LONDON--(BUSINESS WIRE)--The global e-invoicing market is expected to grow by USD 6.93 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The mobile payment systems are gaining importance in banking, commercial transactions, and bill payments, owing to their easy accessibility and convenience. Globally, the governments are investing in financial institutions to extend their payment services in remote areas and to encourage the use of mobile for online transactions, which is driving the market for e-billing/e-invoicing. In addition, the rising partnership of mobile commerce vendors with telecommunication service providers to offer built-in payment services is further propelling the growth of the market in focus. Furthermore, e-invoicing helps organizations to optimize their business processes by supporting sustainable development, easy audits, and electronic archiving of financial transactions. These factors are driving the demand of e-invoicing and positively influencing the growth of the market.
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As per Technavio, the need to adhere to regulatory guidelines and ensure compliance 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.
Global E-Invoicing Market: Need to Adhere to Regulatory Guidelines and Ensure Compliance
The e-invoicing is emphasized by the governments, globally, to prevent tax evasion and increase national income. Globally, the regulatory bodies have set several compliance standards for the companies to maintain and retain their account information. Most of the companies follow the guidelines and include compliance standards for documentation of relevant information for the verification of data processing systems, retention of electronic invoices in their original form, audit trail, and to use electronic signatures. Therefore, the rapid adoption of the e-invoicing process, owing to growing business requirements, is driving the e-invoicing market.
“Shift from capital expenditure model to operational expenditure model and increased security of documents using Block-Chain will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global E-Invoicing Market: Segmentation Analysis
This market research report segments the e-invoicing market by End-Users (B2B and B2C), and Geographic segmentation (APAC, Europe, MEA, North America and South America).
Europe led the e-invoicing market in 2019, followed by North America, APAC, South America and MEA. During the forecast period, the Europe region is expected to register the highest incremental growth due to factors such as well-established government regulations for e-invoicing practices, implementation and regularization of businesses, along with e-invoicing and e-billing processes, and rapid developments in terms of new technology.
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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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