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
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).
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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.
The payment processing solutions market size is estimated to grow at a CAGR of 12.18% between 2022 and 2027. The market size is forecast to increase by USD 63.48 billion This report extensively covers market segmentation by deployment (cloud-based and on-premises), method (credit card, debit card, e-wallet, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The high adoption of contactless payment solutions is driving growth.
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.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Deployment
Market Segmentation by Geography
Drivers, Challenges, & Trends
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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