E-Invoicing Market is segmented By Type (On-Premises and Cloud-Based), and By End-User (Energy, FMCG, Finance, E-Commerce, Express Services, and others) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)
E-Invoicing Market size was estimated at $4,649 million in 2020 and is expected to reach $20,529 million by 2028, growing at a CAGR of 20.4% during the forecast period of 2021 to 2028.
Electronic invoicing, alternatively referred to as e-invoicing, is the automatic exchange of invoice documents between the supplier and the customer. Electronic invoices (e-invoices) are invoices created, communicated, received, analyzed, and updated automatically via the use of particular document formats. E-invoices are fully digital throughout their lifecycle, from creation to preservation. Historically, invoicing was a primarily paper-based process that was time-consuming and prone to human error, resulting in higher expense and processing cycles for businesses.
Across the globe, businesses either exchange electronic bills directly with their consumers or through third-party telecom operators. Globally, the rising trend of document digitization for efficiency and compliance purposes is accelerating the shift from traditional paper-based invoicing to electronic invoices, driving the e-invoicing markets development.
Globally, digital technologies are reshaping industries and changing corporate processes, resulting in increased operational efficiency and reliability. Large and small businesses are also investing in various digital technologies, including online applications, cloud computing, artificial intelligence, the Internet of Things, data analytics, and Business Intelligence. Digitalization and process automation can provide organizations with unprecedented possibilities to provide value and grow revenue. Invoicing is a critical function across all company segments, notably B2B, B2C, B2G, and G2B, and it consumes a significant amount of personnel, time, and equipment. Daily, billions of invoices are happening worldwide, but only a tiny percentage of them are computerized e-invoices. As a result, there is an enormous growth potential for participants in the e-invoicing industry in the future years. The current manual and paper-based invoicing processes result in human mistakes and diminish a businesss total productivity.
E-Invoicing Market Growth and Trend
Significant expansion in the e-commerce business is one of the primary reasons for the markets optimistic outlook. Additionally, the market is growing due to the increasing use of modern information technology (IT) solutions across the banking, financial services and insurance (BFSI), energy, telecommunications, and retail industries. Additionally, product suppliers are developing adaptable e-invoicing systems to accommodate rapidly changing operating trends. Several technological advances, such as the increasing use of cloud-integrated online and software-based invoicing systems, artificial intelligence (AI), the Internet of Things (IoT), and predictive analytics tools, are fueling market expansion.
The proliferation of cloud-based services computing is also a significant driver of the e-invoicing business. The increasing demand for faster payment and processing cycles, and improved account reconciliation, are expected to stimulate the development of e-invoicing over the projected period. Additionally, enhanced cash management, improved dispute resolution, and alternative financing alternatives are likely to drive demand for e-invoicing in the future years, positively influencing the e-invoicing market throughout the projected period.
In the future, the rising need for enhanced dispute resolution and improved supplier relationships may provide substantial opportunities for e-invoicing. Additionally, increased compliance and IT system optimization are the growth drivers for the e-invoicing market throughout the forecast period.
E-Invoicing Market Segmentation
The e-invoicing market is segmented by type and end-user. Based on type, the market is segmented into on-premises and cloud-based system. Based on end-user, the market is divided into energy, FMCG, finance, e-commerce, express services, and others.
E-Invoicing Market Country Analysis
The worldwide e-invoicing market is segmented geographically into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
North America is the primary driver of the global e-invoicing sector. The rising amount of electronic invoicing, combined with the increased use of electronic transactions between trade partners, is expanding the market in North America. Growth for e-invoicing in the B2B segment is likely to accelerate in the United States, thus expanding the e-invoicing market forward. Europe and South Americas markets are likely to grow considerably over the projection period, owing to the increased use of electronic invoicing in the public sector. The worldwide e-invoicing market can develop in the Asia Pacific and the Middle East regions due to the increased usage of cloud-based billing solutions, enabling transparent invoicing.
E-Invoicing Market Share and Competition
The major players operating in the global e-invoicing market are FreshBooks, Zoho Corporation Pvt. Ltd., Xero, Intuit, Brightpearl, Sage Group, FinancialForce, Tipalti Solutions Ltd., PaySimple, Acclivity Group LLC, KashFlow Software, Araize, Inc., Mercury Systems, Inc., Norming Software, YAT Software, SAP, Ipayables, Coupa Software Inc., and Zervant.
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2021 - 2028)
End-User Analysis (Revenue, USD Million, 2021 - 2028)
• Express Services
Region Analysis (Revenue, USD Million, 2021 – 2028)
• North America
• United States
• South America
• United Kingdom
• Asia Pacific
• South Korea
• Middle East
• GCC C ountries
• South Korea
• South Africa
• Rest of World
E-Invoicing Market Companies
• Zoho Corporation Pvt. Ltd.
• Sage Group
• Tipalti Solutions Ltd.
• Acclivity Group LLC
• KashFlow Software
• Araize, Inc.
• Mercury Systems, Inc.
• Norming Software
• YAT Software
• Coupa Software Inc.
• United States E-Invoicing Industry Research Report
• Europe E-Invoicing Industry Research Report
• Asia Pacific E-Invoicing Industry Research Report
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