LONDON--(BUSINESS WIRE)--The e-invoice market size is poised to grow by USD 6.93 billion during 2020-2024, progressing at a CAGR of over 19% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The convenience and easy accessibility of mobile payment systems are driving the adoption of e-invoicing solutions. Mobile-based platforms and applications have simplified banking, commercial transactions, and billing payments. Physical transactions such as closing and opening an account, fund transfers, deposits, and withdrawals are becoming digital and easy through mobile-based applications being provided by BFSI organizations. Moreover, to promote digital transactions and increase the penetration of banking services across the country, governments are significantly investing in financial institutions to encourage them to extend their mobile banking services in rural areas. Such initiatives from government and private organizations are promoting the use of mobile-based payment systems, thereby driving the growth in the global e-invoice market.
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Report Highlights:
- The major e-invoice market growth came from the B2B segment. Rapid growth in globalization and the growing demand for internet-based centralized systems for billing/invoicing in organizations such as IT, banking, financial services and insurance (BFSI), and retail companies are driving the growth of the market by the B2B segment.
- Europe was the largest e-invoicing market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. 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 are significantly influencing e-invoicing market growth in this region.
- The e-invoice market is concentrated. Basware Corp., Cegedim SA, Comarch SA, Coupa Software Inc., International Business Machines Corp., Nipendo Ltd., SAP SE, The Sage Group Plc, TradeShift Inc., and Transcepta LLC. are some of the major market participants. To help clients improve their market position, this e-invoice market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the e-invoice market 2020-2024 is expected to have Neutral and At par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Increasing Adoption by End-users such as BFSI, Retail, and Telecommunications will be a Key Market Trend
BFSI, retail, and telecommunications are the key sectors that are increasingly adopting e-invoicing practices to shift from capital expenditure model to operational expenditure model. The adoption of flexible IT solutions such as e-invoicing solutions are helping several organizations across the globe to reduce the cost associated with system design and customization, implementation, training, and maintenance. Vendors are offering flexible e-invoicing solutions to support frequently changing patterns of invoices during routine operations. The availability of customized and a wide range of e-invoicing services has allowed end users to select compatible service based on their IT budgets and business requirements. E-invoicing software and services do not have fixed upfront costs in comparison to the conventional on-premises models, which makes e-invoicing services profitable investment for the end-users.
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E-invoice Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist e-invoice market growth during the next five years
- Estimation of the e-invoice market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the e-invoice market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of e-invoice market vendors
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Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user placement
- B2B - Market size and forecast 2019-2024
- B2C - Market size and forecast 2019-2024
- Market opportunity by End-user
Customer Landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher-priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Basware Corp.
- Cegedim SA
- Comarch SA
- Coupa Software Inc.
- International Business Machines Corp.
- Nipendo Ltd.
- SAP SE
- The Sage Group Plc
- TradeShift Inc.
- Transcepta LLC
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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