E-invoicing Market size is set to grow by USD 15330.37 mn from 2023-2027,convenience and easy accessibility of mobile payment systems boost the market- Technavio

NEW YORK, April 2, 2024 /PRNewswire/ -- The global e-invoicing market size is estimated to grow by USD 15330.37 mn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 21.43% during the forecast period. In the e-invoicing market, technological advancements are driving innovation. Vendors are investing in voice control-enabled set-top boxes, like Sagemcom and Humax, offering features such as high-quality audio-visual output, voice assistants, and Alexa integration. Key trends include digitization, regulatory initiatives, cloud-based solutions, and AI/ML integration in B2C and BFSI sectors. E-invoicing platforms focus on financial transparency, reducing carbon footprint, and paper usage through digital records and transactions.

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Segment Overview

This e-invoicing market report extensively covers market segmentation by End-user (B2B, B2C) Deployment (Cloud-based, On-premises) Geography (Europe, APAC, North America, South America, Middle East and Africa)

Market segmentation by End-user

The E-invoicing Market has experienced robust growth since 2020, driven by the increasing adoption of digital payment methods, such as mobile phones and smart devices, in various sectors including IT, banking, financial services, and insurance (BFSI), retail, and FMCG. Cloud-based systems and on-premises solutions have become popular for invoice processing, offering benefits like data quality, invoice accuracy, and transaction tracking. System design, customization, implementation, training, and maintenance costs are essential considerations for businesses. Regulatory compliance, new payment methods, and tax obligations necessitate the use of electronic invoicing systems. Security issues are addressed through innovative mobile payment solutions. B2B transactions, export invoices, and finance operations are streamlined through digital channels like email and online portals, utilizing standardized formats and integrating with accounting software and financial management tools. The shift from paper-based invoicing to electronic formats and automated systems continues, enabling businesses to optimize billing operations and enhance digitalization.

Geography Overview

The e-invoicing market in Western Europe is experiencing significant growth due to mandates implemented by governments to enhance financial transparency and combat tax evasion and fraud. With the increasing focus on digitization and automation in the global business landscape, e-invoicing is becoming a crucial aspect of cross-border trade. Automation technologies, such as machine learning and artificial intelligence (AI), are being integrated into e-invoicing systems to streamline business functions and ensure secure records of transactions. The e-commerce industry and BFSI sector are major contributors to the market's growth. Regulatory initiatives, including those related to sustainability and environmental responsibility, are driving the adoption of e-invoicing to reduce carbon footprint, paper usage, and waste generation. Cloud-based, B2C, and B2B e-invoicing solutions are becoming increasingly popular, with the use of blockchain technology and purchase orders with remittance vouchers ensuring secure and efficient transactions.

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• The DRAM industry's oversupply, leading to price reductions, impacts set-top box vendors' profit margins. In response, companies like SK Hynix reduce DRAM production. Meanwhile, the e-invoicing market evolves, with regulatory initiatives promoting digital platforms for purchase orders, remittance vouchers, and electronic invoicing. Keywords: DRAM industry, price reductions, set-top boxes, production cuts, e-invoicing, regulatory initiatives, digital platforms.
• The global set-top box market faces challenges from security threats, particularly next-generation boxes integrating multiple signal sources. These threats include device tampering, software breaches, and hacker attacks, impacting both manufacturers and operators. Content owners demand piracy prevention and data breach integration. Keywords: e-invoicing, payment, smart devices, security issue, B2B, electronic transactions, digitalization, invoices, businesses.

Insights on Market Drivers, trends, & Challenges, historic period(2017 - 2021) and forecast period(2023-2027)- Request a sample report!

Research Analysis

The E-invoicing market is experiencing significant growth as businesses and governments embrace digital transformation. Artificial Intelligence (AI) and Machine Learning (ML) technologies are being integrated into E-invoicing systems, enabling automation and standardization of invoicing processes. Regulatory initiatives, such as mandates for electronic transactions and standardized formats, are driving the shift away from paper-based invoicing towards digital formats. Digitalization of billing operations is essential for financial transparency, reducing the risk of tax evasion and fraud. Cloud platforms and accounting software are essential financial management tools in this digital age, streamlining invoice processing and ensuring efficient financial operations.

Market Research Overview

The E-invoicing market is a significant segment of the digital finance industry, driven by the Functions, Artificials, Intelsat, Machens, Digitals, and Governments. E-invoicing systems enable businesses to create, send, and manage invoices electronically, providing numerous benefits such as increased efficiency, reduced errors, and faster payment processing. The Artificials and Intelsat play crucial roles in this process, offering functionalities like data validation, format conversion, and security. The Machens and Learning Networks facilitate the exchange of invoices between businesses and their clients, while the Digitals ensure seamless integration with accounting systems. The Regulators also promote the adoption of E-invoicing to enhance transparency and combat fraud. The Carbon Footprint Reduction Initiative and Fraud Solutions further strengthen the E-invoicing market by addressing sustainability and security concerns.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• B2B
• B2C
• Deployment
• Cloud-based
• On-premises
• Geography
• Europe
• APAC
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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