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Electronic Data Interchange (EDI) Software Market Opportunities And Strategies 2024-2033 - Growth Analysis, Outlook
Electronic Data Interchange (EDI) Software Market
The electronic data interchange (edi) software market size is expected to see rapid growth in the next few years. It will grow to $3.53 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to focus on data security, regulatory compliance requirements, demand for real-time information, enhanced analytics and reporting, increasing adoption in small and medium enterprises, focus on user-friendly interfaces. Major trends in the forecast period include integration with erp systems, blockchain integration for enhanced security, mobile accessibility, ai and machine learning in data mapping and translation, supplier collaboration platforms, global expansion and multi-language support, green edi practices.
Market Overview -
Electronic data interchange (EDI) software refers to software that is created for data exchange. It helps to transfer business information using a standardized format. The business documents can be exchanged using EDI. The two most common exchanges are purchase orders and invoices.
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Rising Adoption Of Automation Solutions Fuels Growth In Electronic Data Interchange (EDI) Software Market
The increasing adoption of automation solutions in business processes is driving the electronic data interchange (EDI) software market. Automation solutions in business processes comprise using software applications to automate repeatable business activities and services. Electronic data interchange (EDI) software is an automated solution used for B2B to transfer business documents between business partners, such as suppliers or customers. EDI technology automates a process that was previously manually handled with paper documents, saving time and money for businesses. For instance, according to Selecthub, an IT technology company, 59% to 85% of companies adopt EDI technology in the supply chain industry. Similarly, in 2022, according to Quixy, an IT software company, 31% of business leaders agreed that automation software reduces labor costs and felt that automating tasks will save them 360 hours per year. Thus, the increasing adoption of automation solutions in business processes is driving the electronic data interchange (EDI) software market.
Competitive Landscape -
Major companies operating in the electronic data interchange (edi) software market report are Boomi Inc., SPS Commerce Inc., MuleSoft LLC, TrueCommerce Inc., Rocket Software Inc., Open Text Corporation, Babelway SA, Comarch SA, Cleo Communications, 1 EDI Source Inc., DiCentral Corporation, Ediciones y Publicaciones del Comercio S.L., Intertrade Systems, Epicor Software Corporation, Business Systems Integrators, Software AG, Crossinx GmbH, Data Masons Software LLC, IBM Corporation, The Descartes Systems Group Inc., Liaison International Inc., Oracle Corporation, GXS Inc., Edifecs Inc., Symbology Inc., Optum360 LLC, HighJump Software Inc., Jitterbit Inc., Actian Corporation, Talend Inc.
New Platforms To Enhance Claims Delivery Processes
Major companies operating in the electronic data interchange (EDI) software market are launching new platforms such as the web-based Electronic Data Interchange (EDI) platform to enhance claims delivery processes. This platform facilitates seamless data transmission from medical health facilities. For instance, in September 2022, Smart Applications International (U) Ltd, a Kenya-based ICT solutions provider, partnered with Sanlam Life Insurance Ltd and jointly launched a web-based Electronic Data Interchange (EDI) platform, aiming to streamline data transmission from medical health facilities to Sanlam. The EDI platform is designed to enhance claims delivery processes in the medical insurance sector, promoting completeness in Electronic Claims Delivery, reducing Claims Rejections, improving Claim Processing Status Visibility, supporting paperless processes, and offering enhanced reporting through analytics dashboards.
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Key Segments -
The electronic data interchange (edi) software market covered in this report is segmented -
1) By Component: Software, Services
2) By Type: On-Premise, Cloud Based
3) By Application: Small and Medium-Sized Enterprises, Large Enterprises
4) By Industry: Automotive, Banking, Financial Services and Insurance, Telecommunication and Information Technology, Retail and Consumer Goods, Manufacturing, Healthcare, Logistics, Other Industry
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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