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 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.

Factors Affecting the Growth of the E-Invoicing Industry:

• Growing Fintech Companies:

Fintech firms are advancing the adoption of electronic invoicing by introducing innovative solutions for invoicing and payments. By utilizing state-of-the-art technology, these companies create e-invoicing that seamlessly incorporate digital payment functions. Moreover, fintech organizations assist businesses in efficiently handling invoicing tasks by providing easy-to-use interfaces and streamlined procedures. These systems often come with extra features like invoice monitoring, automated notifications, and instant reporting, empowering businesses to enhance their invoicing processes. Consequently, electronic invoicing streamlines transactions and serves as a valuable tool for improving cash flow, cutting expenses, and boosting operational flexibility.

• Supportive Government Regulations:

Government rules and efforts are pushing the acceptance of e-invoicing. Furthermore, regulations requiring the use of e-in greatly speed up the shift from traditional paper invoicing to digital methods. Additionally, governments are acknowledging the possible advantages of e-invoicing in terms of lessening administrative burdens, fighting against tax evasion, and enhancing transparency in business dealings. In addition to this, authorities foster an environment conducive for businesses embrace e-invoicing solutions by setting clear guidelines, standards, and compliance structures. Moreover, government-driven programs like e-procurement schemes and interoperability platforms actively encourage the uptake of e-invoicing by offering infrastructure and rewards for companies to digitalize their invoicing procedures.

• Technological Advancements:

Advancements in technology like cloud computing, artificial intelligence (AI), and blockchain are propelling innovation within e-invoicing solutions. Cloud-based e-invoicing platforms provide scalability, adaptability, and convenience, enabling businesses to access invoicing information from any location and at any time. AI-driven capabilities facilitate intelligent data extraction, invoice validation, and anomaly identification, leading to improved precision and efficiency in invoice handling. Additionally, blockchain technology bolsters security, transparency, and permanence in e-invoicing through the creation of tamper-resistant transaction records. These technological progressions enhance the safety and dependability of e-invoicing processes while introducing novel features like smart contracts and immediate settlement. Consequently, organizations can streamline their invoicing operations, reduce inaccuracies, and mitigate the risks of fraud, fostering increased adoption of e-invoicing across various sectors.

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

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

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, electronic invoicing can be easily incorporated into supply chain management systems, providing enhanced oversight and management of the complete procurement process. This integration empowers businesses to fine-tune inventory levels, minimize lead times, and enhance relationships with suppliers. Additionally, various technologies like blockchain and artificial intelligence (AI advance electronic invoicing procedures. For example, blockchain and security to invoice transactions, while AI automates the validation and reconciliation of invoices. Furthermore, electronic invoicing supports corporate sustainability objectives by decreasing paper usage and carbon emissions linked to traditional invoicing practices.

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