India E-Invoicing Market 2023 Trends, Key Players, Product Scope, Growth Rate Outlook, Challenge and Forecast to 2028

The latest report by IMARC Group, titled "India E-Invoicing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The India e-invoicing market is expected to exhibit a growth rate (CAGR) of 24.3% during 2023-2028.

Electronic invoicing, also known as e-invoicing, is a digital method of generating bills during the exchange of goods and services between a supplier and a consumer in an electronic format. It is widely implemented in India to address discrepancies in goods and service tax (GST) data reconciliation and prevent tax evasion. It can be in the form of portable document format (PDF), extensible markup language (XML), and Word-formatted invoice data on a webpage or electronic mail. These invoices can be easily generated and managed through numerous smart devices, including laptops, mobile phones, and tablets, and includes credit and debit notes, purchase orders, and remittance vouchers that specify the terms and conditions of the payment. It can also be employed through cloud and on-premises solutions, which provide several benefits, such as enhanced invoice accuracy and data quality, faster invoice processing time and transparency, and minimized instances of delayed payments. In addition, it helps track business transactions, eliminate human errors, and minimizes costs associated with system design, implementation, training, customization, and maintenance. As a result, e-invoicing is widely adopted in energy and utilities, fast-moving consumer goods (FMCG), banking, financial services and insurance (BFSI), and government and e-commerce sectors across India.

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

India E-Invoicing Market Trends and Drivers:

The market is primarily driven by the expanding e-commerce industry. In addition, the growing expenditure capacities of individuals, the rising penetration of the Internet and smart devices, along with the surging need for transparency in invoicing are contributing to the market growth. Moreover, continuous technological advancements such as the incorporation of big data, artificial intelligence (AI), the Internet of Things (IoT), predictive analytics, and cloud computing solutions represent another major growth-inducing factor. Besides this, the introduction of new e-invoicing software incorporated with AI and IoT and the widespread adoption of cloud-based services across telecommunication, retail, BFSI, and energy sectors are augmenting the product demand across the country. Along with this, the rapid implementation of e-invoicing regulations aimed at tracking the shadow economy, reducing tax revenue loss, and offering incentives and compensations is also propelling the market growth. Apart from this, the emerging fair competition policies and the widespread use of e-invoicing solutions in retail outlets to enhance consumer protection for transactional documents are propelling the market growth. Additionally, the rising e-invoicing application in the banking, financial services, and insurance (BFSI) industry to reduce occurrences of data breaches and fraud, thus providing a positive thrust to market growth. Furthermore, the increasing use of e-invoicing in businesses for streamlining invoice management and minimizing audit risks and the surging need to reduce commercial concealment while complying with tax obligations are creating a positive market outlook across India.

Report Segmentation:

The report has segmented the market into the 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 Region:

North India
West and Central India
East India
South India

Explore Full Report with TOC: https://www.imarcgroup.com/india-e-invoicing-market

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.