E-invoicing Market Analysis Europe, APAC, North America, South America, Middle East and Africa - US, UK, China, Germany, Denmark - Size and Forecast 2024-2028

E-Invoicing Market Size 2024-2028 

The e-invoicing market size is projected to increase by USD 26.13 billion at a CAGR of 27.34% between 2023 and 2028. The market's expansion hinges on several factors, notably the convenience and accessibility of mobile payment systems, stringent adherence to regulatory guidelines for compliance, and the transition from a capital expenditure to an operational expenditure model. As consumers increasingly favor mobile-centric solutions, businesses are compelled to adapt to regulatory requirements while embracing cost-effective operational models. This shift reflects a broader trend towards streamlined payment processes and heightened financial prudence. Additionally, the integration of mobile payment systems with telecom billing revenue models enhances the overall financial management for telecom providers, ensuring seamless transactions and efficient revenue collection. By prioritizing accessibility, compliance, and financial efficiency, stakeholders can effectively navigate market dynamics and capitalize on emerging opportunities in the evolving payment landscape.

The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 10 market companies, including Basware Corp., Cegedim SA., Comarch SA, Coupa Software Inc., Esker SA, International Business Machines Corp., iPayables Inc., Kofax Inc., Nipendo Ltd., PaySimple Inc., Sage Group Plc, SAP SE, Taulia Inc., Tipalti Inc., TradeShift Inc., Transcepta LLC., Visma Solutions Oy, Webtel Electrosoft. Pvt. Ltd., Xero Ltd., and Zoho Corp. Pvt. Ltd. In addition, Transcepta LLC , a key company offers E-invoicing such as accounts Payable and Procurement as its key offerings. 

What will be the Size of the Market During the Forecast Period?

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Market Dynamics 

In today's digital era, the e-invoicing market is experiencing rapid growth driven by the need for efficient business functions and the widespread adoption of digital platforms. Businesses are increasingly shifting from traditional paper-based invoicing to electronic invoicing systems, leveraging cloud platforms and automation technologies for streamlined invoice processing and payment. With Artificial Intelligence (AI) and Machine Learning (ML), e-invoicing solutions ensure data quality and invoice accuracy while offering customization and implementation support. Regulatory initiatives promoting sustainability and environmental responsibility are further driving the adoption of e-invoicing, reducing carbon footprint and waste generation in the global business landscape. As governments encourage digital transformation, e-invoicing emerges as a secure and efficient solution for electronic transactions and financial management across industries like FMCG and e-commerce.

 In the dynamic business landscape, E-Invoicing has emerged as a crucial component of modern billing operations. This digital method streamlines the invoicing process through automated systems, ensuring efficiency and accuracy. Recipients of these invoices benefit from the convenience of electronic data interchange (EDI) systems, which facilitate standardized formats for seamless data exchange. Accounting software and Enterprise Resource Planning (ERP) systems play a pivotal role in E-Invoicing, enabling real-time financial management tools and integration with mandated reporting requirements. By adopting E-Invoicing, businesses can enhance their operational efficiency, reduce errors, and improve customer satisfaction. This digital transformation in invoicing is a significant stride towards a more automated, connected, and streamlined financial management system. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Driver

The convenience and easy accessibility of mobile payment systems is notably driving the market growth. Mobile commerce simplifies banking, commercial transactions, and bill payments through mobile applications. All physical transactions such as account opening and closing, deposit opening and closing, withdrawals, and funds transfers are becoming digital and easy through banking applications. Globally, to extend payment services to remote areas, governments are investing significantly in financial institutions to encourage them to extend their mobile banking services in rural areas to increase the popularity of using mobile for online transactions. Moreover, mobile commerce payments are a viable solution that increasingly requires e-billing/e-invoicing in banking, telecommunications, and e-commerce sectors. Further, mobile commerce Companies are partnering with telecommunication service providers to offer payment services as a built-in function, which is further driving the market.

Significant Trends

Increased security of documents using blockchain is the key market trend driving market growth. E-billing allows the storage of all e-invoices, which can be assessed when required. Blockchain is a technology, which helps to keep the data intact, and only authorized personnel can access these data, thereby increasing the security of confidential data. Blockchain is also a cost-effective database management solution for e-invoices. Blockchain eliminates the need for intermediaries like payment service providers as it delivers secured and direct transactions between parties in the same network. Blockchain technology is used to provide advanced and cost-effective solutions when compared with other technologies. Many financial institutions and technology-driven organizations are adopting this technology for their benefit. The market trends are estimated to grow significantly during the forecasted period.

Major Challenge

The major challenge impeding market growth is the threat of cyber-attacks and data privacy. E-invoicing implies that confidential data of companies are available online either on the cloud or in the on-premise database, which is at risk from cyber-attacks. Cybersecurity and privacy concerns pose a challenge to the development of IT. E-invoicing systems have access to sensitive data of organizations, thus making the organizations vulnerable to unethical hackers. Mismanagement of data increases the vulnerability to cybercrime, which may affect the security of organizations. This may eventually lead to a reduction in brand loyalty, expensive lawsuits, and costly insurance claims. Furthermore, technical glitches, errors, and the transfer of unsecured data within organizations make the system vulnerable to hackers. The shutdown of systems may significantly affect the brand value of enterprises. Thus, concerns about cybersecurity and privacy are a primary challenge for the market.

Market Segmentation 

By End-user

The market share growth of the B2B segment will be significant during the forecast period. In 2020, this market was growing primarily due to increasing globalization and the presence of IT, banking, financial services and insurance (BFSI), and retail companies, which require centralized systems for billing/invoicing through the Internet. Strict regulations in the banking and retail sectors, the popularity of e-commerce, and the emergence of alternative ways of payment due to digitization will drive the market during the forecast period.

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The B2B segment was valued at USD 3.98 billion in 2018. Structured formats for processing and archiving e-invoices are beneficial. The acceptance of e-invoicing is high in sectors such as retail, automotive, and manufacturing, as they were the first-stage developers of the market. Electronic data interchange (EDI) and extensible markup language dominate this market. As mid-sized and small companies adopt e-invoicing, the volume of PDF bills has increased significantly. Hence archiving PDF bills is easy and requires limited storage space. During the forecast period, this market will grow due to the large-scale adoption of e-invoicing due to its increasing popularity.

Regional Overview

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APAC is estimated to contribute 52% to the growth of the global market during the forecast period. 
Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.

Another region offering significant growth opportunities to Companies in Europe. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

A major share of the revenue of the market in the region is derived from Western Europe, which comprises Denmark, Sweden, Norway, the UK, and a few other EU countries. These countries have stringent rules regarding e-invoicing practices. For instance, as per the Italian budget law 2018, the government has made the process of e-invoicing mandatory for all B2B and B2C services across the country. Similarly, in France and Sweden, the government is working on the implementation and regularization of businesses, along with e-invoicing and e-billing processes. Such initiatives by governments in the region are expected to increase the demand for e-invoicing services, which is expected to add to the growth of the market in the region during the forecast period.

Exculsive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market  growth and trends strategies.

Global Market Customer Landscape

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• End-user Outlook
  • B2B
  • B2C
• Deployment Outlook
  • Cloud-based
  • On-premises
• Region Outlook
  • APAC
    • China
    • India
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • North America
    • The U.S.
    • Canada
  • South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The E-invoicing Market is at the forefront of digital transformation, revolutionizing economic productivity and efficiency through electronic invoicing solutions. With a focus on accuracy, data quality, and prompt processing times, digital invoices ensure transparency and mitigate delayed payments. Influential drivers such as advanced IT solutions and blockchain technology adoption catalyze market growth, especially in industries like retail, BFSI, and telecommunications. Pliable solutions, including web and software-based invoicing applications and cloud integration, enhance operational patterns and compliance requisites. Smart devices facilitate the exchange of electronic bills and purchase orders, while predictive analysis tools optimize invoice accuracy and processing speed. The e-commerce sector benefits from improved transparency and tracking capabilities, fostering exponential acceleration in digitalization trends across diverse industries.

Adoption of electronic formats for debit and credit notes and remittance vouchers. Businesses are embracing mobile phones, computers, and tablets to access cloud-based systems and on-premises solutions, streamlining payment processes and reducing transaction tracking efforts. Robust system design and comprehensive training programs are essential to manage maintenance costs and ensure regulatory compliance. With the emergence of new payment methods and innovative mobile payment solutions, companies are enhancing security while facilitating cross-border trade and financial transactions. Artificial Intelligence (AI) and Machine Learning (ML) technologies are driving digitization and automation, promoting sustainability and environmental responsibility while transforming business functions and financial management practices. Governments are increasingly endorsing e-invoicing as part of their digital transformation initiatives, fostering efficiency and transparency in the e-commerce industry.

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What are the Key Data Covered in this E-Invoicing Market Research Report?

• CAGR of the market report forecast during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across Europe, APAC, North America, South America, and Middle East and Africa
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Industry companies

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