E-Invoicing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

E-Invoicing Market: Global 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.

Electronic invoicing, or e-invoicing, refers to the generation of electronic bills through a digital platform during an exchange of goods and services. It is usually conducted through various smart devices, such as mobile phones, laptops and tablets, and includes purchase orders, debit and credit notes and remittance vouchers that specify the terms and conditions of the payment. E-invoicing can also be deployed through the cloud and on-premises solutions that offer various other benefits, such as improved invoice accuracy and data quality, reduced instances of delayed payments and faster invoice-processing time and transparency. Apart from this, it aids in convenient tracking of business transactions and minimizing the costs associated with system design, customization, implementation, training and maintenance.

Significant growth in the e-commerce industry is one of the key factors creating a positive outlook for the market. Furthermore, widespread adoption of advanced information technology (IT) solutions across the banking, financial services and insurance (BFSI), energy, telecommunications and retail industries, is also driving the market growth. In line with this, product vendors are also offering flexible e-invoicing solutions to support the frequently changing operational patterns. Additionally, various technological advancements, such as the development of web and software-based invoicing applications that can be integrated with the cloud, artificial intelligence (AI), Internet of Things (IoT) and predictive analytics tools, are contributing to the market growth. Other factors, including the increasing adoption of blockchain technology to ensure the security of documents, along with the emerging trend of document digitalization for efficient processing and compliance requirements, are anticipated to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global e-invoicing market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on channel, deployment type and application.

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 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

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being 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) and The Sage Group Plc.

Key Questions Answered in This Report

1. What was the size of the global e-invoicing market in 2022?
2. What is the expected growth rate of the global e-invoicing market during 2023-2028?
3. What are the key factors driving the global e-invoicing market?
4. What has been the impact of COVID-19 on the global e-invoicing market?
5. What is the breakup of the global e-invoicing market based on the channel?
6. What is the breakup of the global e-invoicing market based on the deployment type?
7. What is the breakup of the global e-invoicing market based on the application?
8. What are the key regions in the global e-invoicing market?
9. Who are the key players/companies in the global e-invoicing market?