The global e-invoicing market size reached US$ 11.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 35.9 Billion by 2028, exhibiting a growth rate (CAGR) of 20.26% during 2023-2028.
Electronic invoicing, or e-invoicing, refers to the generation of electronic bills through a digital platform during an exchange of goods and services. It is usually conducted through various smart devices, such as mobile phones, laptops and tablets, and includes purchase orders, debit and credit notes and remittance vouchers that specify the terms and conditions of the payment. E-invoicing can also be deployed through the cloud and on-premises solutions that offer various other benefits, such as improved invoice accuracy and data quality, reduced instances of delayed payments and faster invoice-processing time and transparency. Apart from this, it aids in convenient tracking of business transactions and minimizing the costs associated with system design, customization, implementation, training and maintenance.
Source imarcgroup
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