Report : Middle East & Africa E-Invoicing Market Forecast to 2031 - Regional Analysis- by Deployment (Cloud-Based and On-Premise), End User (Retail and E-Commerce, Government, IT and Telecom, BFSI, and Others), Application (B2B, B2C, and B2G), and Type (Non-PO Invoices and PO Invoices)
At 17.6% CAGR, Middle East & Africa E-Invoicing Market is Projected to be Worth US$ 2,087.30 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Middle East & Africa e-invoicing market was valued at US$ 568.78 million in 2023 and is expected to reach US$ 2,087.30 million by 2031, registering a CAGR of 17.6% from 2023 to 2031. Digital transformation across industries and rise in e-invoicing related compliance requirements are among the critical factors attributed to drive the Middle East & Africa e-invoicing market growth.
Digital technologies are transforming industries worldwide and revolutionizing 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, the Internet of Things, predictive analytics, and big data. Digital transformation and process automation have 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, and B2G which requires a substantial number 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 the e-invoicing market to grow in the coming years. The present manual and paper-based invoice generation process results in human errors and reduces the overall productivity of a business. With the adoption of e-invoicing, businesses can save substantial costs related to generating and sending invoices to end customers. The automation of the invoicing process through e-invoicing will result in various strategic and operational benefits for buyers, suppliers, and managers. These benefits include reduced costs, increased accuracy, faster payments, enhanced productivity, environmental benefits, improved cash management, and improved compliance.
On the flip side, challenges related to mass adoption of e-invoicing hamper the growth of Middle East & Africa E-Invoicing Market.
Based on deployment, the Middle East & Africa e-invoicing market is bifurcated into on-premise and cloud-based. The cloud-based segment held 55.9% market share in 2023, amassing US$ 317.95 million. It is projected to garner US$ 1,193.78 million by 2031 to register 18.0% CAGR during 2023-2031.
In terms of end user, the Middle East & Africa e-invoicing market is segmented into retail and E-commerce, government, IT and Telecom, BFSI, and others. The government segment held 31.6% share of Middle East & Africa e-invoicing market in 2023, amassing US$ 179.85 million. It is anticipated to garner US$ 618.95 million by 2031 to expand at 16.7% CAGR during 2023-2031.
In terms of application, the Middle East & Africa e-invoicing market is segmented into B2B, B2C, and B2G. The B2G segment held 53.3% share of Middle East & Africa e-invoicing market in 2023, amassing US$ 303.06 million. It is anticipated to garner US$ 1,098.54 million by 2031 to expand at 17.5% CAGR during 2023-2031.
In terms of type, the Middle East & Africa e-invoicing market is bifurcated into non-PO invoices and PO invoices. The non-PO invoices segment held 72.6% share of Middle East & Africa e-invoicing market in 2023, amassing US$ 412.77 million. It is anticipated to garner US$ 1,549.17 million by 2031 to expand at 18.0% CAGR during 2023-2031.
Based on country, the Middle East & Africa e-invoicing market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 28.9% share of Middle East & Africa e-invoicing market in 2023. It was assessed at US$ 164.52 million in 2023 and is likely to hit US$ 549.53 million by 2031, registering a CAGR of 16.3% during 2023-2031.
Key players operating in the Middle East & Africa e-invoicing market are Cegedim SA, Sage Group Plc, Comarch SA, Nipendo Ltd, Coupa Software Inc, International Business Machines Corp, and SAP SE, among others.
- In May 2021, Coupa Software, one of the leaders in business spend management (BSM), announced that it has become an official member of the E-Invoice Promotion Association (EIPA), an organization to develops, demonstrates, and promotes standard specifications of electronic invoices.
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