E-Invoicing Market - Global Industry Analysis

E-Invoicing Market

Global E-Invoicing Market Share 2018 Report: Industry Type, Size, Trends, Segments, Analysis and Forecast 2026

Category: Technology & Media Report Format : PDF Pages: 110 Report Code: ZMR-3944 Published Date: Mar-2019 Status : Published

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Electronic invoicing (e-Invoicing) is the trade of invoices between suppliers and buyers in an integrated electronic format. In simple words, e-invoicing is a form of electronic billing. E-invoices include debit notes, purchase orders, credit notes, remittance slips, and payment terms and instructions. These invoices include entry options alongside different types of technologies and are used as an umbrella term to define any payment method presented to a customer. Moreover, it is simpler to attain a high degree of automation with authentic e-invoices rather than with PDF invoices. It offers several benefits to organizations, such as streamlining of accounting processes, offering higher receivables, reducing paper consumption, faster customer payments, timely delivery of invoices, increasing visibility and control over various processes, and lowered number of lost invoices. Enterprises are majorly using e-invoicing solutions to automate and simplify their processes of creating, sending, and receiving invoices.

The rising adoption of cloud-based services is the major factor driving the growth of the global e-invoicing market. Cloud computing plays a major role in solving inefficiency issues in organizations and boosting sustainable business growth. Moreover, redundant procedural, administrative, software, and hardware costs of organizations are also avoided by using cloud computing. The Internet has permitted the formation of web forms and web invoicing so that the electronic invoice data can be entered online. This has led to the wider adoption of e-invoicing. Furthermore, increasing government initiatives for e-invoicing is further anticipated to strengthen the global e-invoicing market growth over the forecast time period. However, data security concerns for uploading invoices in a secured server may hinder the global e-invoicing market in the upcoming years.

Global E-Invoicing Market

By type, the global e-invoicing market is segmented into cloud-based and on-premises. Based on end-user, the market is categorized into energy, FMCG, finance, e-commerce, express services, and others.

By region, Asia Pacific is predicted to be one of the fastest growing markets of e-invoicing within the forecast period, owing to the growing penetration of advancing technology support and rising automation trends, especially in emerging countries like China and India. Europe was the second largest market for e-invoicing in 2018, due to huge technology support by the government and growing automation trends.

Some major players operating in the global e-invoicing market are FreshBooks, Zoho Corporation Pvt. Ltd., Xero, Intuit, Brightpearl, Sage Group, FinancialForce, Tipalti Solutions Ltd., PaySimple, Acclivity Group LLC, KashFlow Software, Araize, Inc., Mercury Systems, Inc., Norming Software, YAT Software, SAP, Ipayables, Coupa Software Inc., and Zervant, among others.

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