Report : Electronic Data Interchange (EDI) Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Solution, Services); Type (Direct EDI, EDI via AS2, EDI via VAN, Mobile EDI, Web EDI, EDI outsourcing, Others); Industry (BFSI, Retail and Consumer Goods, Healthcare, IT and Telecommunication, Transportation and Logistics, Others)
According to our latest market study on “Electronic Data Interchange (EDI) Market to 2027 – COVID-19 Impact and Global Analysis and Forecast by Component (Solution, Services); Type (Direct EDI, EDI via AS2, EDI via VAN, Mobile EDI, Web EDI, EDI outsourcing, Others); Industry (BFSI, Retail and Consumer Goods, Healthcare, IT and Telecommunication, Transportation and Logistics, Others); and Geography,” the market was valued at US$ 24,640.3million in 2019 and is projected to reach US$ 49,213.1million by 2027; it is expected to grow at a CAGR of 9.5 % from 2019 to 2027.
The report highlights the key factors driving the market growth, prominent players and their developments in the market.
Electronic data interchange (EDI) is a process of transaction of business documents basically standard electronic format between the organization and trade partners. For instance, some of the common materials that are interchanged with the help of EDI are invoices, purchase orders, and advance ship notices. But there are numerous other documents, such as customs documents, bill of lading, inventory documents, payment documents, and shipping status documents. EDI allows organizations to regulate the exchange of data between supply chain applications. EDI ensures the organization that the business-critical data are sent on time. The EDI replaces traditional business communication with mail preparation and handles automatically. Several organizations consider EDI to have adherence to numerous compliances and standards. This hampers smaller businesses from dealing with larger organizations to deploy an updated version of document standards. The organizations are either interchanging EDI documents directly with their customers or use third-party service providers. The mounting trend of digitalizing the business documents for efficient processing, several compliances are implemented, which boosts the transition from paper-based invoices to electronic invoices worldwide. The successful integration of EDI solutions globally and its benefits are driving other countries such as Bolivia, France, Guatemala, Columbia, China, India, Uzbekistan, Kyrgyzstan, Vietnam, Estonia, Croatia, Portugal, and Serbia.
The rising digital transformation and acceptance of EDI solutions for data transaction trend across industries, rising EDI related compliance requirements, as well as favorable government initiatives to boost EDI solution adoption are some of the critical factors that are driving the growth of EDI market.
Mulesoft, LLC, SPS Commerce, Inc., TrueCommerce Inc., IBM Corporation, Cleo, The Descartes Systems Group Inc., Data Masons Software LLC, crossinx GmbH, EDICOM, and Comarch SA are the leading players operating in the electronic data interchange (EDI) market. Several other players are also functioning and are contributing significant revenues in the electronic data interchange (EDI) market.
COVID-19 Impact on electronic data interchange (EDI) Market
According to World Health Organization (WHO) report, the US, Spain, Italy, France, Germany, the UK, Turkey, Iran, China, and Russia are some of the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in the year 2020 and likely in 2021 as well. The outbreak has created significant disruptions in primary industries such as consumer electronics, semiconductor, automotive, and IT infrastructure. All these industries are crucial for the growth of electronic data interchange (EDI) market as they are of major demand generation industries for electronic data interchange (EDI The global electronics and semiconductor industry are one of the major industries that is facing serious disruptions due to supply chain issues and manufacturing shutdowns.
The report segments the global electronic data interchange (EDI) market as follows: