Global E-Invoicing Market Size Forecast 2024 - 2033
19 Dec, 2024
What Is The Definition Of The Global E-Invoicing Market?
E-invoicing, short for electronic invoicing, refers to the process of creating, sending, receiving, and processing invoices electronically rather than using traditional paper-based methods. It involves the digital exchange of invoice data between trading partners or businesses, often facilitated through specialized software platforms or electronic data interchange (EDI) systems.
E-Invoicing Global Market Report 2024 provides data on the global e-invoicing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The E-Invoicing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global E-Invoicing Market Size And Growth Rates Projected To Evolve?
The e-invoicing market size has grown exponentially in recent years. It will grow from $15.98 billion in 2023 to $19.64 billion in 2024 at a compound annual growth rate (CAGR) of 22.9%. The growth in the historic period can be attributed to regulatory mandates, cost savings initiatives, technological advancements, environmental sustainability, and globalization trends. The e-invoicing market size is expected to see exponential growth in the next few years. It will grow to $45.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The growth in the forecast period can be attributed to increased adoption of cloud-based solutions, growing emphasis on data security and compliance, expansion of digital transformation initiatives, rising demand for automated invoice processing, and accelerated shift towards paperless workflows. Major trends in the forecast period include blockchain integration, AI-driven invoice analytics, mobile invoicing solutions, interoperability standards, and the emergence of invoice financing platforms.
What Are The Essential Drivers Behind The Growth Of The E-Invoicing Market?
The increasing adoption of digital transformation is anticipated to propel the growth of the e-invoicing market. Digital transformation integrates digital technologies to overhaul business processes and customer experiences, driven by the need for competitiveness, efficiency gains, and adaptation to technological shifts. Enhanced e-invoicing automates processes, enhances accuracy, accelerates invoice processing, and boosts efficiency and cost savings. For example, the Australian Bureau of Statistics reported a rise in digital business activity from 7.7% in 2021 to 8.6% in 2022, underscoring the momentum behind digital transformation driving the e-invoicing market's growth.
Get Your Free Sample of the Global E-Invoicing Market ReportHow Is The Global E-Invoicing Market Divided Into Key Segments?
The e-invoicing market covered in this report is segmented –
1) By Type: Integrated E-Invoicing Solutions, Standalone E-Invoicing Solutions
2) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
3) By Application: Energy, Fast-Moving Consumer Goods (FMCG), Express Services, Finance, E-Commerce, Other Applications
4) By End-User: Large Enterprises, Small And Medium-Sized Enterprises
What Trends Are Reshaping The Future Of The E-Invoicing Market?
Companies in the e-invoicing market are focusing on advanced solutions like ONESOURCE e-invoicing to boost market revenue. ONESOURCE e-invoicing is a software solution designed to streamline electronic invoice management and ensure compliance with global regulations. For instance, in October 2023, Thomson Reuters Corporation, a Canada-based media company, launched ONESOURCE e-invoicing for multinational businesses. This solution automates the compliance process, centralizes the workflow, and integrates with financial systems to ensure accurate and timely digital filings, simplifying data management and reducing costs.
What Is The Fastest Growing Region In The E-Invoicing Market?
North America was the largest region in the e-invoicing market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the e-invoicing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.