Report : Europe 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 23.3% CAGR, Europe E-Invoicing Market is Projected to be Worth US$ 17,489.83 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the Europe e-invoicing market was valued at US$ 3,281.78 million in 2023 and is expected to reach US$ 17,489.83 million by 2031, registering a CAGR of 23.3% from 2023 to 2031. Rise in demand for cloud-based solutions and growth of e-commerce industry are among the critical factors attributed to drive the Europe e-invoicing market growth.
Cloud computing is becoming the driving force for digital transformation across industries. The demand for cloud-based solutions across businesses is growing at an unprecedented rate owing to the advantages offered by these solutions over on-premises deployment. Major advantages of cloud-based solutions include easy deployment, interoperability, cost savings, high efficiency, and on-demand features. Services such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS) are growing rapidly. However, the adoption of cloud-based solutions varies across geographies and businesses depending on multiple factors such as regulatory environment and competitive scenarios. The demand for cloud-based solutions is high in small and medium enterprises owing to the cost benefits related to these solutions. Most large organizations are still using on-premises solutions as implementing new processes across large organizations and their networks is a complex task and requires changes in traditional work practices. However, with the increasing capabilities and benefits of cloud-based solutions in terms of technology integrations such as the Internet of Things (IoT), artificial intelligence (AI), blockchain, big data, and predictive analytics, the demand for these solutions is expected to grow at an impressive rate over the forecast period of 2024 to 2031. In addition to this, the large and fast-growing number of small and medium-sized enterprises (SMEs) across the world is projected to fuel the demand for cloud-based e-invoicing solutions. The growing popularity of cloud-based e-invoicing solutions and their benefits are expected to fuel their deployments at an impressive pace, especially among SMEs. Hence, the rising demand for cloud-based solutions is anticipated to offer ample growth opportunities for e-invoicing solution providers over the forecast period.
On the flip side, challenges related to mass adoption of e-invoicing hamper the growth of Europe E-Invoicing Market.
Based on deployment, the Europe e-invoicing market is bifurcated into on-premise and cloud-based. The cloud-based segment held 64.1% market share in 2023, amassing US$ 2,102.82 million. It is projected to garner US$ 11,522.60 million by 2031 to register 23.7% CAGR during 2023–2031.
In terms of end user, the Europe e-invoicing market is segmented into retail and E-commerce, government, IT and Telecom, BFSI, and others. The government segment held 40.1% share of Europe e-invoicing market in 2023, amassing US$ 1,315.63 million. It is anticipated to garner US$ 6,749.02 million by 2031 to expand at 22.7% CAGR during 2023–2031.
In terms of application, the Europe e-invoicing market is segmented into B2B, B2C, and B2G. The B2G segment held 81.2% share of Europe e-invoicing market in 2023, amassing US$ 2,666.09 million. It is anticipated to garner US$ 14,040.38 million by 2031 to expand at 23.1% CAGR during 2023–2031.
In terms of type, the Europe e-invoicing market is segmented into non-PO invoices and PO invoices. The non-PO invoices segment held 69.8% share of Europe e-invoicing market in 2023, amassing US$ 2,289.82 million. It is anticipated to garner US$ 12,530.54 million by 2031 to expand at 23.7% CAGR during 2023–2031.
Based on country, the Europe e-invoicing market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 28.8% share of Europe e-invoicing market in 2023. It was assessed at US$ 945.14 million in 2023 and is likely to hit US$ 4,722.08 million by 2031, registering a CAGR of 22.3% during 2023–2031.
Key players operating in the Europe e-invoicing market are Cegedim SA, Sage Group Plc, Comarch SA, Nipendo Ltd, Tradeshift, Basware Corporation, Coupa Software Inc, International Business Machines Corp, and SAP SE., among others.
- May 2022: As of July 1, 2024, the obligation to receive invoices in electronic format will be mandatory for all companies in France when their supplier is required to issue an invoice in electronic format. Taking into account these coming changes, Comarch took a further step to ensure it is in line with French requirements by joining the FNFE (Forum National de la Facture Electronique).
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