invoicing simplifies the invoicing process. The entire invoicing cycle is accelerated, efficiency is increased, and errors are decreased thanks to this automation.
• Quicker Payment Cycles E-invoicing’s automation and speed help to facilitate quicker payment cycles. Companies can improve cash flow and lower days sales outstanding (DSO) by receiving payments faster.
• Regulatory Compliance As part of their efforts to bring about a digital revolution, numerous governments across the globe are encouraging or requiring e-invoicing. By using electronic invoicing, businesses may comply with national and international laws and stay out of trouble.
• Less Environmental Impact By using less paper and having a smaller environmental impact than traditional paper-based invoicing procedures, e-invoicing supports sustainability goals.
• Integration with ERP Systems E-invoicing platforms frequently offer a linked and coherent financial management environment by integrating easily with accounting and enterprise resource planning (ERP) platforms.
• Globalisation and Cross-Border commerce E-invoicing, which offers standardised, electronic invoicing forms that are easily exchanged between trading partners, helps enterprises involved in international commerce execute cross-border transactions more smoothly.
• Enhanced Security and Fraud PreventionAdvanced security features, like as encryption and authentication, are commonly available on e-invoicing platforms, which lowers the possibility of fraud or tampering with invoices. This is especially crucial while doing financial transactions.

Global Electronic Invoicing (e-Invoicing) Market Restraints

The Electronic Invoicing (e-Invoicing) Market has a lot of room to grow, but there are several industry limitations that could make it harder for it to do so. It’s imperative that industry stakeholders comprehend these difficulties. Among the significant market limitations are

• Initial Implementation Costs Small and medium-sized firms (SMEs) in particular may find it difficult to afford the initial outlay of funds needed to deploy e-invoicing systems, which includes software, training, and system integration.
• Resistance to Change Adapting electronic technologies to replace conventional paper-based processes can be extremely difficult. Some companies could find it difficult to persuade stakeholders to use new workflows and technologies.
• Diversity in Regulatory Compliance It might be difficult to comply with the many regulatory frameworks and requirements that exist in various industries and geographical areas. Globally functioning businesses must traverse a variety of rules, and compliance may require extra work and expense.
• Lack of Standardisation Interoperability problems across various systems may arise from the lack of standardised formats and protocols for e-invoicing. The absence of uniformity could impede smooth communication between companies and their trading partners.
• Security Concerns The adoption of e-invoicing may be hampered by worries about the security of electronic transactions, including problems with data privacy, confidentiality, and possible cyber threats.
• Limited IT Infrastructure in Some Places Businesses may face difficulties implementing e-invoicing solutions in some places, especially in developing nations, where access to reliable IT infrastructure and internet connectivity is restricted.
• Complexity of Integration It might be difficult to integrate e-invoicing software with current accounting or enterprise resource planning (ERP) systems. Depending on the unique requirements of enterprises, different levels of integration could be needed.
• Supplier Resistance Due to worries about the complexity or expenses involved in implementing new systems, some suppliers—especially smaller ones or those with fewer technology resources—may oppose the switch to e-invoicing.

Global Electronic Invoicing (e-Invoicing) Market Segmentation Analysis

The Global Electronic Invoicing (e-Invoicing) Market is Segmented on the basis of Deployment Type, Type, End-User, and Geography.

Electronic Invoicing (e-Invoicing) Market, By Deployment Type

• Cloud-based E-Invoicing Solutions These solutions offer scalability, flexibility, and accessibility from any location with an internet connection. They are hosted on distant servers.
• On-Premises E-Invoicing Solutions These solutions give the company more control over data but come with a larger upfront cost because they install e-invoicing software inside the company’s own infrastructure.

Electronic Invoicing (e-Invoicing) Market, By Type

• Integrated E-Invoicing Solutions These solutions offer a unified and integrated financial environment by seamlessly integrating with current accounting and enterprise resource planning (ERP) systems.
• Standalone E-Invoicing Solutions These solutions can be utilised by companies without requiring integration with more extensive financial management systems since they function autonomously.

Electronic Invoicing (e-Invoicing) Market, By End-User

• Large Organisations With an eye towards process automation, cost savings, and increased productivity, large organisations frequently implement all-inclusive e-invoicing solutions with cutting-edge capabilities.
• Small and Medium-sized Enterprises (SMEs) To expedite invoicing procedures and enhance financial management, SMEs may choose scalable and reasonably priced e-invoicing solutions, frequently cloud-based.

Electronic Invoicing (e-Invoicing) Market, By Geographically

• North America The focus on digital transformation in the corporate landscape, the existence of large organisations, and regulatory activities all contribute to the adoption of e-invoicing solutions.
• Europe With their supportive legislative environments, European nations have led the way in the use of electronic invoicing, moving away from paper-based procedures and towards electronic ones.
• Asia-Pacific The region sees an increase in the use of e-invoicing due to government initiatives, economic development, and the rise of digital infrastructure.
• Latin America Countries in the region have enacted laws encouraging e-invoicing, which has encouraged companies to use electronic invoicing procedures.
• Middle East and Africa Digital transformation programmes and the modernization of financial procedures have an impact on the Middle East and Africa’s adoption of e-invoicing.

Key Players

The major players in the Electronic Invoicing (e-Invoicing) Market are

• Basware Oyj (Finland)
• Tradeshift Holdings Inc. (US)
• Tungsten Network Holdings Plc (UK)
•  InvoiceCloud Limited (Australia)
• Coupa Software Inc. (US)
• SAP SE (Germany)
• Oracle Corporation (US)
• Ivalua Inc. (US)
• Yooz Inc. (US)

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