E-invoicing Market in Europe To Hit a CAGR of 17.1% during 2023-2028 | IMARC Group

How Big is The E-invoicing Market in Europe?

The Europe E-invoicing market size reached US$ 1.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.6 Billion by 2028, exhibiting a growth rate (CAGR) of 17.1% during 2023-2028.

What is Electronic-invoicing (E-invoicing)?

Electronic invoicing, often referred to as e-invoicing, represents a modern and digital method for businesses to create, transmit, receive, and manage invoices. This technology replaces the conventional paper-based invoicing system with a more efficient and automated electronic approach. It entails the generation of invoices in digital formats, which are subsequently transmitted electronically to the recipient's systems. Companies can leverage e-invoicing to streamline their invoicing processes, reducing the need for manual data entry, minimizing errors, and expediting payment cycles. This method plays a crucial role in enhancing invoicing efficiency, shortening processing times, and optimizing financial operations.

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Europe E-Invoicing Market Trends and Drivers:

The Europe market for e-invoicing is experiencing significant growth, driven by several key factors. Retailers and e-businesses are increasingly embracing e-invoicing to automate their sales transaction invoicing. This shift aims to enhance billing efficiency, improve customer satisfaction, and accelerate revenue collection. Furthermore, healthcare providers in the region are turning to e-invoicing to effectively manage billing and reimbursement processes, aiding in precise medical billing and expediting insurance claim processing. Additionally, the logistics and transportation sector is witnessing a growing adoption of e-invoicing. This trend is primarily aimed at streamlining freight billing and payment procedures, eliminating paper-related delays, and enabling real-time transaction tracking. These developments are creating a favorable outlook for the e-invoicing market in Europe.

Europe E-Invoicing Market Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Channel:
• B2B
• B2C
• Others

Breakup by Deployment Type:
• Cloud-based
• On-premises

Breakup by Application:
• Energy and Utilities
• FMCG
• E-Commerce
• BFSI
• Government
• Others

Breakup by Country:
• Germany
• France
• United Kingdom
• Italy
• Spain
• Others

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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This release was published on openPR.