A key factor driving the growth of the market is the convenience and easy accessibility of mobile payment systems. All physical transactions such as account opening and closure, withdrawals, and funds transfers are becoming digital and easy through mobile banking applications. However, mobile commerce payments require e-billing/e-invoicing in banking, telecommunications, and e-commerce sectors. Thus, mobile commerce vendors are partnering with telecommunication service providers to offer payment services as a built-in function, which is further driving the market.
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As per Technavio, the increased security of documents using blockchain will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
E-Invoicing Market: Increased Security of Documents using Blockchain
E-billing allows storage of all e-invoices which can be accessed when required. Blockchain helps to keep the data intact and only enables authorized personnel to access these data, thereby increasing the security for confidential data. Blockchain is also a cost-effective database management solution for e-invoices. Every transaction in a blockchain is linked with the relevant database and secured with the help of cryptography. Thus, the increased security of documents using blockchain is expected to drive the growth of the market during the forecast period.
“Factors such as the elimination of human interface, emerging technologies, and need to adhere to regulatory guidelines and ensure compliance will have a significant impact on the e-invoicing market growth during the forecast period,” says a senior analyst at Technavio.
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E-Invoicing Market: Segmentation Analysis
This market research report segments the e-invoicing market by end-users (B2B and B2C), and geography (APAC, Europe, MEA, North America and South America).
The European region led the e-invoicing market in 2019, followed by North America, APAC, South America and MEA. During the forecast period, the European region is expected to register the highest incremental growth due to rising government initiatives that are mandating the use of e-invoicing practices in B2B and B2C services in countries such as the UK, Denmark, Sweden, and Norway.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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