E-Invoicing Market Size, Share, Growth Factors, Trends, and Forecast 2024-2030

MMR has recently released a report titled "E-Invoicing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2030." The study provides a detailed analysis, including the global E-Invoicing Market share, size, growth, trends, and forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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E-Invoicing Market was valued at USD 12.15 Bn in 2023 and is expected to grow at 18.90% CAGR from 2024 to 2030, reaching USD 40.82 Bn by 2030.

Drivers of the E-Invoicing Market

Digital Transformation

Digital transformation involves integrating different technologies and business processes. ERP, accounting, and customer relationship management (CRM) systems may all be easily integrated with e-invoicing solutions. This integration enhances operational efficiency and data accuracy by facilitating the seamless transfer of data between various organizational activities.

Cost and Time Efficiency

The expenses of printing, mailing, and physical storage associated with traditional invoicing are high. E-invoicing saves organizations money by doing away with the need for paper, ink, mail services, and physical storage. Data input, verification, and approvals are time-consuming processes that result from human interaction in manual invoice processing. By automating these processes, e-invoicing lowers overall operating expenses by minimizing administrative burden and the need for extra workers.

E-Invoicing Market Segmentation

By Type: The finance sector is a major e-invoicing adopter because of the necessity for precise, safe, and efficient financial transactions. The FMCG sector has a large number of transactions, which makes e-invoicing very advantageous. The Energy sector, the complexity of their billing systems, and the large value of their transactions, organizations such as oil, gas, utilities, and renewable energy corporations, profit immensely from electronic invoicing.

By Application: B2B (Business-to-Business) is the largest segment in the e-invoicing market. Businesses frequently exchange invoices for goods and services provided, and e-invoicing offers a way to streamline these transactions. B2C (Business-to-Consumer) includes direct business-to-consumer transactions.

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E-Invoicing Market Regional Analysis

North America: The E-invoicing market in North America was estimated to be worth $3.72 billion. For tax reporting, the Internal Revenue Service (IRS) in the United States promotes electronic invoicing, while Canada has begun implementing e-invoicing in several industries. Large international e-invoicing companies like Zoho, Bill.com, Oracle, and SAP have increased their footprint in North America.

Asia-Pacific: Asia-Pacific dominates the E-Invoicing Market. In 2023, the Asia-Pacific E-Invoicing Market was valued at USD 2.37 billion. Several nations, including the Philippines, Vietnam, and Indonesia, have made e-invoicing mandatory to improve tax compliance and lower fraud. Key players such as SAP SE, Oracle Corporation, BILL Holdings Inc., Coupa Software Inc., and Tradeshift dominate the Asian market.

E-Invoicing Market Competitive Landscape

SAP Ariba Inc.: SAP Ariba acquired Tradex Technologies to improve Ariba's standing in the field of online marketplaces for approximately $1.86 billion in stock. SAP Ariba acquired Procuri for $93 million.

Oracle Corporation: In 2022, Oracle acquired Cerner Corporation for approximately $28.3 billion. Oracle also acquired Sun Microsystems for $7.4 billion.

Recent Developments:

Thomson Reuters introduced ONESOURCE e-Invoicing, a complete solution that centralizes workflow, automates the whole compliance process, and connects with ERP systems.
The cloud-based infrastructure provided by RTC Suite, which is based on SAP BTP, guarantees smooth and long-lasting tax compliance.

Conclusion

E-invoicing has emerged as a vital tool for increasing accuracy, cutting expenses, and boosting transparency as governments push for real-time tax reporting and companies want to automate financial procedures.
Key firms are making strategic alliances and investments in cutting-edge platforms to maintain their competitiveness in this changing market.

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