North America E-Invoicing Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type; End-User

The North America e-Invoicing market was valued at US$ 890.1 million in 2019 and is projected to reach US$ 2,776.3 million by 2027; it is expected to grow at a CAGR of 15.8% from 2020 to 2027.

Millions of invoices are generated across the globe on a daily basis, and only a fraction of these is in the form of e-invoices; hence, there is a huge growth potential for the e-Invoicing market players in North America. The present manual and paper-based invoice generation processes are erroneous and reduce the overall productivity of a business. With adoption of e-Invoicing, businesses can save substantial costs related to Invoicing generation and transmission to end customers. The advantages of e-Invoicing such as easy tracking of business transactions, reduced payment process time, low human errors, and increased cost savings are further complementing the growth of e-Invoicing market in North America. In addition, increasing number of 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.

The cloud segment led the North America e-Invoicing market, based on type, from 2020 to 2027. Large organizations have been using e-Invoicing solutions deployed on-premises, but the limited scalability of these solutions have been restricting the mass rollout of e-Invoicing among SMEs and other sectors. The setup, regular maintenance, and upgrading requirements of on-premises solutions increase the operational cost for companies, thereby hindering the growth of the market for on-premises e-Invoicing solutions.

The overall North American e-Invoicing market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the E-Invoicing market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North American e-Invoicing market. Basware Corporation, Cegedim SA, Coupa Software Inc, IBM Corporation, and SAP SE are among the major players operating in the North American market.

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