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E-Invoicing Market Segments: by end user (B2C, B2B, and others); by (Deployment into Cloud and on premises) and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
E-invoicing applies solely to the electronic exchange of invoices among buyers and suppliers. Depending on the legislation and types of businesses that operate in their respective countries, numerous regions describe e-invoicing in different ways. Electronic invoices are classified as structured invoices with more than seven required fields of supplier and buyer verification for the context of this analysis. The direct supplier model, direct buyer model, Software as a service/platform as a service (PaaS) model, network model, four corner model, multi-domain model, and hybrid cloud model are numerous options adopted for the exchange of e-invoices throughout enterprises.
Global E-Invoicing Market to surpass USD 16.68 billion by 2030 from USD 5.87 billion in 2020 at a CAGR of 17.40% in the coming years, i.e., 2021-30. One of the major elements that create a positive outlook for the market is tremendous growth in the e-commerce sector. Moreover, the broad integration of smart IT solutions in the banking, financial services, and insurance (BFSI), energy, telecommunications, and retail industries also boosts the growth of the global market. This is in accordance with the flexible e-invoicing solutions provided by product suppliers to assist the changing operational patterns. Various technologies, such as the expansion of the cloud-based invoicing web and software-based applications, the Internet of Things (IoT), and predictive analytics, also contribute to market growth. The company's development is one of the main driving forces behind the growth process. The market is also anticipated to be further driven by other factors, including the high acceptance of blockchain technologies to guarantee the safety of documents, as well as the emerging trend of document digitalization towards effective processing and compliance.
Global E-Invoicing Market is segmented by Deployment into Cloud and on-premises. Cloud, segment held the largest market share in the year 2020. The providers of cloud solutions help their customers fulfill legal requirements and tax obligations, as well as guarantee end-to-end data security. In different branches, some of the main factors that encourage cloud-based solutions entail easy use, interoperability, cost savings, easy implementation, and on-demand characteristics. The vast and ever-growing number of SMEs across the world adds to the need for cloud-based E-invoicing methods in terms of the benefits offered by cloud solutions
Global E-Invoicing Market is divided by end-user into B2C, B2B, and others. B2C Leisure segment held the largest market share in the year 2020 and will continue to dominate the market in the coming years. B2C transactions include companies which directly sell products and services to clients. The rising population, increasing spending power, changing consumer behavior, and growing e-commerce trends are some of the key factors contributing to the development of B2C transactions globally. This segment generates a considerable number of invoices compared to B2B and B2G segments, due to a growing number of transactions on a constant basis.
One of the major elements that create a positive outlook for the market is tremendous growth in the e-commerce sector. Moreover, the broad integration of smart IT solutions in the banking, financial services, and insurance (BFSI), energy, telecommunications, and retail industries also boosts the growth of the global market. This is in accordance with the flexible e-invoicing solutions provided by product suppliers to assist the changing operational patterns
Various technologies, such as the expansion of cloud-based invoicing web and software-based applications, the Internet of Things (IoT), and predictive analytics, also contribute to market growth. The company's development is one of the main driving forces behind the growth process.
The high initial implementation costs and cost-effective E-Invoicing availability could hinder the growth on the market. Most key players restrict themselves due to high initial costs and thus limiting the market growth.
Basware Corporation
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global E-Invoicing Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global E-Invoicing Market in Europe held the largest market share of XX.X% in the year 2020. During the projected timeline Europe is projected to dominate over E-Invoicing. Initiatives by governments that mandate use of B2B and B2C e-invoicing procedures in countries like the United Kingdom, Denmark, Sweden, and Norway have an important impact upon the market growth of e-invoicing in this region.
E-Invoicing Segments
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