E-Invoicing Market Analysis, Trends, Size, Share by 2031

E-Invoicing Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Deployment (On-Premise, Cloud-Based), End-User (Retail and E-Commerce, Government, IT and Telecom, BFSI, Others), Application (B2B, B2C, B2G), Type (Non-PO Invoices, PO Invoices), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, South & Central America)

  • Report Code : TIPRE00009392
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 179
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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.

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E-Invoicing Market: Strategic Insights

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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 Regional Insights

The regional trends and factors influencing the E-Invoicing Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses E-Invoicing Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

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E-Invoicing Market 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
  • On-Premise
  • Cloud-Based
By End-user
  • Retail and E-Commerce
  • Government
  • IT and Telecom
  • BFSI
By Application
  • B2B
  • B2C
  • B2G
By Type
  • Non-PO Invoices
  • PO Invoices
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Cegedim SA
  • Sage Group Plc
  • Comarch SA
  • Nipendo Ltd
  • Tradeshift
  • Transcepta LLC
  • Basware Corporation
  • Coupa Software Inc
  • International Business Machines Corp
  • SAP SE
  • Market Players Density: Understanding Its Impact on Business Dynamics

    The E-Invoicing Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the E-Invoicing Market are:

    1. Cegedim SA
    2. Sage Group Plc
    3. Comarch SA
    4. Nipendo Ltd
    5. Tradeshift
    6. Transcepta LLC

    Disclaimer: The companies listed above are not ranked in any particular order.


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    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
    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset
    Report Coverage

    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered

    Segment Covered

    Type ; End User ; and Geography

    Regional Scope

    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope

    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


    What are the driving factors impacting the global e-invoicing market?

    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.

    What will be the market size of the global e-invoicing market by 2031?

    The global e-invoicing market is expected to reach US$ 62.27 billion by 2031.

    What is the estimated market size for the global e-invoicing market in 2023?

    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.

    Which are the key players holding the major market share of the global e-invoicing market?

    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.

    What are the future trends of the global e-invoicing market?

    Integration of blockchain in e-invoicing is anticipated to play a significant role in the global e-invoicing market in the coming years.

    What is the incremental growth of the global e-invoicing market during the forecast period?

    The incremental growth expected to be recorded for the global e-invoicing market during the forecast period is US$ 50.20 billion.

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    The List of Companies - E-Invoicing Market

    1. Cegedim SA
    2. Sage Group Plc
    3. Comarch SA
    4. Nipendo Ltd
    5. Tradeshift
    6. Transcepta LLC
    7. Basware Corporation
    8. Coupa Software Inc
    9. International Business Machines Corp
    10. SAP SE