E-Invoicing Market Size, Share, Demand and Forecast 2024-2032
E-invoicing, or electronic invoicing, is a digital method of creating, sending, receiving, and processing invoices between businesses.
James Smith 2
IMARC Group's report titled "E-Invoicing Market Report by Channel (B2B, B2C, and Others), Deployment Type (Cloud-based, On-premises), Application (Energy and Utilities, FMCG, E-Commerce, BFSI, Government, and Others), and Region 2024-2032". The global e-invoicing market size reached USD 13.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 60.9 Billion by 2032, exhibiting a growth rate (CAGR) of 17.7% during 2024-2032.
Factors Affecting the Growth of the E-Invoicing Industry:
- Growing Fintech Companies:
Financial technology companies are significantly contributing to the expansion of e-invoicing through their advanced invoicing and payment solutions. These firms utilize state-of-the-art technology to create e-invoicing platforms that are fully integrated with digital payment functionalities. Furthermore, fintech companies assist businesses in efficiently generating, dispatching, receiving, and processing invoices by providing intuitive interfaces and streamlined procedures. Often, these platforms include additional features such as invoice tracking, automated reminders, and real-time reporting, which empower businesses to manage their invoicing processes more effectively. Consequently, e-invoicing not only facilitates transactions but also serves as a strategic instrument for optimizing cash flow, minimizing expenses, and enhancing organizational agility.
- Supportive Government Regulations:
The adoption of e-invoicing is being propelled by government regulations and initiatives. Regulatory mandates that require the implementation of e-invoicing can greatly expedite the shift from conventional paper-based invoicing systems to electronic formats. Furthermore, governments are increasingly acknowledging the advantages of e-invoicing, which include alleviating administrative burdens, addressing tax evasion, and enhancing transparency in business transactions. In addition, regulators foster an environment that encourages businesses to embrace e-invoicing solutions by establishing clear standards, requirements, and compliance frameworks. Moreover, government-supported initiatives, such as e-procurement programs and interoperability platforms, further facilitate the adoption of e-invoicing by offering the necessary infrastructure and incentives for businesses to transition to digital invoicing processes.
- Technological Advancements:
Innovations in e-invoicing solutions are being propelled by technological advancements such as cloud computing, artificial intelligence (AI), and blockchain technology. Cloud-based e-invoicing systems provide scalability, flexibility, and accessibility, enabling businesses to retrieve their invoicing information from any location at any time. Features powered by AI facilitate intelligent data extraction, invoice validation, and anomaly detection, thereby enhancing the accuracy and efficiency of invoice processing. Additionally, blockchain technology contributes to the security, transparency, and immutability of e-invoicing by establishing tamper-proof transaction records. These advancements not only enhance the security and reliability of e-invoicing but also introduce new functionalities like smart contracts and instant settlement. Consequently, businesses can optimize their invoicing processes, minimize errors, and reduce the risk of fraud, leading to a wider acceptance of e-invoicing across various industries.
Leading Companies Operating in the Global E-Invoicing Industry:
- 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
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E-Invoicing Market Report Segmentation:
By Channel:
- B2B
- B2C
- Others
B2C represents the largest segment due to the widespread adoption of electronic invoicing among businesses catering directly to consumers, such as retailers and service providers.
By Deployment Type:
- Cloud-based
- On-premises
Cloud-based accounts for the largest market share due to its flexibility, scalability, and cost-effectiveness, appealing to businesses of all sizes.
By Application:
- Energy and Utilities
- FMCG
- E-Commerce
- BFSI
- Government
- Others
E-commerce dominates the market due to the digitalization of retail and the increasing volume of online transactions is escalating the demand for electronic invoicing solutions.
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
Global E-Invoicing Market Trends:
Currently, e-invoicing can be effectively incorporated into supply chain management systems, facilitating enhanced visibility and control throughout the procurement process. This integration empowers organizations to optimize their inventory levels, minimize lead times, and strengthen supplier relationships. Additionally, various technologies, including blockchain and artificial intelligence (AI), are being utilized to further improve e-invoicing procedures. For example, blockchain offers increased transparency and immutability for invoice transactions, whereas AI can streamline the processes of invoice validation and reconciliation. Moreover, e-invoicing supports corporate sustainability objectives by decreasing paper usage and lowering carbon emissions linked to conventional invoicing practices.
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