According to the latest study titled ‘E-invoicing Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; End User ; and Geography’, published on Market Study Report, global e-invoicing market was remunerated at USD 4.84 billion 2019 and is anticipated to grow with a CAGR of 16.2% through 2027, hence amassing USD 15.5 billion at the end of study term.
 

Mandatory e-invoicing compliance established by numerous governments in order to improve fiscal control and curb tax evasion across B2C, B2B, and B2G sectors is propelling the market growth. Various advantages of e-invoicing include cost saving, minimal human errors, reduced processing time, and easy tracking of business transactions. Rising trend of digitalization, increasing adoption of cloud computing and blockchain technology, as well as initiatives such as improvement in interoperability & flexibility of cloud solutions are augmenting the growth of e-invoicing market.
 

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The sudden outbreak of COVID-19 pandemic has not just created global economic disruption but negatively impacted the media, technology, and communication sector. Office & factory shutdown due to lockdown measures and cancellation of various tech events have plummeted the business activities. Uncertainty in collaboration and partnership opportunities due to travel bans in numerous nations will restrain the growth of e-invoicing market.
 

As per deployment model, the market is classified into on-premise and cloud. Speaking of end-user spectrum, global e-invoicing market is divided into B2B, B2C, and others.
 

According to the report, the geographical landscape of worldwide e-invoicing market is categorized into South America (Brazil, Argentina, and rest of SAM), Middle East & Africa (UAE, Saudi Arabia, South Africa, and rest of MEA), Asia Pacific (South Korea, India, Japan, China, Australia, and rest of APAC), Europe (Germany, France, Russia, Italy, UK, and rest of Europe), and North America (Mexico, Canada, and United States).
 

Major players in global e-invoicing market are Transcepta LLC, Tradeshift, The Sage Group plc, SAP SE, Nipendo Ltd., IBM Corp., Coupa Software Inc., Comarch SA, Cegedim SA, and Baseware Corp.