E-invoicing Market to grow by USD 15.33 billion from 2022 to 2027, The convenience and easy accessibility of mobile payment systems drive the market - Technavio

NEW YORK, Sept. 5, 2023 /PRNewswire/ -- The E-invoicing Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the e-invoicing market between 2022 and 2027 is USD 15.33 billion. The convenience and easy accessibility of mobile payment systems are notably driving the market growth. Mobile commerce is streamlining banking, commercial transactions, and bill payments through mobile applications. Physical transactions like account management, deposits, withdrawals, and funds transfers are transitioning into digital processes facilitated by banking apps. Governments worldwide are investing in financial institutions to expand mobile banking services in remote regions, promoting mobile-based online transactions. Additionally, mobile commerce payments are increasingly integrated with e-billing/e-invoicing, notably in the banking, telecommunications, and e-commerce sectors. Collaborations between mobile commerce companies and telecom providers are enhancing payment services, contributing to the growth of the market during the forecast period.Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the Full Report Here

Major E-invoicing Market Challenge

The major challenge impeding market growth is a significant challenge hindering the market growth. E-invoicing introduces the exposure of companies' confidential data online, whether stored in the cloud or on-premise databases, making them susceptible to cyber-attacks. The concerns surrounding cybersecurity and privacy pose obstacles to IT advancement. E-invoicing systems contain sensitive organizational data, rendering them vulnerable to malicious hackers. Mishandling of data heightens the risk of cybercrime, potentially leading to diminished brand loyalty, legal disputes, and costly insurance claims. Additionally, technical glitches, errors, and insecure data transfers within organizations create opportunities for hackers. System outages can significantly impact enterprises' brand reputation. Consequently, cybersecurity and privacy apprehensions stand as a key challenge for the market growth during the forecast period. 

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E-invoicing Market - Segmentation Assessment
Segment Overview

The e-invoicing market has been segmented by end-user (B2B and B2C), deployment (Cloud-based and On-premises), and geography (Europe, APAC, North America, South America, and Middle East and Africa). 

• The market share growth of the B2B segment will be significant during the forecast period. In 2020, the market experienced substantial growth, primarily driven by the expanding global presence and the demand from IT, banking, financial services, insurance (BFSI), and retail sectors. These industries sought centralized billing and invoicing systems over the Internet. Stringent regulations within banking and retail, coupled with the surge in e-commerce and the emergence of digital payment alternatives, will continue to propel market growth in the forecast period. Well-structured formats for e-invoice processing and storage offer advantages. Sectors like retail, automotive, and manufacturing have embraced e-invoicing due to their early engagement, fostering high acceptance rates. The market is influenced by electronic data interchange (EDI) and extensible markup language technologies. The adoption of e-invoicing is surging among mid-sized and small businesses, leading to a significant rise in PDF invoice volume. The simplicity of archiving PDF invoices, requiring minimal storage space, contributes to its popularity. As e-invoicing gains increasing traction, the market is set to expand during the forecast period.
• APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to companies is Europe. A significant portion of the market's revenue in the region comes from Western Europe, encompassing countries such as Denmark, Sweden, Norway, the UK, and several other EU nations. These countries uphold strict regulations pertaining to e-invoicing procedures. For instance, the Italian budget law of 2018 mandates the obligatory use of e-invoicing for both B2B and B2C services in the country.

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Key Companies in the e-invoicing market:

Basware Corp., Cegedim SA., Comarch SA., Coupa Software Inc., Esker SA., International Business Machines Corp., iPayables Inc., Kofax Inc., Nipendo Ltd., PaySimple Inc., Sage Group Plc, SAP SE, Taulia Inc., Tipalti Inc., TradeShift Inc., Transcepta LLC., Visma Solutions Oy, Webtel Electrosoft. Pvt. Ltd., Xero Ltd, and Zoho Corp. Pvt. Ltd.

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The e-wallet market size is estimated to grow at a CAGR of 26.41% between 2022 and 2027. The market size is forecast to increase by USD 163.43 billion. This report extensively covers market segmentation by technology (proximity and remote), application (retail and e-commerce, media and entertainment, hospitality and transportation, telecommunication, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). The rising number of online transactions is the key factor driving the growth of the global e-wallet market.

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Deployment

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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 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.

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