(MENAFN- IMARC Group)
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 requirements are a driving force behind the advancement of the e-invoicing market. Governments globally are imposing electronic invoicing mandates to bolster tax compliance, curb tax evasion, and simplify administrative procedures. These directives necessitate businesses to embrace e-invoicing solutions to adhere to legal obligations. Nations such as Mexico, Brazil, and numerous European countries have enforced obligatory e-invoicing standards, fueling extensive adoption among regional enterprises. With the proliferation of comparable regulations by additional governments, the e-invoicing market is set for ongoing expansion as businesses seek to conform to evolving legislative demands.
The rising focus on cost optimization:
The increasing appeal of cost-cutting opportunities is a key catalyst for the e-invoicing market. Conventional paper-based invoicing procedures not only consume time but also generate considerable expenses linked to printing, mailing, storage, and manual work. In contrast, e-invoicing simplifies the entire invoicing process, eradicating the necessity for paper, postage, and manual data input. Through the automation of invoice creation, delivery, and handling, companies can notably slash operational expenditures and enhance productivity. Furthermore, e-invoicing facilitates quicker payment cycles, enhancing cash flow management and diminishing days sales outstanding (DSO). The promise of cost savings and operational streamlining renders e-invoicing an enticing option for businesses, thereby fostering market expansion.
Ongoing technological advancements:
The rise of cloud computing, artificial intelligence (AI), and blockchain technology has transformed how businesses handle their invoicing procedures. Cloud-based e-invoicing platforms provide scalability, flexibility, and accessibility, enabling businesses of any scale to adopt electronic invoicing solutions effortlessly. AI-driven invoice processing solutions automate data extraction, validation, and reconciliation, minimizing errors and improving precision. Additionally, blockchain technology offers immutable and transparent ledger systems, guaranteeing the integrity and legitimacy of electronic invoices. These technological advancements not only streamline invoicing processes but also bolster security, compliance, and auditability, fostering wider adoption of e-invoicing solutions worldwide.
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:
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 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 e-invoicing market is experiencing robust growth due to heightened focus on sustainability and environmental responsibility. Businesses are shifting towards electronic invoicing solutions to decrease paper usage and carbon footprint, in line with global sustainability efforts. Simultaneously, the demand for real-time financial data and analytics is driving businesses to adopt e-invoicing platforms to enhance financial performance, cash flow management, and decision-making agility. Additionally, the global trend of digitalization and widespread mobile technology adoption are propelling market expansion. Companies are embracing mobile-friendly e-invoicing solutions to meet the evolving demands of digitally connected customers.
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.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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