Cryptocurrency payments are forecast to grow at a CAGR of nearly 17 percent between 2023 and 2030, although the market is relatively small. The forecast is according to a market estimate made in early 2023, based on various conditions and sources available at that time. It should be noted, however, that cryptocurrency used for payments is predicted to be a far smaller market than the predicted transaction value of CBDC, or the forecast market size of instant payments. Indeed, research from early 2023 across 40 countries suggested that the market share of cryptocurrency in e-commerce transaction was "less than one percent" in all survey countries, with predictions being this would not change in the future.

Digital wallets are expected to process nearly 78 billion U.S. dollars of online shppping transactions in Italy by 2028. This is according to hybrid research released in 2024, which - depending on the country - either used database modeling or data acquired via a consumer survey. Wallets ranked relatively high among Italy's most-used payment methods when shopping online. Indeed, more than 50 percent of Gen Z in Italy preferred mobile payments to other payment methods when ordering online.

Snapshot img

Digital Payment Market Size 2025-2029

The digital payment market size is forecast to increase by USD 304.95 billion at a CAGR of 25.5% between 2024 and 2029.

The market is witnessing significant growth due to the increasing use of smartphones and the emergence of mobile payments through NFC systems and e-wallets. The convenience and speed of digital payments have made them increasingly popular, particularly among younger generations. However, data security remains a major concern, with payment gateways and ATMs being prime targets for cyber attacks. To address this issue, advancements in technology such as near field communication, wearables, and blockchain technology are being adopted to enhance security. Furthermore, the integration of machine learning and information services in digital payment systems is expected to improve user experience and streamline transactions. In addition, the rise of renewable energy solutions and the integration of digital payments in POS terminals and e-commerce platforms are further driving market growth. Despite these opportunities, challenges such as privacy concerns and the need for regulatory compliance persist. Overall, the market is poised for continued expansion, with mobile apps, computer-based payments, and LED displays becoming increasingly common in the US and North American markets.

What will be the Size of the Digital Payment Market During the Forecast Period?

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The market is experiencing significant growth as technological advancements and increasing smartphone penetration drive the shift towards cashless transactions. Mobile wallets, digital payment cards, and cloud-based digital solutions are transforming the way adults worldwide conduct business and make purchases. With the proliferation of smartphones and improved internet accessibility, consumers are increasingly relying on user-friendly mobile applications for making payments, whether it be at retail terminals, POS systems, or online.
The market's size is projected to reach billions of people, representing a substantial portion of the world's total transactions. Technological developments, such as EUPay, EPI, and Verve Card, continue to facilitate seamless digital payment processing, enabling businesses to cater to the evolving needs of consumers in the world of web commerce. The convenience offered by digital payments is a key driver of market growth, as more and more people embrace the ease and security of card-based transactions.

How is this Digital Payment Industry segmented and which is the largest segment?

The digital payment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Large enterprises
  SMEs


Component

  Solutions
  Services


Deployment

  On-premises
  Cloud


Method

  Digital wallets
  Bank cards
  Digital currencies


Application

  BFSI
  Media and entertainment
  IT and telecommunication
  Hospitality
  Healthcare


Geography

  APAC

    China
    India
    Japan
    South Korea


  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  South America

    Brazil


  Middle East and Africa

By End-user Insights

The large enterprises segment is estimated to witness significant growth during the forecast period. The digital payments market has experienced significant growth due to the increasing usage of mobile wallets, digital payment cards, and contactless payments. Technological developments, such as NFC and QR codes, have enabled user-friendly smartphones to facilitate mobile payment solutions, including Apple Pay, Google Pay, and Samsung Pay. These innovations have gained popularity among tech-savvy consumers, leading to an increase in e-commerce sales and cashless methods. Businesses across industries, including retail, hospitality, and finance, have adopted digital payment systems for their convenience and strong security measures. International trade and cross-border transactions have also increased, driving the demand for digital payment services.

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The large enterprises segment was valued at USD 28.1 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The digital payments market is experiencing significant growth, particularly in the Asia-Pacific (APAC) region. This expansion is primarily driven by the rapid urbanization and increasing internet penetration in the area. The

Wallet transaction value is expected to grow with a CAGR of over 35 percent between 2023 and 2028, but will remain relatively low in total e-commerce spending. This is according to hybrid research released in 2024, which - depending on the country - either used database modeling or data acquired via a consumer survey. Digital payments in general are still up and coming in Nigeria. The share of the adult population reporting having made digital payments in Nigeria, for example, was relatively low when compared to other countries in Africa.

As of May 2023, True Money Wallet led the e-wallet market in Thailand with nearly 53 percent of the market share. This was followed by Rabbit Line Pay, with a share of around 25 percent.

True Money as the market leader

Since the COVID-19 outbreak, Thai people have become more accustomed to a cashless society. When purchasing products or services, e-wallets, mobile banking, or PromptPay are the usual methods of payment. In 2013, True Money was the first to establish an e-wallet service in the Thai market. With around 24 million users, True Money Wallet’s services include transferring money, paying utility bills, and purchasing items at online stores. Currently, True Money is covering purchases in six countries in the ASEAN region, including Burma, Laos, Cambodia, Vietnam, Indonesia, and the Philippines. Moreover, True Money Wallet is the only e-wallet payment method accepted by 7-Eleven stores in Thailand.

LINE Pay e-wallet

In August 2023, LINE MAN Wongnai and LINE (Thailand) acquired Rabbit LINE Pay, an online and offline payment system provider. Rabbit LINE Pay, which is now called LINE Pay, is another popular e-payment services in Thailand. It can be used to pay, transfer money, or top up mass transit networks such as the BTS SkyTrain, as well as purchase products and services from partner brands and pay utility bills. Given the rise in the transaction volume of e-wallets in Thailand, the Bank of Thailand predicted that by 2025, the use of E-Wallet money will have tripled.

In Experiment 1, participants were presented with five questions as a manipulation check of mental simulation of the scenario (i.e., purchasing a humidifier at a flea market). Participants who correctly answered the questions were included in the analysis. The top 5% and bottom 5% of the willingness-to-pay responses that participants indicated for the item to be purchased in the experimental scenario were excluded as outliers. The participants were asked to indicate the amount that they were willing to pay using their preferred (cash or mobile payment) and non-preferred (cash or smartphone payment) methods of payment. In Experiment 2, four experimental scenarios were prepared and participants responded to the situation in any two scenarios. In each experiment, participants were asked to respond to ten questions for a manipulation check of mental simulation of the scenarios (in both, concert tickets were purchased and transferred as a smartphone remittance). Those who responded correctly to all of the questions were selected for the analysis. In Experiment 2-1 the ticket was purchased with cash and given to a friend, in Experiment 2-2 the ticket was purchased with cash and given to another person, in Experiment 2-3 the ticket was purchased with a mobile payment and given to a friend, and in Experiment 2-4 the ticket was purchased with a mobile payment and given to another person. Respondents were asked to indicate willingness to accept using their preferred method of receipt (cash or mobile payment) and the amount they did not want to receive by their preferred method of receipt (cash or mobile payment). Responses from the top 5% and bottom 5% of the willingness-to-accept amounts in the experimental scenario were excluded from the analysis as outliers. The measures of psychological ownership for cash and mobile payments were common in Experiments 1 and 2. Respondents were also asked about their gender, age, and experience with mobile payments.

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India Unified Payments Interface Market Size 2024-2028

The India unified payments interface (UPI) market size is forecast to increase by USD 699.02 billion at a CAGR of 205.6% between 2023 and 2028.

The market is experiencing significant growth due to its instant and seamless money transfer process. This feature is driving the market, as more consumers prefer contactless transactions for their daily financial needs. Furthermore, the increasing use of mobile apps for shopping transactions is boosting the adoption of UPI. However, the market also faces challenges such as UPI payment frauds, which require strong data security measures to ensure user confidence. To mitigate these risks, market participants are investing in advanced security technologies and regulatory compliance. Overall, the UPI market is poised for growth, offering opportunities for innovation and expansion.

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The market represents a significant shift in mobile payment systems, enabling users to transfer money between bank accounts using a smartphone application. UPI facilitates seamless settlement through push and pull transactions, surpassing the need for physical cash and traditional over-the-counter payments. This mobile-first payment solution offers enhanced security with multi-factor authentication, safeguarding sensitive information during transactions. UPI supports recurring payments for utility bills, school fees, and other regular expenses, making financial management more efficient. While credit and debit cards and net banking continue to be popular options, UPI's convenience and instant payment processing have gained traction.
Furthermore, with UPI, users can send and receive money using a Virtual ID or account details, eliminating the need for sharing personal identification. The increasing unbanked population In the US also benefits from this innovative payment solution, expanding financial inclusion. Overall, the UPI market is poised for growth, offering a more convenient and secure alternative to traditional payment methods.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Money transfers
  Bill payments
  Point of sale
  Others


Type

  P2P
  P2M


Geography

  India

By Application Insights

The money transfers segment is estimated to witness significant growth during the forecast period.

The increasing demand for instant money transfer in India is expected to increase the demand for UPI from end-users during the forecast period. The users of UPI can transfer money through their mobile devices round the clock, 24x7 and 365 days. In addition, UPI is a fast, hassle-free, and cheapest way of money transfer, which the user can do anytime from anywhere. In addition, UPI eliminates the risk of carrying cash. Moreover, money transfer/transaction can be initiated from any bank's UPI application. Also, it only requires the virtual ID of the payee to transfer the money. The process of transferring money by UPI is quite simple as there is no need for pre-addition/approval of the beneficiary; the transfer is made to the beneficiary's virtual ID. Furthermore, a single UPI application can be used for different bank accounts. The user simply needs to link their bank accounts to their UPI-based application. Also, there is no charge for transferring money to the beneficiary account via UPI. Hence, owing to these factors, the demand for UPI for transferring money is expected to increase during the forecast period.

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The money transfers segment was valued at USD 303.00 billion in 2018 and showed a gradual increase during the forecast period.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of India Unified Payments Interface (UPI) Market?

Instant and smooth money transfer process is the key driver of the market.

The market represents a significant advancement in mobile payment systems, enabling seamless transactions between bank accounts through a smartphone application. UPI facilitates both push and pull transactions, allowing users to send and receive money instantly, without the need for physical cash or account details. This real-time gross settlement system supports transaction authentication through various methods, ensuring sensitive i

Card-linked wallet transaction value in the Philippines is expected to grow twice as fast as that of non-card-linked wallets, despite their low market share. This is according to hybrid research released in 2024, which - depending on the country - either used database modeling or data acquired via a consumer survey. Wallets ranked as the Philippines' most used payment methods when shopping online. Indeed, the adoption of wallets in the Philippines overall ranked among the top countries in the world.

Card-linked digital wallets in Indonesia are expected to grow with a CAGR of over 50 percent between 2023 and 2028, but their market size remains relatively low. This is according to hybrid research released in 2024, which - depending on the country - either used database modeling or data acquired via a consumer survey. Indeed, wallets were the most used payment method in the country when shopping online. Indonesia ranked as the number two country in the world in terms of mobile wallet penetration.

The Point of Sale Terminal market is booming very fast, due to high usage of digital payment, contactless transactions, and cloud-based point of sale. The growth of the Point of Sale terminal market is in linear motion because demand for the sector has been rapidly growing in retail, hospitality, healthcare, and e-commerce sectors. The key innovations include analytics, powered by artificial intelligence, biometric authentication, and mobile point-of-sale systems, which provide both enhanced customer experience and greater operational efficiency. The transition toward cashless economies and the encouragement of digital transactions through regulations increase market adoption further. Security is paramount in the EMV, end-to-end encryption, and tokenization protecting data from users.However, these options come with negatives such as initial higher costs, complexities in integration with the systems, and other security-related challenges.Key competitors include Square, Ingenico, Verifone, and NCR Corporation which emphasize on the cloud-based as well as AI-driven POS options to lead market. IoT penetration, 5G, as well as the blockchain is all expected to revolutionize further steps within the business as well. Recent developments include: June 2023: A new point-of-sale (POS) system from Payabl., a reputable FinTech company known for the payment solutions, has been presented with a focus on supporting the expansion of European retailers. The POS system was created as a reaction to the expanding omnichannel shopping trend. The recently released payabl. POS terminals in fact are designed to take advantage of this potential by making it simpler for merchants to accept payments across all channels, allowing them to work with just one supplier for both online and in-person transactions. The recently released payabl. POS terminals guarantee to give a seamless omnichannel platform, combining transaction processing for cards that are present as well as cards that are not. These terminals will support Visa, Mastercard, along with payments made using Google & Apple Pay, giving businesses a streamlined payment option., May 2023: Axis Bank, one of the biggest private sector banks in India, has launched "Sarathi," the first digital onboarding system which enables retailers to employ point of sale (POS) or electronic data capture (EDC). The technology expedites the application process and offers paperless onboarding for businesses to enable quick POS installation. This is done through real-time database checks & live video verification. The solution provides quick installations within about 45 minutes of the processing of the application. The solution enables merchants to complete the onboarding process in just four easy steps, including real-time database checks for quicker application processing, the live video verification for authenticating merchant information at the merchant's convenience, elimination of the field verification process to help in immediate decision-making, and instant POS installation., May 2023: In collaboration with ICICI Bank, merchant commerce platform Pine Labs announced the adoption of digital Rupee on its point-of-sale terminals. Due to the technical integration between two parties, major retail locations in Mumbai and Bengaluru will now be able to take Digital Rupee at Pine Labs point-of-sale terminals. The process of Digital Rupee payment is carried out entirely digitally by Pine Labs using dynamic QR (quick response) embedded into their intelligent Android PoS terminals., January 2022: The introduction of mobile Android point-of-sale (POS) terminals in the EU, UK, and US was announced by Adyen.. Key drivers for this market are: The increasing adoption of mobile payments The growth of e-commerce The increasing popularity of cloud-based POS systems The growing number of regulations around the world. Potential restraints include: The high cost of POS terminals The complexity of POS systems The lack of interoperability between POS systems. Notable trends are: The increasing adoption of mobile payments is driving demand for new and innovative POS terminals. The growth of e-commerce is also driving demand for POS terminals, as businesses need to be able to accept payments online and in-store. The increasing popularity of cloud-based POS systems is making it easier for businesses to deploy and manage their POS terminals..

This dataset analyzes the direct effect of positive and negative word-of-mouth, peer influence, alternative attractiveness, and trust in the incumbent provider on users' intentions to switch. It also examines the mediating role of alternative attractiveness in the relationship between positive WOM, and switching intentions; the mediating role of trust in incumbent service in the relationship between negative WOM and switching intentions.

Card-linked wallets are forecast to be the most used type of wallet in Canada in 2028, but their growth is not as fast as non-card-linked wallets. This is according to hybrid research released in 2024, which - depending on the country - either used database modelling or data acquired via a consumer survey. The market share of wallets in Canada was estimated to increase in the country during online shopping, while credit card may potentially experience some lost. Conversely, adoption of wallets in Canada was lower, though, when compared to other countries worldwide.

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Cash Management System Market Size 2025-2029

The cash management system market size is forecast to increase by USD 36.59 billion at a CAGR of 20.3% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing demand for real-time tracking of cash movements and digital transformation among end-users. In today's fast-paced business environment, organizations require efficient and accurate cash management solutions to optimize liquidity, reduce operational costs, and mitigate financial risks. The market is witnessing a shift towards cloud-based and mobile cash management systems, enabling users to access real-time information and perform transactions from anywhere, at any time. However, the market also faces challenges, with cybersecurity concerns emerging as a major challenge. With the increasing number of cyberattacks and data breaches, organizations must prioritize security measures to protect their financial data. Additionally, regulatory compliance and data privacy regulations add complexity to the implementation and maintenance of cash management systems. Companies seeking to capitalize on market opportunities and navigate challenges effectively must prioritize security, invest in advanced technologies such as artificial intelligence and machine learning, and collaborate with trusted partners to ensure compliance with evolving regulations.

What will be the Size of the Cash Management System Market during the forecast period?

Request Free SampleThe market encompasses a range of financial technology solutions designed to optimize cash flow, enhance treasury management, and improve liquidity for businesses and financial institutions. This market includes offerings for cash handling automation, payment processing, digital banking, currency management, and electronic funds transfer. The retail industry and commercial sector are significant markets for cash management systems, with a focus on cash logistics, cash forecasting, cash security, and cash visibility. Solutions in this market also address cashless transactions, point-of-sale systems, cash recycling, and cash monitoring. Additionally, fraud detection, risk management, and cash reconciliation are essential components of cash management systems. The market is experiencing growth due to the increasing demand for efficient cash management, digital banking, and advanced payment solutions. The integration of artificial intelligence and machine learning technologies is further driving innovation in this space, enabling real-time cash flow analysis and automated cash forecasting.

How is this Cash Management System Industry segmented?

The cash management system industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. DeploymentOn-premisesCloudEnd-userLarge enterprisesSMEsGeographyNorth AmericaUSCanadaMexicoAPACChinaIndiaJapanSouth KoreaEuropeFranceGermanyUKSouth AmericaMiddle East and Africa

By Deployment Insights

The on-premises segment is estimated to witness significant growth during the forecast period.Cash management systems play a crucial role in businesses, particularly In the banking sector and highly regulated industries, where financial data security and compliance are paramount. On-premises cash management solutions continue to be popular due to their ability to provide businesses with complete control over their data and enhanced security features. Strict regulatory requirements and the sensitivity of financial data make cloud-based solutions less appealing to some organizations. Moreover, businesses that have invested significantly in legacy on-premises systems may find the cost and complexity of transitioning to cloud-based solutions prohibitive. Cash management systems encompass various applications, including cash flow optimization, treasury management, payment processing, digital banking, cash logistics, currency management, electronic funds transfer, and liquidity management. Other essential features include cash forecasting, cash security, cash visibility, payment solutions, cash monitoring, fraud detection, risk management, cash deposit systems, cash withdrawal systems, cash management software, real-time payments, and cash position tracking. The adoption of cash management systems is driven by the need for financial efficiency, improved transaction risk management, and enhanced cash flow analysis capabilities. The retail industry, commercial sector, e-commerce sector, and automotive applications are significant end-users of cash management systems. The banking sector, too, is a significant adopter, with the increasing popularity of retail banking, commercial banking, ATM networks, mobile banking, and cash vaults. Cash handling automation, cash recycling, cashle

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US B2C E-Commerce Market Size 2025-2029

The B2C e-commerce market size in US is forecast to increase by USD 289.2 billion at a CAGR of 8.7% between 2024 and 2029.

The B2C e-commerce market is experiencing significant growth, driven by several key factors. The increasing trend of online spending and the widespread penetration of smartphones have fueled market expansion. Moreover, the emergence of omnichannel retailing has become essential for businesses to cater to customers' evolving shopping preferences. Digital connectivity is transforming traditional retail, as players in sectors such as personal care adapt to the new e-commerce landscape. 
Logistics has become critical In the e-commerce industry, leading to high overhead costs. Retailers must optimize their supply chain operations to ensure timely delivery and customer satisfaction. These trends present both opportunities and challenges for market players. Effective logistics management and the ability to offer seamless omnichannel shopping experiences will be crucial for success In the competitive B2C e-commerce landscape.

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The B2C e-commerce market continues to evolve, driven by the ubiquity of smartphones and internet access. Online shopping activities have grown, with mobile applications becoming a preferred channel for consumers. Social media and influencer culture significantly influence purchasing decisions, with artificial intelligence and machine learning powering personalized recommendations. Augmented reality and virtual reality technologies offer interactive shopping experiences, while voice commerce enables hands-free transactions.
In addition, international markets are expanding, fueled by 5G technology and multimedia content. Online payment methods are becoming more diverse, catering to various consumer preferences. Personal information security remains a critical concern, with logistics networks and supply chain management optimized for efficiency. 

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  B2C retailers
  Classifieds


Application

  Consumer electronics and home appliances
  Apparel and accessories
  Personal care
  Others


Platform

  Multi-brand
  Single-brand


Geography

  US

By Type Insights

The B2C retailers segment is estimated to witness significant growth during the forecast period.

The e-commerce market In the US has experienced significant growth due to the increasing use of smartphones, Internet access, and mobile applications for online shopping activities. B2C companies have responded by offering interactive and personalized shopping experiences through advanced technologies such as artificial intelligence, machine learning, augmented reality, and virtual reality. Payment security is a priority, with e-commerce platforms utilizing encryption, fraud detection systems, two-factor authentication, and cybersecurity measures to ensure secure transactions. E-commerce sales continue to grow, driven by the convenience of online payment methods, including digital wallets, credit cards, and mobile payment solutions. International markets and the electronics sector are major contributors to this trend.

However, cyber threats such as malware, phishing attacks, ransomware, DDoS attacks, IoT sensors, real-time monitoring, RFID tracking, and advanced analytics are challenges that e-commerce companies must address to maintain customer trust. The personal care industry and traditional retail are also adapting to digital connectivity, with logistics networks and supply chain management optimized for online retailers and mobile platforms.

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Market Dynamics

Our US B2C E-Commerce Market researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of US B2C E-Commerce Market?

The rise in online spending and smartphone penetration is the key driver of the market.

The B2C e-commerce market In the US has experienced significant growth due to the widespread availability of Internet access and the increasing use of smartphones for online shopping activities. Mobile applications have become a preferred choice for consumers, with social media and influencer culture playing a pivotal role in driving sales. Artificial intelligence and machine learning are transforming the industry by providing personalized

Snapshot img

E-Invoicing Market Size 2025-2029

The e-invoicing market size is forecast to increase by USD 36.1 billion at a CAGR of 29.9% between 2024 and 2029.

The market is experiencing significant growth due to several key trends. Convenience and easy accessibility of mobile payment systems are driving the market, enabling businesses to streamline their invoicing processes and improve cash flow. Another trend is the increased security of documents using blockchain technology, which offers a tamper-proof and decentralized solution for invoice storage and transfer. However, the market also faces challenges, such as the threat of cyber-attacks and data privacy concerns.
Additionally, the market is witnessing significant growth as businesses increasingly embrace digitization and automation in their billing operations. As businesses continue to digitize their financial processes, ensuring robust security measures and regulatory compliance will be crucial for market success. Overall, the market is poised for continued expansion as it offers numerous benefits to businesses seeking to improve operational efficiency and reduce the risk of errors and fraud.

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Traditional paper-based invoicing processes are being replaced by electronic formats, enabling faster and more efficient transactions. This shift is driven by several factors, including regulatory initiatives, digital transformation, and the adoption of cloud platforms. Artificial intelligence (AI) and machine learning (ML) are playing a crucial role in this evolution. These technologies are being used to automate invoice processing, reducing errors and improving accuracy. They also enable businesses to extract valuable insights from their invoice data, enhancing financial management and accounting processes. Regulatory initiatives are also pushing businesses towards e-invoicing.
Additionally, with increasing focus on tax compliance and reducing tax evasion, standardized electronic invoicing formats are becoming mandatory in many regions. These mandates are driving the adoption of automated systems that can generate and process invoices in compliance with the regulations. Sustainability is another key factor driving the market. By eliminating the need for paper-based invoices, businesses can reduce their carbon footprint and contribute to a more sustainable business environment. In conclusion, the market is experiencing robust growth as businesses seek to streamline their billing operations and comply with regulatory requirements. The use of AI and ML in invoice processing, the adoption of digital methodologies, and the shift towards cloud platforms are key trends shaping the market. E-invoicing offers numerous benefits, including improved accuracy, faster processing times, and enhanced financial management capabilities.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  B2B
  B2C


Deployment

  Cloud-based
  On-premises


Application

  Energy and Utilities
  FMCG
  E-Commerce
  BFSI
  Government
  Others


Geography

  Europe

    Denmark
    France
    Germany
    UK


  APAC

    China
    India
    Japan
    South Korea


  North America

    US
    Canada


  South America



  Middle East and Africa

By End-user Insights

The B2B segment is estimated to witness significant growth during the forecast period. The market is experiencing significant growth due to increasing globalization and the requirement for centralized billing/invoicing systems among IT, banking, financial services and insurance (BFSI), and retail companies. Strict regulations in these sectors, the popularity of e-commerce, and the emergence of alternative digital payment methods are driving market expansion. E-invoicing is becoming increasingly popular, with invoices being issued and received through digital channels such as email, websites, e-post briefs, faxes, and text messages. The adoption of e-invoicing is expected to increase significantly, particularly in emerging economies with a growing number of small and medium-sized enterprises (SMEs) leveraging cloud-based systems, smart devices, mobile phones, computers, and tablets for business transactions.

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The B2B segment was valued at USD 4.61 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

Europe is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the ma

Mobile payments, income strata and household consumption.

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Non-card-linked wallets are forecast to be the most used type of wallet in India in 2028, but their growth is not as fast as card-linked wallets. This is according to hybrid research released in 2024, which - depending on the country - either used database modeling or data acquired via a consumer survey. Indeed, wallets were the most used payment method in the country when shopping online. India ranks as the country with the highest penetration of mobile wallets in the world.

Non-card-linked wallets are forecast to be the most used type of wallet in Pakistan in 2028, but their growth is not as fast as card-linked wallets. This is according to hybrid research released in 2024, which - depending on the country - either used database modeling or data acquired via a consumer survey. Two of the main mobile wallet options in the country include JazzCash and Easypaisa.

Non-card-linked wallets in Singapore are forecast to grow at a pace that is nearly four times faster than the e-commerce spending in card-linked wallets. This is according to hybrid research released in 2024, which - depending on the country - either used database modeling or data acquired via a consumer survey. Wallets ranked among some of Singapore's most-used online payment methods.