E-Invoicing Market Growth 2024-2032, Industry Size, Share, Trends and Forecast

The latest report by IMARC Group, titled “E-Invoicing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 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.

E-invoicing refers to the electronic generation, transmission, and reception of invoices between businesses and their trading partners. Unlike traditional paper-based invoicing systems, e-invoicing harnesses the power of digital technology to create a more efficient, accurate, and cost-effective invoicing process. It is characterized by its ability to automate the entire invoicing cycle, from invoice creation to payment receipt, thus eliminating the need for manual data entry and paperwork. This innovative approach offers businesses numerous advantages, such as reduced errors, faster invoice processing times, and enhanced visibility into financial transactions.  

For an in-depth analysis, you can refer sample copy of the report:https://www.imarcgroup.com/e-invoicing-market/requestsample

E-Invoicing Market Trends and Drivers:

One of the primary drivers of the market is the pursuit of cost efficiency. Traditional paper-based invoicing incurs costs associated with printing, postage, and manual processing. E-Invoicing eliminates these expenses, allowing businesses to redirect their resources towards growth initiatives. In addition, e-invoicing optimizes the entire invoicing workflow. Invoices are generated and transmitted electronically, reducing the time it takes for invoices to reach their recipients. This streamlined process accelerates payment cycles, improving cash flow management for businesses. Besides, governments worldwide are increasingly recognizing the benefits of e-invoicing in reducing tax fraud and improving tax collection. Consequently, many countries are implementing or considering regulations mandating e-invoicing. Staying compliant with these evolving regulations is a key driver for businesses. Besides, in an era of increasing cybersecurity concerns, e-invoicing offers enhanced security for sensitive financial information. Secure encryption and authentication protocols protect invoice data, reducing the risk of fraudulent activities and data breaches. Moreover, as businesses expand globally, the need for efficient cross-border invoicing becomes paramount. E-invoicing simplifies international transactions by standardizing invoice formats and facilitating seamless cross-border trade. Furthermore, in alignment with growing environmental consciousness, e-invoicing is a sustainable alternative to paper-based invoicing. The reduction in paper usage, ink, and transportation contributes to a more eco-friendly business model, thus propelling the market. 

Report Segmentation:

The report has segmented the market into the following categories:

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

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

Competitive Landscape with Key Player:

  • 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

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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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.

IMARC’s 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 company’s expertise.

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