E-invoicing Market to Grow at a CAGR of 16.2% to reach US$ 15.50 Billion from 2020 to 2027

E-invoicing Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Cloud and On-Premise); End User (B2B, B2C, and Others); and Geography

Publication Month : Apr 2020

  • Report Code : TIPRE00009392
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 166
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The E-invoicing market was valued at US$ 4.84 billion in 2019 and is projected to reach US$ 15.5 billion by 2027. The E-invoicing market is expected to grow at a CAGR of 16.2% during the forecast period of 2020 to 2027.

E-invoicing is a growing market with rising adoption in various segments such as business to business, business to customer, and business to government among others. E-invoicing exclusively refers to the electronic invoice exchange between buyers and suppliers. Various countries define e-invoicing differently based on the regulations and nature of businesses prevalent in specific countries. For the scope of this study, electronic invoices are defined as formal invoices with more than seven mandatory fields with supplier and buyer authentication. For the exchange of e-invoices, there are various models that are being used across industries such as supplier direct model, buyer direct model, SaaS/PaaS model, network model, four corner model, multi-cloud model, and hybrid cloud model. Organization across the world either exchange e-invoices directly with their customers or use third part service providers. The growing trend of digitalizing various documents for efficient processing and compliance requirements is boosting the transition from manual paper based invoices to electronic invoices on a global scale. The rising demand for digital solutions to combat tax evasion and financial fraud among government organizations and tax authorities is driving the growth in e-invoicing mandates in various countries.

The market for e-invoicing is segmented into deployment model, end-user, and geography. Based on deployment model, the market is segmented into cloud and on-premise. In 2019, the cloud segment held the largest share of global e-invoicing market. Based on end-user, the e-invoicing market is divided into B2B, B2C, and others. The others segment includes B2G and G2B sectors. In 2019, B2C held the largest share of global e-invoicing market. B2B and B2G are expected to grow at impressive growth rates owing to rising government initiatives to support mandatory e-invoicing in these segments. Geographically, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, South America held the largest share followed by Europe and APAC. APAC is projected to be the fastest growing region from 2020 to 2027.

Lucrative Regions in E-invoicing Market

Lucrative Regions in E-invoicing Market
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E-invoicing Market Insights

Digital Transformation Trend Across Industries

The digital technologies are transforming industries worldwide and revolutionizing the business processes for enhanced operational efficiency and reduced costs. Both large and small enterprises are investing in various digital technologies such as web apps, cloud computing, artificial intelligence, internet of things, predictive analytics, and big data among many others. Digital transformation and process automation has the potential to create unparalleled opportunities for businesses to create more value and increase revenue. Invoicing is a major function in all business segments including B2B, B2C, B2G, and G2B which requires a substantial amount of resources in terms of manpower, time, and equipment. There are billions of invoices being generated across the globe on a daily basis and only a fraction of this is in the form of electronic e-invoices, hence there is a huge potential for e-invoicing market to grow in the coming years.

Deployment Model -Based Market Insights

The e-invoicing market, by deployment model is segmented into cloud and on-premise. In 2019, cloud segment held the largest share of global e-invoicing solutions owing to advantages such as easy implementation, cost savings, and operational flexibility.

E-invoicing Market, by Deployment Model – 2019 and 2027

E-invoicing Market, by Deployment Model – 2019 and 2027
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End-User -Based Market Insights

Based on end-user, the e-invoicing market is categorized into B2B, B2C, and Others. The others segment includes B2G and G2B end-users. In 2019, B2C segment held the largest share of global e-invoicing market and B2B segment is anticipated to be the fastest growing segment over the forecast period.

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E-invoicing Market: Strategic Insights

e-invoicing-market
Market Size Value inUS$ 4.84 Billion in 2019
Market Size Value byUS$ 15.5 Billion by 2027
Growth rateCAGR of 16.2% from 2020-2027
Forecast Period2020-2027
Base Year2020
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Players operating in the E-invoicing market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the E-invoicing market. A few developments by key players of the E-invoicing market are:

In March 2020, Tradeshift announced the launch of its new seller engagement platform, which is engaged in building up the digital collaboration between buyers and suppliers by delivering value of a transaction for both side..

In March 2019, SAP Ariba awarded as “best-in-class” solution provider in Ardent Partners’ 2019 for providing high level support to its global network and enables the offer on both ends of its services.

E-invoicing Market – by Deployment Model

  • On-premise
  • Cloud


E-invoicing Market – by Business Function

  • B2B
  • B2C
  • Others


E-invoicing Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Russia
    • UK
    • Italy
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • Japan
    • Australia
    • Rest of APAC
  • MEA

    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA
  • SAM

    • Brazil
    • Argentina
    • Rest of SAM


E-invoicing Market – Company Profiles

  • Basware Corporation
  • Cegedim SA
  • Comarch SA
  • Coupa Software Inc.
  • IBM Corporation
  • Nipendo Ltd.
  • SAP SE
  • The Sage Group plc
  • Tradeshift
  • Transcepta LLC
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type ; End User ; and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Which region led the e-invoicingmarket in 2019?

The SAM region led the E-invoicing market in 2019. The SAM region is one of the most advanced regions in terms of adoption and implementation of e-invoicing. E-invoicing has become prevalent in SAM countries to improve the overall fiscal control and to reduce high tax evasion rates. In countries such as Brazil, Chile, and Guatemala, e-invoicing is used for almost all the economic and business transactions.

Which factor is driving growth of the e-invoicingmarket?

The digital technologies are transforming industries worldwide and revolutionizing the business processes for enhanced operational efficiency and reduced costs. Both large and small enterprises are investing in various digital technologies such as web apps, cloud computing, artificial intelligence, internet of things, predictive analytics, and big data among many others.Therefore, the growing digitization across various industries is driving the growth of e-invoicing market across globe.

Which end-userled thee-invoicingmarket?

The B2C segmentis the leading end-user in the market. B2C (Business to Customer) include businesses that sells products and services directly to the end-customers. The increasing population, rising disposable incomes, changing consumer behavior, and increasing trend of e-commerce are some of the key driving factors that are driving the growth of B2C transactions worldwide. Owing to large number of transactions on daily basis, this segment generates a substantial number of invoices in comparison to B2B and B2G segments. Cost savings, transaction transparency, regulatory compliance, and reduced tax evasion incidences are some of the key factors which are fueling the adoption of B2C e-invoicing in various countries.

The List of companies - E-invoicing Market

  1. Basware Corporation
  2. Cegedim SA
  3. Comarch SA
  4. Coupa Software Inc.
  5. IBM Corporation
  6. Nipendo Ltd.
  7.  SAP SE
  8. The Sage Group Plc
  9. Tradeshift
  10. Transcepta LLC

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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