(MENAFN- IMARC Group) According to IMARC Group’s latest report, titled “E-Invoicing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global e-invoicing market size reached US$ 11.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 35.9 Billion by 2028, exhibiting a growth rate (CAGR) of 20.26% during 2023-2028.

E-invoicing, alternatively known as electronic invoicing, refers to the system of electronic bill generation through a digital platform in a standardized format during an exchange of goods and services. In terms of deployment type, it can be categorized into cloud-based and on-premises solutions. E-invoicing processes are usually conducted through several smart devices, such as laptops, desktops, mobile phones, tablets, etc., and include purchase orders, credit and debit notes, and remittance vouchers specifying the terms and conditions of the payment. They offer faster invoice processing time, improved accuracy and data quality, reduced instances of delayed payments, convenient tracking of business transactions, etc. Consequently, e-invoicing methods are extensively utilized across numerous sectors, including energy and utilities, fast-moving consumer goods (FMCG), e-commerce, banking, financial services and insurance (BFSI), etc.

Market Trends

The expanding e-commerce industry and the growing adoption of advanced information technology (IT) solutions among the energy, telecommunications, and retail industries are primarily driving the e-invoicing market. Additionally, the development of software and web-based invoicing applications that can be integrated with artificial intelligence (AI), internet of things (IoT), and predictive analytics tools is further stimulating the global market. Moreover, the elevating requirement for automating the electronic invoicing procedures to lower the overall operational costs is acting as another significant growth-inducing factor. Besides this, the increasing usage of blockchain technology to ensure the security of billing records and the emerging trend of document digitalization for efficient processing and compliance needs are anticipated to catalyze the e-invoicing market over the forecasted period.

List of Key Companies Covered in this Market Report:

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.

The report has segmented the market on the basis of channel, deployment type, application and geography.

Breakup by Channel:

B2B
B2C
Others

Breakup by Deployment Type:

Cloud-based
On-premises

Breakup by Application:

Energy and Utilities
FMCG
E-Commerce
BFSI
Government
Others

Breakup by Geography:

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

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