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The e-invoicing journey 2019-2025

This report unveils the e-invoicing journey prognosis for 2019-2025

Excerpt from the report:

Introduction

The global market is forecast to encompass 550 billion invoices annually. It is expected to quadruple in size by 2035. In 2019, only around 55 billion invoices are exchanged on a paperless basis. We estimate that the size of the global e-invoicing and enablement market in 2019 amounts to EUR 4.3 billion, and that it will reach approximately EUR 18 billion in 2025.

 

The private sector was the main driver for market development in the first phase; however, it is now being increasingly pushed by governments. The VAT gap is increasingly becoming the
main accelerator for the digitisation of business, fiscal, reporting, inventory, trade and logistical
documents.

 

What’s next?

A rapidly growing number of disruptive next-generation technologies lay a strong foundation as strategic drivers. They pave the way to substitute old solutions and processes by a completely new approach. A powerful market transition is taking place in our industry. This period of movement from one stage to another creates new opportunities for innovative and forward-thinking companies, which are ready to take advantage of this shift.

The invoice processing with its’ high proportion of repetitive and rule based work is a key topic
to be affected by the market transition ahead of us. This phase can mean an opportunity or a
threat. Emerging technologies like blockchain, cloud aggregation platforms, robotic process automation, machine learning and advanced analytics may pave the way to improve the degree of business process automation and exploit the full potential for savings.

The digital transformation is no longer an option, it’s the imperative. It is rather the question how to unleash the power of the digitalisation while maintaining a healthy business.

For businesses and public-sector organisations, we see a need to change from a reactive to a proactive approach. This helps to avoid a heterogeneous solution, channel, format and process landscape. We recommend defining a holistic business process automation strategy as soon as possible. Reading this report can be a good start.

Download the full report and stay informed ahead of the changes.