Although in 2020 there was a significant drop in e-invoicing due to COVID, it is estimated that in 2022 around 91 billion e-invoices will be sent globally. Recently published Billentis annual report gives an overview of the e-invoicing market in the world.
The new Billentis annual “International eInvoicing Market Overview & Forecast” has been published. Billentis has published its annual e-invoicing report “International eInvoicing Market Overview & Forecast”. The report gives an overview of the global e-invoicing market in 2020-2022, COVID impact and market developments. It also provides a 2023-2027 forecast for the e-invoicing trends.
Starting with Chile in 2003, South-American countries have been market leaders thanks to government-enforced e-invoicing. In 2022, Peru and Kazakhstan became part of the market leaders, joining countries such as Brazil, Argentina, Uruguay, Chile, Norway, Sweden, Finland and Estonia.
COVID impact on e-invoices in 2022
In 2020, many countries experienced a significant drop in e-invoicing volume (Italy -7.5% and Mexico -6%) due to COVID. Even though 80% of the countries regained their document volumes in 2021, several countries postponed their roll-out deadlines for the e-invoicing mandates.
Still, the pandemic had some positive impact on the market as well. Home-office requirements paved the way for digitalisation and e-invoicing. Furthermore, many governments are declaring e-invoicing mandatory to fight against VAT fraud and decrease COVID-related government debt. Luxembourg, Cyprus, Romania and Serbia have all announced their e-invoicing mandates for 2022.
Transitional year for e-invoices
It is estimated that this year around 91 billion e-invoices will be sent globally, mostly through e-invoicing operators. 2022 is also considered to be a transitional year for Europe. With a lot of preparatory work going on, France, Germany, Poland and Spain are some of the countries that will be introducing nationwide B2B e-invoicing mandates in 2023-2027. This is expected to lead to a significant boost for the eInvoicing market. In the next four to five years, the global e-invoicing market value is expected to grow 25% in total, reaching €23 billion by 2027.
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