The e-Invoicing market in Europe was valued at US$ 1,241.7 million in 2019 and is projected to reach US$ 4,217.6 million by 2027; it is expected to grow at a CAGR of 17.1% from 2020 to 2027. In Europe, the adoption of electronic and digital processes/solutions is quite high among businesses, and the e-Invoicing practices in this region are being driven by governments in various countries. The wide market fragmentation and high cross-border trade between European countries is driving the demand for efficient Invoicing solutions. Countries are also increasingly working to formulate a common e-Invoicing standard to boost the digital agenda of the European Union. Presently, the EU directives 2014/24/EU and 2014/55/EU are encouraging the adoption of e-Invoicing in various European countries. Key industry associations, public administrations, tax authorities, and regulatory bodies in the countries are also complementing the growth of e-Invoicing market by supporting the development of various standards and interoperability between various document formats.
The cloud segment led the e-Invoicing market, based on deployment model, in forecast period from 2020 to 2027. Various service providers are now offering cloud-based e-Invoicing solutions, and customers are increasingly adopting these solutions. These firms develop, maintain, and manage the solutions for their customers, while the customers pay the prescribed fees for their services.
The overall Europe 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 Europe E-Invoicing market. Basware Corporation, Cegedim SA, Coupa Software Inc, IBM Corporation, and SAP SE are among the major players in the market in this region.