The e-invoicing market was valued at approximately US$ 12.47 billion in 2023 and is projected to grow to US$ 62.68 billion by 2031, reflecting a compound annual growth rate (CAGR) of 22.4% during the period from 2023 to 2031.

The surge in digital transformation across various sectors, increasing compliance requirements related to e-invoicing, and supportive government initiatives aimed at enhancing e-invoicing adoption are significant factors propelling market expansion. Nevertheless, certain challenges associated with e-invoicing solutions may hinder widespread acceptance in the near future. Despite these challenges, the escalating demand for cloud-based solutions and the integration of advanced technologies like blockchain within the global e-invoicing landscape are expected to drive market growth throughout the forecast period.

The pace of compliance requirements from both government and industry is accelerating rapidly across different nations. Governments worldwide derive approximately 30% of their revenue from sales tax and VAT collections. Issues such as tax evasion and fraud pose serious challenges for governments globally. The implementation of digital solutions like e-invoicing enables authorities to effectively monitor business and financial transactions among various stakeholders. Consequently, countries including Brazil, Mexico, Argentina, Chile, India, and Italy have instituted e-invoicing mandates across various sectors, including B2G, B2B, and B2C transactions. For example, India's GST e-invoice/IRN System was launched as a mandatory requirement in October 2020. In North America, governments in the US and Canada are also strategizing to enhance the adoption of e-invoicing among businesses and public sector organizations. The benefits of e-invoicing, such as streamlined transaction tracking, reduced payment processing times, minimized human errors, and significant cost savings, are further contributing to the growth of the e-invoicing market across different regions. Additionally, the increasing initiatives by global organizations like ConnectONCE, OpenPEPPOL, EESPA, and GS1 to enhance interoperability among various international e-invoicing formats are expected to further promote the adoption of flexible cloud-based e-invoicing solutions.

Government entities and public administrators play a crucial role in facilitating the growth of e-invoicing across various regions. For instance, specific European Directives provide guidelines for the adoption of e-invoicing in European nations. The landscape of e-invoicing in Europe has evolved significantly due to Directive 2014/55/EU and the VAT in the Digital Age (ViDA) proposal. Each country has its own set of regulations, and businesses must stay informed about ongoing developments to ensure compliance and avoid penalties. As various governments mandate e-invoicing for conducting business within their jurisdictions, companies are compelled to adopt these solutions. In such regions, businesses must adhere to numerous government compliance requirements for both sending and receiving e-invoices. Consequently, e-invoicing solution providers are developing a range of offerings that include compliance features, enabling users to navigate complex regulatory landscapes and mitigate risks associated with compliance that impact "order to cash" and "procure to pay" processes. Thus, the increasing emphasis by governments on mandating e-invoicing serves as a catalyst for the growth of the e-invoicing market.

Prominent players in the e-invoicing market include Cegedim SA, Sage Group Plc, Comarch SA, Nipendo Ltd, Tradeshift, and Transcepta LLC, as highlighted in the e-invoicing market report. The comprehensive analysis of the e-invoicing market has been derived from both primary and secondary research methodologies. Extensive secondary research has been conducted utilizing both internal and external sources to gather qualitative and quantitative insights related to the e-invoicing market. This process aids in forming an overview and forecast of the market across all segments. Additionally, numerous primary interviews have been carried out with industry stakeholders to validate the data and extract analytical insights. This includes discussions with industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the market. The e-invoicing market forecast is based on a combination of findings from both secondary and primary research, including key company publications, association data, and relevant databases.