E-Invoicing Market Analysis, Trends, Size, Share by 2031
The e-invoicing market size is projected to reach US$ 62.68 billion by 2031 from US$ 12.47 billion in 2023. The market is expected to register a CAGR of 22.4% in 2023–2031.
The report includes growth prospects in light of current e-invoicing market trends and driving factors influencing the market growth.
E-Invoicing Market Analysis
The rising demand for digital solutions to combat tax evasion and financial fraud among government organizations and tax authorities is driving the growth in e-invoicing mandates in various countries. Various supportive initiatives taken by government organizations and associations, such as the European E-Invoicing Service Providers Association (EESPA), CEN, UN/CEFACT, OpenPEPPOL, and GS1, are playing a crucial role in driving the development of e-invoicing standards/frameworks/formats and adoption of e-invoicing across countries. In terms of e-invoicing adoption, Brazil, Chile, and Mexico are the market leaders, followed by countries such as Italy, which mandated e-invoicing in 2019. The successful implementation of e-invoicing in these countries and its benefits are driving other countries, such as Bolivia, France, Colombia, Guatemala, China, India, Kyrgyzstan, Uzbekistan, Vietnam, Croatia, Estonia, Serbia, and Portugal, to implement e-invoicing mandates.
E-invoicing Market Overview
E-invoicing is a growing market with rising adoption in various segments such as business-to-business (B2B), business-to-customer (B2C), and business-to-government (B2G). E-invoicing exclusively refers to the electronic invoice exchange between buyers and suppliers. Various countries define e-invoicing differently based on the regulations and nature of businesses prevalent in specific countries. For the exchange of e-invoices, various models are being used across industries, such as supplier direct model, buyer direct model, SaaS/PaaS model, network model, four corner model, multi-cloud model, and hybrid cloud model. Organizations across the world either exchange e-invoices directly with their customers or use third-party service providers. The growing trend of digitalizing various documents for efficient processing and compliance requirements is boosting the transition from manual paper-based invoices to electronic invoices on a global scale.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
E-Invoicing Market: Strategic Insights
E-Invoicing Market
-
CAGR (2023 - 2031)
22.4%
-
Market Size 2023
US$ 12.47 Billion
-
Market Size 2031
US$ 62.68 Billion
Market Dynamics
GROWTH DRIVERS
- Digital Transformation Across Industries
- Rise in E-Invoicing Related Compliance Requirements
- Growth of E-Commerce Industry
FUTURE TRENDS
- Integration of Blockchain in E-Invoicing
OPPORTUNITIES
- Rise in Demand for Cloud-Based Solutions
- Increased Support for Expansion of Small and Medium-Sized Enterprises
Key Players
- Cegedim SA
- Sage Group Plc
- Comarch SA
- Nipendo Ltd
- Tradeshift
- Transcepta LLC
- Basware Corporation
- Coupa Software Inc
- International Business Machines Corp
- SAP SE
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Deployment
- On-Premise
- Cloud-Based
End-user
- Retail and E-Commerce
- Government
- IT and Telecom
- BFSI
Application
- B2B
- B2C
- B2G
Type
- Non-PO Invoices
- PO Invoices
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
E-Invoicing Market: Strategic Insights
-
CAGR (2023 - 2031)22.4% -
Market Size 2023
US$ 12.47 Billion -
Market Size 2031
US$ 62.68 Billion
Market Dynamics
- Digital Transformation Across Industries
- Rise in E-Invoicing Related Compliance Requirements
- Growth of E-Commerce Industry
- Integration of Blockchain in E-Invoicing
- Rise in Demand for Cloud-Based Solutions
- Increased Support for Expansion of Small and Medium-Sized Enterprises
Key Players
- Cegedim SA
- Sage Group Plc
- Comarch SA
- Nipendo Ltd
- Tradeshift
- Transcepta LLC
- Basware Corporation
- Coupa Software Inc
- International Business Machines Corp
- SAP SE
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- On-Premise
- Cloud-Based
- Retail and E-Commerce
- Government
- IT and Telecom
- BFSI
- B2B
- B2C
- B2G
- Non-PO Invoices
- PO Invoices
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
E-Invoicing Market Drivers and Opportunities
Digital Transformation Across Industries to Favor Market
- Digital technologies are transforming industries worldwide and revolutionizing business processes for enhanced operational efficiency and reduced costs. Both large and small enterprises are investing in various digital technologies such as web apps, cloud computing, artificial intelligence, the Internet of Things, predictive analytics, and big data.
- Digital transformation and process automation have the potential to create unparalleled opportunities for businesses to create more value and increase revenue. In addition, government initiatives such as Digital India, Digital Government Strategy (US), and Digital Strategy 2025 (Germany) help bring digitalization to the country, leading to its adoption by several market players across various industries to improve operational efficiencies.
- Invoicing is a major function in all business segments, including B2B, B2C, and B2G, which requires a substantial number of resources in terms of manpower, time, and equipment. There are billions of invoices being generated across the globe on a daily basis, and only a fraction of this is in the form of electronic e-invoices. Hence, there is a huge potential for the e-invoicing market growth in the coming years. The present manual and paper-based invoice generation process results in human errors and reduces the overall productivity of a business. With the adoption of e-invoicing, businesses can save substantial costs related to generating and sending invoices to end customers.
- The automation of the invoicing process through e-invoicing will result in various strategic and operational benefits for buyers, suppliers, and managers. These benefits include reduced costs, increased accuracy, faster payments, enhanced productivity, environmental benefits, improved cash management, and improved compliance.
Rise in Demand for Cloud-Based Solutions
- Cloud computing is becoming the driving force for digital transformation across industries. The demand for cloud-based solutions across businesses is growing at an unprecedented rate owing to the advantages offered by these solutions over on-premise deployment. Major advantages of cloud-based solutions include easy deployment, interoperability, cost savings, high efficiency, and on-demand features.
- Services such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS) are growing rapidly. However, the adoption of cloud-based solutions varies across geographies and businesses depending on factors such as regulatory environment and competitive scenarios.
- The demand for cloud-based solutions is high in small and medium enterprises owing to the cost benefits related to these solutions. Most large organizations are still using on-premise solutions as implementing new processes across large organizations and their networks is a complex task and requires changes in traditional work practices.
E-Invoicing Market Report Segmentation Analysis
Key segments that contributed to the derivation of the e-invoicing market analysis are deployment, end user, application, and type.
- By deployment model, the e-invoicing market is segmented into cloud and on-premise. In 2023, the cloud segment held a larger e-invoicing market share owing to advantages such as easy implementation, cost savings, and operational flexibility.
- Based on end user, the market is segmented into retail and e-commerce, government, IT and telecom, BFSI, and others. The government segment held the largest e-invoicing market share in 2023.
- Based on type, the e-invoicing market is segmented into PO invoices and non-PO invoices. In 2023, the non-PO invoices segment dominated the market with a larger market share and is expected to register a higher CAGR during the forecast period.
- Based on application, the e-invoicing market is categorized into B2B, B2C, and B2G. The B2G segment held the largest share of the global e-invoicing market, and the B2B segment is anticipated to be the fastest-growing segment over the forecast period.
E-Invoicing Market Share Analysis by Geography
- The e-invoicing market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. North America held the largest e-invoicing market share in 2023. In terms of market share, Europe, South and Central America, and APAC held second, third, and fourth place, respectively, in 2023.
- Europe is another crucial market for e-invoicing. Recently, Italy became the first country in Europe to mandate e-invoicing to combat tax fraud and tax evasion, as well as to increase the efficiency of the fiscal system. Other European countries are also expected to follow Italy and adopt e-invoicing, positively boosting the market.
E-Invoicing Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 12.47 Billion |
Market Size by 2031 | US$ 62.68 Billion |
Global CAGR (2023 - 2031) | 22.4% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Deployment
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
E-Invoicing Market News and Recent Developments
The e-invoicing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for e-invoicing:
- In 2021, Coupa Software, one of the leaders in business spend management (BSM), announced that it had become an official member of the E-Invoice Promotion Association (EIPA), an organization that develops, demonstrates, and promotes standard specifications of electronic invoices. (Source: Coupa Software, Press Release)
- In 2024, Basware, a global leader in AP automation and invoice processing, announced major global expansion plans as bookings rose by 52% and recurring revenue growth accelerated year-over-year (YoY) in 2023. (Source: Sweco AB, Press Release)
- In 2023, Toyota Boshoku Asia signed a contract with Comarch for the implementation of e-invoicing in Thailand. Comarch will support Toyota Boshoku Asia in setting up an e-invoicing solution for preparing, delivering, and storing digital documents, with digital signatures for tax invoices and receipts complying with Thailand's Revenue Department conditions and requirements. (Source: Toyota Boshoku, Press Release)
E-Invoicing Market Report Coverage and Deliverables
The "E-Invoicing Market Size and Forecast (2022–2030)" provides a detailed analysis of the market covering the areas mentioned below:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; End User ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Digital transformation across industries, rise in e-invoicing related compliance requirements, and growth of e-commerce industry are the major factors that propel the e-invoicing market.
The global e-invoicing market is expected to reach US$ 62.27 billion by 2031.
The global e-invoicing market was estimated to be US$ 12.47 billion in 2023 and is expected to grow at a CAGR of 22.4% during the forecast period 2023 - 2031.
The key players holding majority shares in the global e-invoicing market are Basware Corporation, Cegedim SA, Comarch SA, Coupa Software Inc, International Business Machines Corp, and Nipendo Ltd.
Integration of blockchain in e-invoicing is anticipated to play a significant role in the global e-invoicing market in the coming years.
The incremental growth expected to be recorded for the global e-invoicing market during the forecast period is US$ 50.20 billion.
The List of Companies - E-Invoicing Market
- Cegedim SA
- Sage Group Plc
- Comarch SA
- Nipendo Ltd
- Tradeshift
- Transcepta LLC
- Basware Corporation
- Coupa Software Inc
- International Business Machines Corp
- SAP SE