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    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.

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    Market Overview

    As mentioned, the software invoicing market is expected to hit a figure of $15.5 billion by 2027, provided it conforms to a decent compound annual growth rate. 

    The accounting, invoicing and financial software solution industry saw a major revenue boom in the past couple of decades. Owing to its increasing demand, the industry incorporated some important changes including a cloud-based solution for clients.

    According to one recent study, 50% of enterprises looking to adopt a resource planning solution opt for cloud-based invoicing software and accounting solution due to greater expediency, reduced start-up costs, and smoother workflows that guarantee better internal controls. 

    North America, Europe, Asia-Pacific, the Middle East, and Africa are the biggest revenue-generating markets in that order.

    Enterprises and SMBs are adopting e-invoicing for obvious reasons. 

    Non-touch invoicing and accounting software offers an information accounting system to carry-out, record, register, store, and export transaction-related data within functional modules. 

    These include accounts payables, receivables, trial balance, and others. 

    Automating the entire workflow can save a company considerable time as compared to when done manually.

    Cloud-based software solution paves the way for smoother workflows and lowers start-up costs. 

    Moreover, the time and manual labor saved with its adoption can help cut back on other external costs.

    The current market expects a positive impact of cloud-based invoicing and accounting solutions that offer greater scalability, organizational growth, profitability, efficiency, and lower costs. 

    Digital commerce and technological integrations with different online applications have further forged a way for a more compact and interruption-free adoption of invoicing software. 

    Managing systems in this manner can ensure an error-free accounting process for clients.

    Key Market Trends

    As a whole, the market is expected to see a major expansion of accounts based on an increase in efficiency and productivity offered by cloud-based invoicing and accounting software.

    The invoicing market has seen a more profitable and efficient growth with the deployment of invoicing software that keeps an automated track of all business transactions and cash flows. 

    Management of accounts payables, accounts receivables, payrolls, and more haven’t only become quicker and easier but have also greatly reduced human error.

    Cloud-based e-invoicing trends are expected to replace conventional invoicing for most businesses in the recent future given their increased functionality. 

    Cutbacks on the manpower required to dole out tedious accounting and calculations are expected to keep to continue and therefore reduce external costs.

    Asia-Pacific is set to witness a market movement towards e-invoicing for small business as well as large scale industries and enterprises. The trend is mostly the result of a rise in mobile-savvy accounting applications within the region.

    China is the greatest advocate of cloud-based accounting and invoicing software, while India is expected  to head towards e-invoicing shortly.


    Although somewhat dampened by the sudden global outbreak that has caused massive setbacks to almost all industries, the e-invoicing trend is set to continue dominating the market. 

    This is largely due to the documented scalability, productivity, and efficiency that accounting and e-invoicing technology can offer. 

    Ultimately, both small and large businesses are looking to adopt cloud-based e-invoicing software to help run operations more smoothly and efficiently.