E-Invoicing Market to Reach US$ 60.9 Billion 2024-2032, Driven by 17.7% CAGR

E-invoicing, or electronic invoicing, is a digital method of creating, sending, receiving, and processing invoices between businesses.

NEW YORK, BROOKLYN, UNITED STATES, February 27, 2024 /EINPresswire.com/ -- IMARC Group's report titled "E-Invoicing Market Report by Channel (B2B, B2C, and Others), Deployment Type (Cloud-based, On-premises), Application (Energy and Utilities, FMCG, E-Commerce, BFSI, Government, and Others), and Region 2024-2032". The global e-invoicing market size reached US$ 13.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 60.9 Billion by 2032, exhibiting a growth rate (CAGR) of 17.7% during 2024-2032.

Factors Affecting the Growth of the E-Invoicing Industry:

Stringent regulatory mandates:

Regulatory mandates play a pivotal role in propelling the e-invoicing market forward. Governments worldwide are increasingly mandating electronic invoicing to enhance tax compliance, reduce tax evasion, and streamline administrative processes. These mandates compel businesses to adopt e-invoicing solutions to remain compliant with the law. Countries like Mexico, Brazil, and several European nations have implemented mandatory e-invoicing requirements, driving widespread adoption among businesses operating in these regions. As more governments enact similar regulations, the e-invoicing market is poised to witness continued growth as businesses strive to comply with evolving legal requirements.

The rising focus on cost optimization:

The growing allure of cost-saving opportunities is a significant driver for the e-invoicing market. Traditional paper-based invoicing processes are not only time-consuming but also incur substantial costs related to printing, postage, storage, and manual labor. In contrast, e-invoicing streamlines the entire invoicing cycle, eliminating the need for paper, postage, and manual data entry. By automating invoice generation, delivery, and processing, businesses can significantly reduce operational costs and improve efficiency. Additionally, e-invoicing enables faster payment cycles, leading to better cash flow management and reduced days sales outstanding (DSO). The prospect of cost savings and operational efficiencies makes e-invoicing an attractive proposition for businesses, further driving the market growth.

Ongoing technological advancements:

The proliferation of cloud computing, artificial intelligence (AI), and blockchain technology has revolutionized the way businesses manage their invoicing processes. Cloud-based e-invoicing platforms offer scalability, flexibility, and accessibility, allowing businesses of all sizes to implement electronic invoicing solutions with ease. AI-powered invoice processing solutions automate data extraction, validation, and reconciliation, reducing errors and enhancing accuracy. Furthermore, blockchain technology provides immutable and transparent ledger systems, ensuring the integrity and authenticity of electronic invoices. These technological innovations not only streamline invoicing workflows but also enhance security, compliance, and auditability, driving increased adoption of e-invoicing solutions globally.

Leading Companies Operating in the Global E-Invoicing Industry:

Araize Inc.
Basware Oyj
Brightpearl
Cegedim (FCB SAS)
Comarch SA
Coupa Software Incorporated
International Business Machines Corporation
Nipendo Ltd.
Paysimple Inc. (EverCommerce)
SAP Ariba (SAP SE)
The Sage Group Plc

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/e-invoicing-market/requestsample

E-Invoicing Market Report Segmentation:

By Channel:

B2B
B2C
Others

B2C represents the largest market segment due to the increasing adoption of digital payment methods among consumers and the proliferation of online retail platforms, which necessitate electronic invoicing to facilitate transactions efficiently.

By Deployment Type:

Cloud-based
On-premises

Cloud-based deployment dominates the market because of its scalability, cost-effectiveness, and flexibility, allowing businesses of all sizes to easily implement e-invoicing solutions without the need for significant upfront investment in infrastructure.

By Application:

Energy and Utilities
FMCG
E-Commerce
BFSI
Government
Others

E-commerce accounts for the majority of market share owing to the rapid growth of online retail globally, driving the need for streamlined invoicing processes to manage transactions between businesses and consumers seamlessly.

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Global E-Invoicing Market Trends:

The growing emphasis on sustainability and environmental responsibility is driving the growth of the e-invoicing market, as businesses seek to reduce paper usage and carbon footprint by transitioning to electronic invoicing solutions, aligning with global initiatives for a greener and more sustainable economy. Besides this, the increasing demand for real-time financial data and analytics encouraging businesses to leverage e-invoicing platforms to gain insights into their financial performance, improve cash flow management, and make data-driven decisions swiftly is fostering market expansion. Furthermore, rising global digitalization and the proliferation of mobile technology are fueling the expansion of the e-invoicing market, with businesses capitalizing on mobile-friendly e-invoicing solutions to cater to the evolving needs of a digitally connected customer base.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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