The e-Invoicing market in Asia-Pacific was valued at US$ 1,019.8 million in 2019 and is projected to reach US$ 4,075.8 million by 2027; it is expected to grow at a CAGR of 19.4% from 2020 to 2027. The adoption of electronic and digital processes/solutions among the businesses in Asia-Pacific is high, and e-in Invoicing in this region is being driven by governments in various countries. The broad market fragmentation and high cross-border trade between Asia-Pacific countries is boosting the demand for efficient in Invoicing solutions. Countries are also increasingly working to formulate common e-in Invoicing standards to boost their digital agenda. Key industry associations, public administrations, tax authorities, and regulatory bodies in various Asia-Pacific countries are also complementing the growth of e-Invoicing market in this region by supporting the development of various standards and interoperability between various document formats.
The scope of e-Invoicing in Asian countries is increasing gradually. The lack of government initiatives, established standards, regulatory framework, and tax impediments, and proper understanding of the system are a few aspects hindering the implementation of e-Invoicing in the countries in this region.
The overall Asia-Pacific 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 in 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 Asia-Pacific E-Invoicing market. Basware Corporation, Cegedim SA, Coupa Software Inc, IBM Corporation, and SAP SE are among the key players serving the e-Invoicing market in Asia-Pacific.