E-invoicing is
the process of invoicing and related processes with the help of electronic
channels and is also known as the solution for eliminating the paper invoicing
process. E-invoicing is a part of electronic data interchange transactions that
include data from the enterprise in a format that can be integrated into the
client’s financial system without the involvement of a financial administrator.
It offers a number of benefits to organizations including streamlining of
accounting processes, reducing paper volume, offering higher receivables, helping
in timely delivery of invoices and faster customer payments, reducing the
number of lost invoices, and increasing visibility and control over various
processes. Analysts forecast the E-Invoicing market in Europe will grow at a
CAGR of 11.78 percent over the period 2013-2018.
The Report
recognizes the following companies as the key players in E-Invoicing Market in
Europe: Basware, Esker SA, SAP AG, Tieto Oyi, Fundtech FSC Ltd., IBM Corp.,
Itella Corp., GXS Corp., SwissPost Solutions, TradeShift Inc.
One of the major
trends in the market is the increasing demand from the public sector. The
public sector constitutes approximately 10 percent of the total invoices issued;
however, most all of these invoices are paper invoices. Thus, there is
tremendous saving potential in many European countries. Moreover, increasing
demand from different public sectors such as Healthcare, Logistics, Electricity
and the Water board is driving the market. Many enterprises in these sectors
have realized the importance of e-invoicing and they are increasingly adopting
these solutions. Healthcare is considered an early adopter of this technology
and it is known for investing heavily in IT. Additionally, government bodies
such as the electricity board are growing at a higher rate and are expected to
increase their market share in the near future. Today, in some countries in
Europe e-invoicing is mandatory. For instance, in Denmark e-invoicing is
mandatory for the public sector agencies, and Denmark will soon introduce rules
and regulations with regard to e-invoicing for the public sector.
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Covered in this
Report
The E-Invoicing
market in Europe can be segmented into two end-user segmentations: B2B and B2C.
To calculate the market size, the report considers revenue generated by
e-invoicing service providers in Europe.
E-Invoicing
Market in Europe 2014-2018, has been prepared based on an in-depth market
analysis with inputs from industry experts. The report covers the leading
countries in Europe; it also covers the E-Invoicing market landscape and its
growth prospects in the coming years. The report also includes a discussion of
the key vendors operating in this market.
According to the
report, one of the major drivers in the market is the reduction in costs and
improved customer relations. E-invoicing eliminates paper processing, reduces
failed payments and processing errors, accelerates the purchasing process, and
improves customer relations. Hence, e-invoicing reduces the total operational
cost and the time spent on the purchasing process. This indirectly helps in
increasing the production rate.
Further, the
report states that increasing data security concerns is one of the major
challenges confronting the market. As the invoicing process is SaaS-based, all
data are stored in the cloud. The data present in the cloud can be used by
anyone; thus, leakage of information can take place.
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