9.5% Global CAGR for Electronic Data Interchange (EDI) Market to achieve US$ 49,213.1million by 2027

MULESOFT, LLC, SPS COMMERCE, INC., TRUECOMMERCE INC., IBM CORPORATION, CLEO -PROMINENT MARKET PARTICIPANTS IN ELECTRONIC DATA INTERCHANGE (EDI) MARKET

Electronic data interchange (EDI) is a process of transaction of business documents basically standard electronic format between the organization and trade partners.EDI helps the organization and guarantees about the business-critical data to be sent on time. The EDI replaced traditional business communication with mail preparation and handling automatically. Though, it helps the organizations to standardize the information interchanged via business documents, which makes it a paperless exchange. The EDI solutions permit organizations to enhance the overall workflow performance, which is one of the significant factors that drive the global EDI market during the forecast period. The fast and accurate processing of EDI documents leads to less repeated work, fewer canceled orders, and fewer stock-outs. However, the disadvantage of electronic data interchange (EDI) comprises of high implementation cost with the time-consuming deployment of the solutions. Furthermore, these solutions require constant maintenance as the overall workflow of the organization’s business depends on it.The mounting trend of digitalizing the business documents for efficient processing, several compliances are implemented, which boosts the transition from paper-based invoices to electronic invoices worldwide. The successful integration of EDI solutions globally and its benefits are driving other countries such as Bolivia, France, various others to implement EDI mandates in the forecast years.

The major stakeholders in the global EDI market ecosystem include solution and service providers, EDI solution providers, cloud service providers, government organizations, tax authorities, industry associations, regulatory bodies and end users. Solution and service providers provide various components/parts/equipment to EDI solution/system providers.The service providers offer cloud storage services for cloud-based EDI solutions. The growing demand for low cost, flexible, and easy to use cloud-based solutions among businesses worldwide is anticipated to drive the demand for these solutions at an impressive pace in the coming years,

The rising digital transformation and acceptance of EDI solutions for data transaction trend across industries, rising EDI related compliance requirements, as well as favorable government initiatives to boost EDI solution adoption are some of the critical factors that are driving the growth of EDI market. However, there are few issues/concerns related to EDI solutions, which may restrain the frequent adoption of these solutions in the coming years. Despite some limitations, the growing demand for cloud-based solutions and the adoption of advanced technologies like blockchain in the global EDI market anticipated fueling the future growth of this market over the forecast period

The key companies profiled in the electronic data interchange (EDI) market include Mulesoft, LLC, SPS Commerce, Inc., TrueCommerce Inc., IBM Corporation, Cleo, The Descartes Systems Group Inc., Data Masons Software LLC, crossinx GmbH, EDICOM, and Comarch SA. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.

The market players present in EDI market are mainly focusing towards development of advanced and efficient products. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company maintain its brand name globally. Most of the market initiative were observed in North America region.