E-invoicing Market

E-invoicing Market - An Overview

The global Electronic-invoicing or E-invoicing market is anticipated to witness moderate growth during the forecast period between 2021 and 2031.

E-invoicing procedure is generally performed using devices such as mobile phones and tablets. The process comprises debit and credit notes, purchase orders, and remittance vouchers.

E-invoicing can be carried out via cloud-based solutions that enables better accuracy and data quality, reduced cases of delayed payments, and faster invoice-processing time. E-invoicing makes it easy to track business transactions and reduces the costs incurred in system design, implementation, training and maintenance, and customization.

E-invoicing Market - Trends and Opportunities

The emergence of public and private cloud computing could be a key growth driver for the global E-invoicing market, in future.

A continuous need to automate the E-invoicing process to reduce the overall operational costs is expected to be another key growth driver for the global E-invoicing market, in years to come.

Greater adoption of information technology solutions in a wide range of industries such as telecommunications, retail, energy, and banking financial services and insurance could also fuel the growth in the global E-invoicing market, in the upcoming years.

The global e-commerce industry, which has experienced significant growth in the last few years, is also anticipated to play a key role in propelling the E-invoicing market, worldwide during the forecast period.

A few other factors that could also play a key role in the growth and development of the E-invoicing market include the rising adoption of blockchain technology for greater security of documents and integration of software-based applications such as artificial intelligence.

E-invoicing Market - Competitive Landscape

The established players in the global E-invoicing market are anticipated to account for a large share in the overall E-invoicing market in future. Market players are deploying various growth strategies, to remain competitive in the overall E-invoicing market.

Market players are also making heavy investments in research and development activities to produce improved quality E-invoicing technologies, which would meet the requirements of a wider range of customers.

Over the years, research and development undertakings have become key to the overall growth of the E-invoicing market.

Well-established players in the E-invoicing market are also looking to collaborate with emerging market players and launch new products, which are technologically advanced. This could help strengthen their position in the global E-invoicing market.

Some of the key players in the global E-invoicing market include Coupa Software Inc., Zoho, Freshbooks, Araize Inc., YAT Software, Intuit, Financial Force, and Kashflow Software.

E-invoicing Market - Regional Assessment

Among the key regions globally, Latin America is anticipated to witness maximum growth in the E-invoicing market.

A higher acceptance for e-invoicing in several countries is expected to be the key factor behind the growth in the E-invoicing market in Latin America. Also, high penetration of fiscal document exchange in the e-format is expected to fuel the growth in the E-invoicing market in Latin America.

Countries that are anticipated to contribute the most to the growth of the E-invoicing market in Latin America include Chile and Brazil.

North America could also witness strong growth in the E-invoicing market in future because of an increasing volume of E-invoices. Greater acceptance for electronic transactions between trading partners could also drive growth in the overall E-invoicing market in North America.

Countries expected to make the largest contribution to the growth of the E-invoicing market in North America include Mexico and USA.

Asia Pacific is also anticipated to witness strong growth in the E-invoicing market due to an increase in the deployment of cloud platforms in billing activities. China is expected to contribute the most to the growth of the E-invoicing market in Asia Pacific.