Invoice Processing Software Market Size, Share, Growth Analysis, By Component(Invoice Processing Software (On-Premise, Cloud-based), Service (Integration & Implementation, Consulting Services), By Enerprise Size(SMEs, Large Enterprises), By Industry(IT & Telecom, BFSI, Government, Retail), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45A2036 | Region: Global | Published Date: July, 2024
Pages: 275 |Tables: 59 |Figures: 75

Invoice Processing Software Market Insights

Global Invoice Processing Software Market size was valued at USD 2286.3 million in 2021 and is poised to grow from USD 2436.3 million in 2022 to USD 7188.8 million by 2030, growing at a CAGR of 14.26% in the forecast period (2023-2030).

The market expansion is driven by increased SME demand for automated invoice processing solutions as well as increasing usage of cloud-based invoice management software (SMEs). However, the development of this sector is being constrained by a lack of knowledge about the advantages that invoicing management software offers.

When products and services are exchanged, electronic invoicing, also known as e-invoicing, refers to the creation of electronic bills using a digital platform. Purchase orders, debit and credit notes, and remittance vouchers that outline the terms and conditions of the payment are typically used, along with other smart devices like smartphones, computers, and tablets. E-invoicing can be implemented using both cloud-based and on-premises solutions, which have a number of additional advantages, including increased data quality and invoice accuracy, a decrease in cases of payment delays, and quicker and more transparent invoice processing. In addition to this, it facilitates easy transaction tracking and lowers system design, customization, and implementation, training, and maintenance costs.

US Invoice Processing Software Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2023-2030

Global Market Size

USD 2286.3 million

Largest Segment

Large Enterprises

Fastest Growth

Large Enterprises

Growth Rate

14.26% CAGR

Global Invoice Processing Software Market ($ Bn)
Country Share for North America Region (%)

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Invoice Processing Software Market Segmental Analysis

Global Invoice Processing Software Market is segmented By Component, By Enterprise Size,By Industry and Region. Based on Component, the market can be segmented into Invoice Processing Software (On-Premise, Cloud-based), Service (Integration & Implementation, Consulting Services, Support & Maintenance). Based on Enterprise Size, the market can be segmented into SMEs, Large Enterprises. Based on Industry, the market is segmented into IT & Telecom, BFSI, Government, Retail, Healthcare, Education and Others.  Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Invoice Processing Software Market Analysis by Application

The large enterprise segment dominated the global invoice processing software and is anticipated to maintain its dominance throughout the forecast period. because there is a growing need across sectors for trustworthy and reliable invoice management software. Larger companies are embracing invoice management software solutions because they include a variety of capabilities like time & billing, project and client tracking, as well as employee time clocks that enable precise accounting.

By automating tasks like payment processing, billing, and reporting, these systems also assist in reducing manual labour across numerous departments, enhancing overall efficiency. With a projected CAGR of 5% from 2023 to 2030, SMEs are rapidly adopting invoice management software, which is due to rising awareness of these solutions among small firms regarding their advantages, such as ease of use coupled with features like automatic tax computation.

Global Invoice Processing Software Market By Type

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Invoice Processing Software Market Regional Insights

North America dominated the global invoice processing software market in 2022 and is expected to maintain its dominance throughout the forecast period. The market is growing as a result of the existence of numerous well-known players engaged across numerous industrial verticals, including manufacturing, healthcare, IT, and telecom. To achieve the highest client penetration in the North American region, these businesses are heavily investing in the creation of new software applications and the improvement of their current product line.

Due to the rising use by small and medium-sized businesses, the Asia Pacific area is anticipated to experience the fastest growth over the next years (SMEs). Strong economic growth has been occurring in the Asia Pacific region over the last few years as a result of rapid industrialization and improving macroeconomic conditions, such as low unemployment and high disposable income among middle-class population groups, etc. This trend will continue in the coming years, driving demand for Invoice Processing Software market.

Global Invoice Processing Software Market By Region
  • Largest
  • Fastest

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Invoice Processing Software Market Dynamics

Invoice Processing Software Market Drivers

Growing Requirement for Legacy System Upgrades to Drive Market Growth

  • The development of legacy systems is a lengthy process that need for advanced knowledge and established procedures. Choosing a trustworthy IT partner is crucial for a seamless move. Performance deteriorates over time, and there are an increasing number of failures. Low productivity and efficiency, as well as a subpar user interface, can negatively affect the user experience. As a result to improve the productivity and performance of the system there is requirement for upgrading the legacy system.

Invoice Processing Software Market Restraints

Threat of Data Breaches and Cyber Security may Hinder Market Growth

  • Companies must be aware that they are vulnerable to assaults while handling things like payments and invoicing, as well as other types of data breaches. When a company is fooled into changing the payee information for a sizable payment, this is known as invoice fraud. Criminals act as frequent suppliers and submit a legitimate request to modify the information on a bank account. Every business or organization is susceptible to fraudulent billing. The human firewall, together with everyone's awareness and attention within a business or organization, is once again the key.

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Invoice Processing Software Market Competitive Landscape

The market's competitive environment is defined by a wide range of companies and is highly fragmented. To facilitate speedy deployment of additional functions, channels, and features, vendors are concentrating on offering fully scalable, flexible products through a monthly subscription. Also, in order to increase consumer flexibility, industry participants are concentrating on providing superior cloud-based invoice processing software. The suppliers are making investments in the creation of solutions for a range of end-use sectors, including BFSI, government, healthcare, and IT & telecom. Market participants are also spending money on joint ventures and new product launches in an effort to grow their consumer bases and improve their market positions.

Invoice Processing Software Market Top Player’s Company Profiles

  • ABBYY
  • Coupa Software
  • SAP Concur
  • Coupa Invoice
  • Beanworks
  • Xero
  • FreshBooks
  • QuickBooks
  • Bill.com
  • Sage
  • Zoho Invoice
  • AP Center
  • BillGrid
  • Basware
  • Anybill
  • Chrome River
  • Workday
  • MineralTree
  • KashFlow
  • Expensify

Invoice Processing Software Market Recent Developments

  • In 2022, the open-source independent digital asset XRP has been introduced to the platform of the CryptoBucks mobile app for cryptocurrency payments, which is powered by Aliant Payments, according to an announcement from the company. Mobile apps for iOS and Android would both support XPR.
  • In 2021, the U.K.'s contactless payment cap was raised by the Government and Financial Conduct Authority (FCA) in October 2021 from 50.92 to 113.16 USD. Previously, FCA raised this cap from USD 33.95 to USD 50.92 in April 2020 as a COVID-19 action to lessen customer engagement with payment terminals.

Invoice Processing Software Key Market Trends

  • Due to the increased demand for small and medium-sized businesses (SMBs) to manage finances and operations more effectively, there is an increase in the demand for invoicing and billing software.
  • The demand for mobile invoicing management software that can be used on smartphones and tablets is being driven by the rising popularity of mobile devices among business users.

Invoice Processing Software Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to oue global Invoice Processing Software market analysis, companies can automate processes connected to invoice processing with the assistance of invoice management software. When companies or accounting divisions receive invoices, these invoices often undergo an approval procedure before having their information compared to sales and purchase orders, as well as payments. The global market is anticipated to be driven by an increase in the adoption of subscription business models.

Report Metric Details
Market size value in 2021 USD 2286.3 million
Market size value in 2030 USD 7188.8 million
Growth Rate 14.26%
Base year 2023
Forecast period 2023-2030
Forecast Unit (Value) USD Million
Segments covered
  • Component
    • Invoice Processing Software (On-Premise, Cloud-based), Service (Integration & Implementation, Consulting Services, Support & Maintenance)
  • Enerprise Size
    • SMEs, Large Enterprises
  • Industry
    • IT & Telecom, BFSI, Government, Retail, Healthcare, Education and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ABBYY
  • Coupa Software
  • SAP Concur
  • Coupa Invoice
  • Beanworks
  • Xero
  • FreshBooks
  • QuickBooks
  • Bill.com
  • Sage
  • Zoho Invoice
  • AP Center
  • BillGrid
  • Basware
  • Anybill
  • Chrome River
  • Workday
  • MineralTree
  • KashFlow
  • Expensify
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Invoice Processing Software Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Invoice Processing Software Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Invoice Processing Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Invoice Processing Software Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Invoice Processing Software Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Invoice Processing Software Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Invoice Processing Software Market size was valued at USD 2286.3 million in 2021 and is poised to grow from USD 2436.3 million in 2022 to USD 7188.8 million by 2030, growing at a CAGR of 14.26% in the forecast period (2023-2030).

The market's competitive environment is defined by a wide range of companies and is highly fragmented. To facilitate speedy deployment of additional functions, channels, and features, vendors are concentrating on offering fully scalable, flexible products through a monthly subscription. Also, in order to increase consumer flexibility, industry participants are concentrating on providing superior cloud-based invoice processing software. The suppliers are making investments in the creation of solutions for a range of end-use sectors, including BFSI, government, healthcare, and IT & telecom. Market participants are also spending money on joint ventures and new product launches in an effort to grow their consumer bases and improve their market positions. 'ABBYY', 'Coupa Software', 'SAP Concur', 'Coupa Invoice', 'Beanworks', 'Xero', 'FreshBooks', 'QuickBooks', 'Bill.com', 'Sage', 'Zoho Invoice', 'AP Center', 'BillGrid', 'Basware', 'Anybill', 'Chrome River', 'Workday', 'MineralTree', 'KashFlow', 'Expensify'

The development of legacy systems is a lengthy process that need for advanced knowledge and established procedures. Choosing a trustworthy IT partner is crucial for a seamless move. Performance deteriorates over time, and there are an increasing number of failures. Low productivity and efficiency, as well as a subpar user interface, can negatively affect the user experience. As a result to improve the productivity and performance of the system there is requirement for upgrading the legacy system.

Due to the increased demand for small and medium-sized businesses (SMBs) to manage finances and operations more effectively, there is an increase in the demand for invoicing and billing software.

North America dominated the global invoice processing software market in 2022 and is expected to maintain its dominance throughout the forecast period. The market is growing as a result of the existence of numerous well-known players engaged across numerous industrial verticals, including manufacturing, healthcare, IT, and telecom. To achieve the highest client penetration in the North American region, these businesses are heavily investing in the creation of new software applications and the improvement of their current product line.

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