DUBLIN--(BUSINESS WIRE)--The "E-invoicing Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; End User; and Geography" report has been added to ResearchAndMarkets.com's offering.
In terms of revenue, the global e-invoicing market was valued at US$ 4.84 billion in 2019 and is expected to grow at a CAGR of 16.2% during the forecast period to reach US$ 15.50 billion by 2027.
The mandatory e-invoicing initiatives across countries are growing at an impressive pace, majorly due to favorable initiatives taken by various governments in South America and European Union. The successful adoption of e-invoicing mandates in countries such as Brazil, Mexico, Chile, Argentina, and Italy has inspired various other countries to follow the path to curb tax evasion and enhance fiscal control in segments such as B2G, B2B, and B2C. For instance, the governments of the North American countries such as the US and Canada are now planning to take adequate measures to boost the adoption of e-invoices among businesses and government organizations.
The advantages of e-invoicing, such as easy tracking of business transactions, reduced payment process time, low human errors, and increased cost savings, are further complementing the growth of the e-invoicing market across various regions. In addition to this, the rising initiatives by global associations such as Connect ONCE, OpenPEPPOL, EESPA, and GS1 to improve the interoperability among various international e-invoicing formats are further anticipated to fuel the adoption of flexible cloud-based e-invoicing solutions.
The e-invoicing market has been segmented on the basis of deployment, end user, and geography. Based on deployment, the e-invoicing market is segmented as on-premises and cloud. On the basis of end user, the market has been segmented into B2B, B2C, and others. In terms of geographically, the e-invoicing market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
The well-established e-invoicing market players include Basware Corporation, Cegedim SA, Comarch SA, Coupa Software Inc., IBM Corporation, Nipendo Ltd., SAP SE, The Sage Group Plc, Trade shift, and Transcepta LLC.
The COVID-19 outbreak began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace around the globe. As per the latest WHO figures, there are ~2.8 million confirmed COVID-19 cases globally with ~194,000 total deaths. The global factory shutdowns, travel bans, and border lockdowns to combat and contain the outbreak have impacted every industry and economy worldwide. The technology, media, and communications sector is one of the major sectors suffering serious disruptions due to this pandemic.
Technology events and industry meet cancellations, factory and office shutdowns, and reduced business activities are among the major effects faced by the sector. The global travel bans imposed by countries in Europe, Asia Pacific, North America, and others are affecting the business collaborations and partnerships opportunities across industries. All these factors are anticipated to negatively impact the growth of the global e-invoicing market, especially in 2020 and 2021, depending on the duration of the outbreak.
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
- Digital Transformation Trend Across Industries
- Rising E-Invoicing related Compliance Requirements
- Government Initiatives To Boost E-Invoicing Adoption
- Issues Hindering E-Invoicing Mass Adoption
- Emerging Era of Cloud Based Solutions
Adoption of Advanced Technologies like Blockchain
- Basware Corporation
- Cegedim SA
- Comarch SA
- Coupa Software Inc.
- IBM Corporation
- Nipendo Ltd.
- SAP SE
- The Sage Group plc
- Trade shift
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