Rising Demand of Contactless Payments to Drive Global E-Invoicing Market with Hefty Returns by 2026 – Zion Market Research
E-Invoicing Market by Type (Cloud-Based and On-Premises) and by End-User (Energy, FMCG, Finance, E-Commerce, Express Services, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026
New York, United States – October 15, 2020 /MarketersMedia/ —
Zion Market Research has published a new report titled “E-Invoicing Market by Type (Cloud-Based and On-Premises) and by End-User (Energy, FMCG, Finance, E-Commerce, Express Services, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the global e-invoicing market was valued at approximately USD 4,649 million in 2018 and is expected to generate around USD 20,529 million by 2026, at a CAGR of around 20.4% between 2019 and 2026.
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. 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.
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On the basis of type, the e-invoicing market is segmented into cloud-based and on-premises. Cloud-based e-invoicing is expected to be the fastest growing market segment over the forecast time period, as it helps in reducing time apart from being inexpensive in nature. Cloud-based service is fast and easy to implement with a low ownership cost. It even comes with an instinctive built-in on-boarding tool to connect all customers and suppliers to e-invoicing.
Based on end-user, the market is categorized into energy, FMCG, finance, e-commerce, express services, and others. The finance segment held the major share of the global e-invoicing market in 2018 and is predicted to register the highest growth in the future. FMCG and energy segments are also projected to experience sustainable market growth in the years ahead.
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.
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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.
This report segments the global e-invoicing market as follows:
Global E-Invoicing Market: Type Analysis
Cloud-Based
On-Premises
Global E-Invoicing Market: End-User Analysis
Energy
FMCG
Finance
E-Commerce
Express Services
Others
Global E-Invoicing Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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