USD 2286.3 million
Report ID: SQMIG45A2036 | Region: Global | Published Date: July, 2023 | Pages: 275 | Tables: 59 | Figures: 75
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.
Global Market Size
USD 2286.3 million
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Global invoice processing software market is segmented on the basis of type, application, and region. By type, the Invoice Processing Software Market is segmented into cloud based, on-premises. By application, the Invoice Processing Software Market is segmented into large enterprises, SMEs. By region, the Invoice Processing Software 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.
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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.
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Invoice Processing Software Market Drivers
Growing Requirement for Legacy System Upgrades to Drive Market Growth
Invoice Processing Software Market Restraints
Threat of Data Breaches and Cyber Security may Hinder Market Growth
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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
Invoice Processing Software Market Recent Developments
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.
|Market size value in 2021||USD 2286.3 million|
|Market size value in 2030||USD 2436.3 million|
|Forecast Unit (Value)||USD Million|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Invoice Processing Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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