PUBLISHER: 360iResearch | PRODUCT CODE: 1464832
PUBLISHER: 360iResearch | PRODUCT CODE: 1464832
[188 Pages Report] The E-Invoicing Market size was estimated at USD 6.34 billion in 2023 and expected to reach USD 6.92 billion in 2024, at a CAGR 9.67% to reach USD 12.11 billion by 2030.
E-invoicing, or electronic invoicing, is a digital mechanism for generating, storing, and managing invoice documents by businesses and their clients. E-invoicing involves the exchange of the invoice document in a structured electronic format, facilitates automatic processing and integration into the recipient's financial systems. This digital approach facilitates greater efficiency in invoice management, reduces errors associated with manual handling, and improves the speed of transactions, leading to enhanced overall business operational efficiency. Key benefits include reduced processing costs, increased accuracy, and improved compliance with regulatory standards. Increasing demand for cost-efficient processing methods, government regulations mandating the use of electronic invoices, and the global shift toward digital transformation have increased the adoption of E-Invoicing. Moreover, the rise of cloud-based e-invoicing solutions and advancements in artificial intelligence for automating invoice processing further boost the market. However, the reluctance of small and medium-sized enterprises (SMEs) to transition from traditional invoicing due to perceived costs and complexities, data privacy, and security concerns may impede the growth of the market. Nevertheless, the integration of blockchain technology for enhanced security, the development of cross-border e-invoicing standards, and the adoption of real-time reporting capabilities are expected to provide a boost to the growth of the market.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 6.34 billion |
Estimated Year [2024] | USD 6.92 billion |
Forecast Year [2030] | USD 12.11 billion |
CAGR (%) | 9.67% |
Deployment Model: Increasing adoption of software as a service owing to quick-to-deploy
Platform as a Service, or PaaS, is a cloud computing model that provides consumers with a platform allowing them to develop, run, and manage applications without the complexity of building and maintaining the underlying infrastructure typically associated with the process. In the context of e-invoicing, PaaS offers businesses a high degree of flexibility and control over their invoicing applications and environments. Software as a Service, or SaaS, is a distribution model that delivers software applications over the internet, eliminating the need for installing and running applications on individual computers. In e-invoicing, SaaS platforms offer a quick-to-deploy, comprehensive solution that requires minimal intervention from the user's side.
End-User Industry: High adoption in telecom and IT sector to manage complex billing structures efficiently
The energy & utilities sector is increasingly adopting e-invoicing to handle large transaction volumes, optimize costs, and improve efficiency in a highly regulatory environment. E-invoicing facilitates real-time billing, supports better cash flow management, and enhances customer satisfaction by providing accurate, timely bills. It also plays an important role in sustainability efforts by reducing paper usage and encouraging digital processes. In the Healthcare sector, e-invoicing is pivotal for managing the complex billing and payment processes associated with medical services and products. It ensures accuracy, compliance, and speed in transactions. E-invoicing streamlines the payment process between healthcare providers, suppliers, and payers, including insurance companies, thereby increasing operational efficiency, reducing administrative costs, and improving the overall quality of patient care. E-invoicing in the hospitality and tourism industry supports this sector's dynamic and service-oriented nature. It simplifies the management of various services and transactions, from accommodations to event bookings. E-invoicing offers benefits such as real-time billing, reduced errors, and faster payment cycles, enhancing the customer experience and improving financial operations.
The Manufacturing sector benefits significantly from e-invoicing, given its complex supply chains and high volume of transactions. E-invoicing provides a more accurate and efficient way to manage procurement, sales, and logistic processes. It enhances transparency, reduces disputes, and supports just-in-time manufacturing by enabling faster and more reliable transactions between suppliers, manufacturers, and customers. In the fast-paced world of Retail and E-commerce, e-invoicing is a critical tool for managing the high volume of transactions efficiently and accurately. It aids in automating the billing process, reducing manual errors, and improving cash flow management. E-invoicing also supports better customer service by ensuring accurate and timely billing information, which is essential for customer satisfaction and loyalty. The Telecom and IT sector, being at the forefront of digital transformation, is a leading adopter of e-invoicing. E-invoicing enables these companies to manage their vast customer base and complex billing structures efficiently. It supports real-time billing, enhances transparency, and reduces billing errors, thereby improving customer satisfaction. Furthermore, e-invoicing in Telecom and IT supports regulatory compliance across different regions.
Regional Insights
In the Americas, adopting E-Invoicing has been largely driven by regulatory requirements. Countries including Brazil and Mexico are pioneers in the region, having established comprehensive E-Invoicing mandates over a decade ago. These countries use a clearance model, where a tax authority must approve invoices before being issued. On the other hand, the United States and Canada have a more fragmented approach due to their federal systems. In these countries, the adoption of e-invoicing is driven by efficiency and cost reduction rather than compliance. In the EMEA region, Europe stands out for its proactive approach towards E-Invoicing, especially within the public sector. The European Union's Directive 2014/55/EU mandates all public sector entities to accept and process electronic invoices. This directive has led to various implementation models across Member States, with countries including Italy mandating E-Invoicing even for B2B transactions. The Asia Pacific region exhibits a diverse scenario in E-Invoicing adoption, driven by the varying levels of economic development, digital infrastructure, and government policies. Australia and New Zealand have been early adopters, promoting the Peppol network for interoperability. China and India, with their vast economies, have implemented E-Invoicing to enhance tax compliance and reduce fraud; China has a centralized model, while India has introduced a mandatory E-Invoicing system for businesses exceeding a certain turnover threshold. Southeast Asian countries, including Indonesia and Thailand, are gradually implementing E-Invoicing regulations to boost digital transformation and tax collection.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the E-Invoicing Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the E-Invoicing Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the E-Invoicing Market, highlighting leading vendors and their innovative profiles. These include Basware Oyj, BlackLine Inc., Broadcom Inc., Capgemini SE, Cegedim SA, Cognizant Technology Solutions, Comarch SA, Coupa Software Inc., Dell Inc., Deloitte Touche Tohmatsu Limited, Equinix, Inc., Google LLC, International Business Machines Corporation, Kellton Tech Solutions Ltd., Microsoft Corporation, Nipendo Ltd., Oracle Corporation, Pagero AB, PricewaterhouseCoopers International Limited, SAP SE, Siemens AG, The Sage Group plc, Tradeshift Holdings, Inc., and Transcepta LLC.
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the E-Invoicing Market?
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3. What are the technology trends and regulatory frameworks in the E-Invoicing Market?
4. What is the market share of the leading vendors in the E-Invoicing Market?
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