Electronic invoicing which is also known as e-Invoicing is the interchange of the invoice document between the supplier and the buyer in an integrated automated format. Conventionally, invoicing, was like a kind of heavily paper-based procedure, which is manually exhaustive and it is also prone to human error causing in increased cost and processing lifecycle for the companies. The growth of e-invoicing market is highly reliant on the growth of overall adoption of paperless invoicing model globally.
For purpose of in depth analysis, the e-invoicing market has been segmented on the basis of channels, end users and geography. Based on the used channel type, the market has been segmented into three types they are like B2B, B2G and G2B. Different end users of e invoicing include the consumer and business & government. Moreover, this report also provide cross functional analysis of all the above mentioned segment across different regions such as Europe, North America, Asia Pacific, Middle East and Africa and Latin America.
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Continuously growing need to automate the invoicing procedure and to reduce the overall operational cost is a major growth driver for the e-invoicing market. Emergence of the public and private cloud computing is also acting as a key driving factor for the e-invoicing market. Therefore, the growing need of faster payment and processing cycle and enhanced account reconciliation are the main factor anticipated to catalyse the growing demand of e invoicing during the forecast period from 2017 to 2025. In addition, improved cash management, better dispute handling and alternative finance option is also anticipated to increase the demand of e invoicing in the upcoming years. In turn this is also projected to affect the e-invoicing market in a positive manner during the forecast period.
In spite of many driving factors, the e-invoicing market is expected to show a shrink and fluctuation in growth rate because of the complexity involved in the electronic purchasing procedure. Security issues involved with the uploading of invoices in a secured server and presence of offline customers who does not have any existing email id or who does not have any internet access are acting as restraining factors for the global e-invoicing market. The growing demand for improved dispute handling and better supplier relationship is going to create significant opportunity for e invoicing in coming years. Apart from that improved compliance and enhanced IT system optimisation is also acting as an opportunity factor for the e-invoicing market in the forecast period from 2017-2025.
By type of end user, the business & government type held the largest market share because of availability of electronic tax compliances and original invoices in the dedicated secured government servers. However, the consumer segment is projected to achieve steady growth during the forecast period. Availability of dynamic discounting and trade finance is driving the market for various end user segments.
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Geographically, the global e-invoicing market is mainly driven by North America region. Growing volume of e invoices along with the higher adoption of electronic transaction between the trading partners is driving the market of North America region. Rapidly growing demand of e invoicing in B2B segment is predicted to fasten the demand of e invoicing in the U.S., thereby expected to drive the e-invoicing market rapidly. Europe and Latin America is expected to grow significantly in the market during the forecast period because of the higher adoption of e invoicing in government sector.
Some of the leading players operating in the e-invoicing market includes Ariba Inc. (The U.S.),IBM (The U.S.), Nipendo (The U.S.), ReadSoft (The U.S.), Taulia (The U.S.), TradeShift (The U.S.), Transcepta LLC (The U.S.),Cegedim (France), Comarch (Poland) among others.