The Invoicing Software Market: Predictions For 2020-2027
The invoicing software market has been taking flight since the last couple of years but will meet some unpredictable inflections due to the pandemic.
At the moment, the invoicing software industry stands at $4 billion.
With a steady CAGR of 16.2%, the industry is expected to hinge on a total revenue of $15.5 billion by 2027.
For the current year and the next, the revenue curve for the industry is expected to experience a possible drop due to an overall decrease in fiscal economic growth following industrial interruptions caused by the pandemic.
The software invoicing industry saw an upward revenue curve after the European Union’s and several South American governments’ mandatory invoicing initiatives.
Several other nations have taken to the course of adopting e-invoicing following in the footsteps of countries such as Brazil, Mexico, Chile, Argentina, and Italy.
This switch was in response to better taxation outcomes and fiscal boosts experienced by B2B, B2C, and B2G organizations due to the adoption of e-invoicing mandates.
Some of the more established players in the invoicing market are companies such as Trade Shift, The Sage Group, SAP, Nipendo, IBM, Cegedim, Comarch, Coupa Software, and a few others.
Statistics from these companies and their clients reveal that replacing traditional invoicing processes with non-touch invoicing leads to a reduction of time and cost-intensive procedures.
E-invoicing is said to cause better internal controls with uninterrupted workflows, fewer human errors, and quick payment processing.
While the proclivity towards adopting e-invoicing is said to be on the rise, the sudden negative impact of Covid-19, inclusive of almost all industries and the global tourism industry, in particular, is expected to slow down.