The e-invoice market size is poised to grow by USD 6.93 billion during 2020-2024, progressing at a CAGR of over 19% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global E-invoicing Market 2020-2024 (Graphic: Business Wire)
The convenience and easy accessibility of mobile payment systems are driving the adoption of e-invoicing solutions. Mobile-based platforms and applications have simplified banking, commercial transactions, and billing payments. Physical transactions such as closing and opening an account, fund transfers, deposits, and withdrawals are becoming digital and easy through mobile-based applications being provided by BFSI organizations. Moreover, to promote digital transactions and increase the penetration of banking services across the country, governments are significantly investing in financial institutions to encourage them to extend their mobile banking services in rural areas. Such initiatives from government and private organizations are promoting the use of mobile-based payment systems, thereby driving the growth in the global e-invoice market.
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The major e-invoice market growth came from the B2B segment. Rapid growth in globalization and the growing demand for internet-based centralized systems for billing/invoicing in organizations such as IT, banking, financial services and insurance (BFSI), and retail companies are driving the growth of the market by the B2B segment.
Europe was the largest e-invoicing market in 2019, and the region