June 24, 2020
According to a market research report on the title ‘E-invoicing Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; End User; and Geography’ available with Market Study Report LLC, global e-invoicing market was valued at USD 4.84 billion in 2019 and is expected to reach USD 15.50 billion by 2027. The market is projected to witness a CAGR of 16.2% over the analysis period.
The obligatory e-invoicing initiatives across nations are growing at a notable pace, primarily because of favorable initiatives by several governments in the European Union and South America. Many countries like Brazil, Mexico, Chile, Argentina, and Italy are successfully adopting the e-invoicing mandates and they have inspired several other countries to take the path to limit the tax evasion and improve fiscal control in various segments such as B2B, B2C and B2G. For example, governments of Canada and US are planning to take required measures to encourage adoption of e-invoices among businesses and government organizations.
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A broad plethora of advantages offered by e-invoicing such as reduced payment process time, increased cost savings, low human errors, and easy tracing of business transactions are slated to enhance industry remuneration in the approaching years, cites the study. Furthermore, there has been an increase in initiatives by the global associations like OpenPEPPOL, GS1, Connect ONCE, and EESPA aimed at improving the interoperability among several international e-invoicing formats are further projected to drive the adoption of cloud-based e-invoicing solutions. Factors like mobile banking facilities, availability of internet, and smartphone penetration worldwide, will facilitate telecommunication organizations in rural areas, thereby driving the global e-invoicing market in foreseeable years.
Depending on the deployment, the industry is divided into on-premise and cloud. Based on end-user landscape, the market is segmented into B2C, B2B, and others. In terms of geographical overview, the market is bifurcated into Asia Pacific, Middle East and Africa, North America, Europe, and South America.
The outbreak of pandemic COVID-19 has adversely impacted businesses and economies worldwide. The technology, communications and media industry are among the worst hit due to the virus outbreak. Besides this, technology events and industry meet cancellations, reduction in business activities, and factory and office shutdowns have posed serious threats to economic development of businesses. Not just that travel bans across various nations are further affecting business collaborations and partnership opportunities. These factors are expected to negatively impact the growth of global e-invoicing market over 2020-2021, claim industry experts.
The key companies in global e-invoicing market include Comarch SA, Coupa Software Inc., Cegedim SA, Nipendo Ltd., Trade shift, Transcepta LLC, SAP SE, The Sage Group Plc, IBM Corporation, and Basware Corporation.