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The e-invoicing market is estimated to grow at a CAGR of 21.43% between 2022 and 2027. The size of the market is forecast to increase by USD 15,330.37 million. The growth of the market depends on several factors, including convenience and easy accessibility of mobile payment systems, the need to adhere to regulatory guidelines and ensure compliance, and the shift from a capital expenditure model to an operational expenditure model.
This market report extensively covers market segmentation by end-user (B2B and B2C), deployment (cloud-based and on-premises), and geography (Europe, APAC, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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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.
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 vendors are partnering with telecommunication service providers to offer payment services as a built-in function, which is further driving the market.
Increased security of documents using blockchain is the key market trend driving the electronic-invoicing 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 blockchain technology market is estimated to grow significantly during the forecasted period.
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.
The e-invoicing market report includes the adoption lifecycle of the market, 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 growth strategies.
Global E-invoicing Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Transcepta LLC - The company offers E-invoicing such as accounts Payable and Procurement as its key offerings. The company also offers an intelligent procure-to-pay platform that enables Accounts Payable and Procurement teams to achieve 100 % straight-through invoice processing across their supply chains, without scanning or OCR Imaging.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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 3,466.39 million in 2017 and continued to grow until 2021. 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.
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APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors 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.
Several countries in the region implemented drastic measures, from travel restrictions to the shutdown of business and production plants, to curb the infection rate of COVID-19. However, the demand for digital solutions has grown at a higher rate in the past few months. Many government agencies and financial institutes have taken significant initiatives to implement automated processes in business transactions. As a result, the adoption rate of e-invoicing solutions is expected to grow in the coming years to manage all documents and reduce paperwork.
The E-invoicing market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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E-invoicing Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 21.43% |
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Market growth 2023-2027 |
USD 15,330.37 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
19.08 |
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Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 35% |
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Key countries |
US, China, UK, Germany, and Denmark |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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