E-invoicing Market Analysis 2024-2032, Industry Size, Share, Trends and Forecast

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:

• Growing Focus on Data Security and Privacy:

The rise in online transactions is highlighting the importance of data security and privacy, which is becoming a key factor for e-invoicing platforms. As more businesses shift to electronic invoicing to protect sensitive financial and personal information, the market is expanding. Enhanced security measures, such as stronger encryption protocols for data transmission, are being incorporated into e-invoicing solutions to maintain confidentiality and prevent tampering, driving further growth. Furthermore, the implementation of multi-factor authentication adds an extra level of security by verifying user identities and reducing the risk of unauthorized access.

• Expansion of E-invoicing Networks:

E-invoicing networks are expanding rapidly across the globe, creating effortless connections between buyers and suppliers. These networks revolutionize the way businesses conduct transactions by enabling electronic invoice exchange, streamlining payments, and boosting B2B interaction efficiency. By joining an e-invoicing network, companies can connect with a wider network of trading partners without the need for multiple systems, fostering interoperability. These networks also facilitate real-time invoice processing, accelerating the billing cycle, improving cash flow management, and ultimately enhancing business efficiency.

• Rising Demand for Mobile E-invoicing:

The increasing ubiquity of mobile devices is driving the rising demand for mobile e-invoicing solutions. These solutions are designed to provide users with the convenience and flexibility they need to manage financial transactions on-the-go, allowing them to create, send, and manage invoices from anywhere, at any time. Mobile invoicing apps are user-friendly, quick, and enable real-time communication with clients, promoting timely payments and streamlining workflows. The ability to generate and send invoices directly from a mobile device is particularly beneficial for freelancers, small business owners, and professionals who are constantly on the move, and is expected to contribute to the market's growth as businesses become increasingly mobile.

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:

• B2B
• B2C
• Others

B2C represents the largest segment due to the widespread adoption of electronic invoicing by businesses catering directly to consumers, facilitated by its efficiency and convenience.

By Deployment Type:

• Cloud-based
• On-premises

Cloud-based deployment accounts for the largest market share due to its scalability, cost-effectiveness, and ease of implementation, driving its preference among businesses for managing invoicing processes.

By Application:

• Energy and Utilities
• FMCG
• E-Commerce
• BFSI
• Government
• Others

E-commerce dominates the market owing to the significant volume of transactions conducted online, requiring efficient invoicing systems.

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:

Many businesses are now switching to cloud-based e-invoicing systems because of their adaptability, convenience, and affordability. These platforms offer simplicity and flexibility, making them appealing to businesses large and small. Additionally, governments are establishing rules to encourage the adoption of e-invoicing and prevent tax fraud. Furthermore, ensuring compliance with laws like the European Union's VAT Directive and the U.S. Electronic Invoicing mandate motivates companies to implement e-invoicing systems that guarantee adherence to regulations. Moreover, integrating e-invoicing systems with enterprise resource planning (ERP) systems is crucial for streamlined financial processes, allowing for real-time data synchronization, improving efficiency, and minimizing errors.

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.

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