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E-Invoicing Revolution: Streamlining Global Financial Transactions
According to The Business Research Company's, The e-invoicing market size has grown exponentially in recent years. It will grow from $15.98 billion in 2023 to $19.64 billion in 2024 at a compound annual growth rate (CAGR) of 22.9%. The growth in the historic period can be attributed to regulatory mandates, cost savings initiatives, technological advancements, environmental sustainability, and globalization trends.
The e-invoicing market size is expected to see exponential growth in the next few years. It will grow to $45.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The growth in the forecast period can be attributed to increased adoption of cloud-based solutions, growing emphasis on data security and compliance, expansion of digital transformation initiatives, rising demand for automated invoice processing, and accelerated shift towards paperless workflows. Major trends in the forecast period include blockchain integration, AI-driven invoice analytics, mobile invoicing solutions, interoperability standards, and the emergence of invoice financing platforms.
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Market Drivers and Trends:
The increasing adoption of digital transformation is expected to propel the growth of the e-invoicing market going forward. Digital transformation refers to the strategic integration of digital technologies to fundamentally change business processes, customer experiences, and organizational culture to meet evolving market demands. The increasing adoption of digital transformation is due to the need for businesses to stay competitive, improve operational efficiency, enhance customer experiences, and adapt to rapidly evolving technological landscapes. Digital transformation enhances e-invoicing by automating manual processes, improving accuracy, accelerating invoice processing, and increasing efficiency and cost savings. For instance, in October 2023, according to the Australian Bureau of Statistics, an Australia-based governmental organization, the total digital business activity in Australia increased from 7.7% in 2021 to 8.6% in 2022. Therefore, the increasing adoption of digital transformation is driving the growth of the e-invoicing market.
Major companies operating in the email verification software market are providing innovative services using machine learning and automation technologies to advance the offering and provide better solutions to their customers. Machine learning and automation refer to integrating advanced algorithms and automated processes to enhance email verification processes' accuracy, efficiency, and reliability. For instance, in June 2023, Reoon Technology, an India-based prominent B2B SaaS development company, launched the Reoon Email Verifier to enhance email deliverability and reduce bounce rates for businesses of all sizes. It provides a cutting-edge service that allows businesses and organizations to validate email addresses in bulk and in real time without sending any emails to recipients. The feature is handy for marketing agencies, e-commerce companies, business owners, SaaS businesses, recruitment firms, and other organizations relying heavily on email communication with customers or clients.
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Major Key Players of the Market:
Oracle Corporation, Fiserv Inc., FIS Global Solutions Holdings LLC, Thomson Reuters Corporation, Deluxe Corporation, GEP Solutions Pvt. Ltd., SAP Ariba Inc., Coupa Software Incorporated, Bill Holdings Inc., Bottomline Technologie Inc., Basware Corporation, AvidXchange Inc., Zycus Inc., Jaggaer Inc., Tipalti Inc., Ivalua Inc., Esker Inc., Corcentric LLC, Tradeshift Holdings Inc., Taulia Inc., MineralTree Inc., Plooto Inc., Transcepta LLC, Certify Inc., Yooz Inc.
E-Invoicing Market 2024 Key Insights:
• The e-invoicing market size is expected to see exponential growth in the next few years. It will grow to $45.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%.
• Rising Digital Transformation Fuels E-Invoicing Market Growth
• Revolutionizing Electronic Invoice Management For Multinational Businesses
• North America was the largest region in the e-invoicing market in 2023
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