At 22.7% CAGR, North America E-Invoicing Market is Projected to be Worth US$ 19,096.43 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America e-invoicing market was valued at US$ 3,721.67 million in 2023 and is expected to reach US$ 19,096.43 million by 2031, registering a CAGR of 22.7% from 2023 to 2031. Rise in e-invoicing related compliance requirements and growth of e-commerce industry are among the critical factors attributed to drive the North America e-invoicing market growth.

The number of both government and industry compliances is growing at a fast pace across countries. Governments in various countries receive ~30% of revenue from collecting sales tax and VAT. Tax evasion and tax fraud are serious concerns for governments in various countries. Adopting digital solutions such as e-invoicing helps them efficiently track business and financial transactions among various parties. Hence, countries such as Brazil, Mexico, Argentina, Chile, India, and Italy have adopted e-invoicing mandates for various segments such as B2G, B2B, and B2C. Governments of countries in North America, such as the US and Canada, are now planning to take adequate measures to boost the adoption of e-invoices among businesses and government organizations. Advantages offered by e-invoicing, such as easy tracking of business transactions, reduced payment process time, fewer human errors, and increased cost savings, are further boosting the growth of the e-invoicing market across various regions. In addition, the rising initiatives by global associations such as ConnectONCE, OpenPEPPOL, EESPA, and GS1 to improve the interoperability among various international e-invoicing formats are further anticipated to fuel the adoption of flexible cloud-based e-invoicing solutions.

On the flip side, challenges related to mass adoption of e-invoicing hamper the growth of North America E-Invoicing Market.

Based on deployment, the North America e-invoicing market is bifurcated into on-premise and cloud-based. The cloud-based segment held 66.4% market share in 2023, amassing US$ 2,471.33 million. It is projected to garner US$ 13,189.03 million by 2031 to register 23.3% CAGR during 2023–2031.

In terms of end user, the North America e-invoicing market is segmented into retail and e-commerce, government, IT and Telecom, BFSI, and others. The government segment held 31.0% share of North America e-invoicing market in 2023, amassing US$ 1,152.41 million. It is anticipated to garner US$ 5,564.32 million by 2031 to expand at 21.8% CAGR during 2023–2031.

In terms of application, the North America e-invoicing market is segmented into B2B, B2C, and B2G. The B2B segment held 45.1% share of North America e-invoicing market in 2023, amassing US$ 1,678.03 million. It is anticipated to garner US$ 8,499.56 million by 2031 to expand at 22.5% CAGR during 2023–2031.

In terms of type, the North America e-invoicing market is bifurcated into non-PO invoices and PO invoices. The non-PO invoices segment held 74.3% share of North America e-invoicing market in 2023, amassing US$ 2,766.11 million. It is anticipated to garner US$ 14,519.00 million by 2031 to expand at 23.0% CAGR during 2023–2031.

Based on country, the North America e-invoicing market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 43.5% share of North America e-invoicing market in 2023. It was assessed at US$ 1,617.50 million in 2023 and is likely to hit US$ 8,399.99 million by 2031, registering a CAGR of 22.9% during 2023–2031.

Key players operating in the North America e-invoicing market are Cegedim SA, Sage Group Plc, Comarch SA, Nipendo Ltd, Transcept LLC, Tradeshift, Basware Corporation, Coupa Software Inc, International Business Machines Corp, and SAP SE, among others.

• In January 2020, Cegedim announced the acquisition of Ximantix; with this acquisition, the company further expanded its foothold globally in order to enhance its development to meet the requirements of its international clients.

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