Americas E-Invoicing Market Stunning Growth 2033

According to the Market Statsville Group (MSG), the Americas e-invoicing Market was valued at USD 3,356.0 million in 2023 and is expected to grow from USD 3,945.98 million in 2024 to USD 14,412.2 million by 2033, by exhibiting a CAGR of 17.58% during the forecast period (2024-2033)

E-invoicing is the handling of invoices through electronic means, including sending and receiving the invoices and processing them as well. This is a massive trend supported in the Americas, but it also aligns with the general state of digitization and improved efficiency in financial operations. E-invoicing has been widely accepted by the U.S. and Canada because of efficiency, cost-cutting, and legal requirements. The market is developing as growing numbers of companies, whether large or small, insist on using e-invoicing. Some of the countries that have embraced e-invoicing, especially in the Latin American region, include Brazil, Mexico, and Argentina, among others, through policies set by governments as a way of enhancing compliance with taxes to address issues of tax evasion. For instance, Brazil has a well-developed solution that deals with e-invoicing called NF-e. Current e-invoicing solutions and standards vary from business to business in the U.S. and Canada, but more and more organizations turn to international solutions such as PEPPOL used when transmitting cross-border invoices. Currently, many nations have their national standards for implementing e-invoicing. For instance, Brazil has adopted NF-e (Nota Fiscal Eletrônica), while Mexico has adopted CFDI, which stands for Comprobante Fiscal Digital por Internet.
Moreover, worldwide e-invoicing has its benefits, such as that its processing time is short, it is cheaper, accurate, and meets compliance standards. It also assists in the reduction of fraud and errors, as are usually evident in manual dealing with invoices. The major issues are synchronization with other systems of finance, meeting multiple regulations of different zones, and consideration of how other businesses practice the technology. It takes in, on one side, big global software companies like SAP or Oracle; on the other hand, there are specialized e-invoicing solution providers, such as Coupa, Basware, or Ariba. As governments continue to work toward transparency and tax compliance, e-invoice adoption is going to increase even further in all those regions developing their regulatory frameworks. The technologies that should potentially integrate with the current functionality and security of e-invoicing systems are AI and blockchain. Efforts to standardize e-invoicing across borders are likely to gain pace, therefore streamlining cross-border trade as well as ensuring adherence to it.

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Scope of the Americas E-Invoicing Market

The study categorizes the American e-invoicing market based on type, solution type, deployment type, and end-user area at the regional levels.

By Type Outlook (Sales, USD Million, 2019-2033)

• Government Mandated E-Invoicing
• Voluntary E-Invoicing
• By Solution Type Outlook (Sales, USD Million, 2019-2033)
• Invoice Creation
• Invoice Transmission
• Invoice Processing
• Compliance Management
• Integration Services

By Deployment Type Outlook (Sales, USD Million, 2019-2033)

• Cloud-Based Solutions
• On-Premises Solutions
• By End User Outlook (Sales, USD Million, 2019-2033)
• Retail and Consumer Goods
• Manufacturing
• Government and Public Sector
• Financial Services
• Healthcare

By Region Outlook (Sales, USD Million, 2019-2033)

• North America 
  • US
  • Canada
  • Mexico
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• Rest of MEA

Voluntary E-Invoicing segment accounts for the largest market share by Type

Based on the type, as defined in the categorization, is the use of technology to automate and mechanize the accounts payable process from receiving an invoice to making payments. This automation is one of the most primary uses of e-invoicing bringing many different advantages to businesses looking to increase efficiency and cost savings while also reducing errors. Suppliers send the invoice digitally through email, EDI (Electronic Data Interchange), or any other digital format. It can include standardized e-invoicing formats, such as XML, or PDF for example. Financial Institutes The U.S., for its part, estimates that 45 percent of suppliers will send invoices digitally in 2024. companies have embraced some degree of AP automation. Most of the major organizations and smaller enterprises have been championing the cause. Approximately 40% of the companies in Canada have embraced AP automation solutions that are being increasingly demanded due to regulations as well as to improve process efficiency.
Additionally, e-invoicing automatically captures invoice data. It is often done with the help of Optical Character Recognition or other similar technologies. This eliminates manual keystroking. It draws out and inputs into the system key information from the invoice, that is, information that pertains to the vendor, invoice number, amount, due date, etc. The system does a three-way match for accurate comparison of invoice, purchase order, and receipts. Discrepancies are found and forwarded for validation. Invoices are routed in predefined approval workflows according to business rules, like approval levels from the department or managerial signatures. Business organizations that implement AP automation experience up to 60% to 80% reduction in invoice processing time. For example, processing time was reduced from 20 days to an average of 4-5 days.

North America accounted for the largest market share by Region.

Based on the region, The geographical area; Institute of Financial Operations and Leaderships, by 2024 points out that 45% of the organizations in the US have adopted some degrees of AP automation, wherein most large businesses as well as mid-sized organizations have led the front. Adoption is notably higher among large corporations and those involved in federal government contracts. While there is no federal mandate, initiatives like the GSA’s e-invoice program are pushing for wider adoption in government procurement. Increasing focus on digital transformation and automation across industries. According to Government of Canadian Publications, approximately 25% of Canadian businesses utilize e-invoicing, with higher adoption in the public sector and among companies engaged in international trade. Endorsement of e-invoicing standards and initiatives like the adoption of PEPPOL in public sector procurement. Demand for streamlined operations and improved financial management. 

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Competitive Landscape: Americas E-Invoicing Market

The American e-invoicing market is a significant competitor and extremely cutthroat in the sector is using strategies including partnerships, product launches, acquisitions, agreements, and growth to enhance its position in the market. Most sectors of businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major players in the American e-invoicing market are:

• Basware Corp.
• Cegedim SA.
• Comarch SA
• Coupa Software Inc.
• Esker SA
• International Business Machines Corp.
• iPayables Inc.
• Kofax Inc.
• Nipendo Ltd.
• PaySimple Inc.
• Sage Group Plc
• SAP SE
• Taulia Inc.
• B2B Pay
• Tipalti Inc.
• TradeShift Inc.
• Treasury Intelligence Solutions
• Visma Solutions Oy
• Oracle
• Webtel Electrosoft. Pvt. Ltd.

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Recent Development 

• In August 2024, Brazil is the leader in the adoption with its Nota Fiscal system. More recent updates are the far more integrated and complaint Digital Invoice (NF-e). The Brazilian government has just recently adopted the new standard of NF-e 4.0 for data on electronic invoicing, ensuring as smooth and easily readable as possible.
• In July 2024, Exela Technologies, Inc. (“Exela” or “the Company”) (NASDAQ: XELA, XELAP), a leader in business processing automation (“BPA”) announced a strategic alliance with AIDEO Technologies (AI Medical Coding & Billing Automation Revenue Cycle Management - aidéo-tech (video-tech.com), a leading AI platform specializing in autonomous coding for healthcare. This collaboration is poised to revolutionize the medical billing landscape by enhancing efficiency and accuracy across the board. Exela’s strategic initiative incorporates generative AI across its products and services, complementing other AI-driven efforts.