E-Invoicing Market by Function (Invoice Delivery, Invoice Generation, Invoice Tracking & Monitoring), Deployment Model (Platform as a Service, Software as a Service), End-User Industry - Global Forecast 2024-2030

E-Invoicing Market by Function (Invoice Delivery, Invoice Generation, Invoice Tracking & Monitoring), Deployment Model (Platform as a Service, Software as a Service), End-User Industry - Global Forecast 2024-2030

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.

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.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the E-Invoicing Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising digitalization activities in the retail & procurement activities
Preference for e-invoicing by small & medium enterprises
Government policies encouraging digital submission of invoices

Market Restraints

Technical limitations of e-invoicing

Market Opportunities

Integration of AI & ML techniques in e-invoicing systems and software
Strategic collaborations between product suppliers and e-invoicing providers

Market Challenges

Concerns associated with privacy and security

Market Segmentation Analysis

Deployment Model: Increasing adoption of software as a service owing to quick-to-deploy
End-User Industry: High adoption in telecom and IT sector to manage complex billing structures efficiently

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the E-Invoicing Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely 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 assessment of the current state of vendors in the E-Invoicing Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Zuora and Avalara Expand Partnership with an Integrated E-Invoicing Solution for Modern Business

Zuora, Inc. enhanced its partnership with Avalara, Inc., to provide Avalara's E-Invoicing and Live Reporting services to its clientele for navigating the complexities of global e-invoicing mandates and digital reporting requirements. This integration enables businesses to establish global e-invoicing frameworks, connect with international e-invoice networks and government platforms, support specific e-invoicing models per country or region, and ensure comprehensive monitoring and archiving of e-invoices to adhere to tax authority requirements and policies.

Pagero and Vertex announce partnership to deliver global e-invoicing solution

Pagero has partnered with Vertex to provide a unified cloud platform that facilitates continuous indirect tax compliance and enhances the invoicing lifecycle for businesses worldwide. As e-invoicing becomes imperative across multiple jurisdictions due to real-time digital tax reporting mandates, this collaboration offers a comprehensive solution addressing continuous transaction controls (CTC) and ensures seamless e-invoice clearance, real-time reporting, and Peppol connectivity for compliant B2B and B2G document exchanges.

Thomson Reuters unveils ONESOURCE E-Invoicing for multinational businesses

Thomson Reuters introduced ONESOURCE E-Invoicing, a platform tailored to simplify the e-invoicing process for multinational corporations confronting global compliance mandates. This pioneering solution centralizes the e-invoicing compliance process, offering seamless integration with prevalent financial systems, including key enterprise resource planning (ERP) systems, and harnesses a strategic partnership with Pagero to deliver a comprehensive compliance mechanism that significantly reduces both cost and effort.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the E-Invoicing Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

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

This research report categorizes the E-Invoicing Market to forecast the revenues and analyze trends in each of the following sub-markets:

Function
Invoice Delivery
Invoice Generation
Invoice Tracking & Monitoring
Invoice Validation & Approval
Deployment Model
Platform as a Service
Software as a Service
End-User Industry
Energy & Utilities
Healthcare
Hospitality & Tourism
Manufacturing
Retail & E-commerce
Telecom & IT
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year