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Electronic Data Interchange (EDI) Software Global Market Analysis, Trends, Growth, Research And Forecast 2033
Electronic Data Interchange (EDI) Software Global Market Analysis
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According to The Business Research Company's, The electronic data interchange (edi) software market size has grown rapidly in recent years. It will grow from $2.06 billion in 2023 to $2.29 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to automation of business processes, efficient order processing, supply chain optimization, compliance with industry standards, globalization of business, edi as a competitive advantage.
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.
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Market Drivers and Trends:
The rise in e-commerce is expected to propel the electronic data interchange (EDI) software market going forward. E-commerce, or electronic commerce, refers to the buying and selling of goods and services over the Internet, encompassing online retail, electronic payments, and digital transactions. Electronic Data Interchange (EDI) software facilitates seamless and standardized electronic communication of business documents, enhancing efficiency and accuracy in e-commerce transactions. For instance, in August 2023, according to the Census Bureau of the Department of Commerce, a US-based division responsible for collecting and producing demographic and economic data in the United States. in the second quarter of 2023, the estimated retail e-commerce sales in the United States, adjusted for seasonal variation but not for price changes, reached $277.6 billion, reflecting a 2.1 percent (±0.9%) increase from the preceding quarter. Therefore, the rise in e-commerce is driving the electronic data interchange (EDI) software market.
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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Major Key Players of the Market:
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.
Electronic Data Interchange (EDI) Software Market 2024 Key Insights:
• 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%.
• Rising Adoption Of Automation Solutions Fuels Growth In Electronic Data Interchange (EDI) Software Market
• New Platforms To Enhance Claims Delivery Processes
• North America was the largest region in the electronic data interchange (EDI) Software market in 2023
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