- The electronic data interchange solutions (EDI) market is expected to register a CAGR of ~ 8.5% between 2019 and 2027. The electronic data interchange solutions market is projected to be driven by the increasing operating costs of companies and advancements in technologies.
- The global electronic data interchange solutions market is expected to reach ~ US$ 47 Bn by 2027, from ~ US$ 24.6 Bn in 2019. The development of EDI integration with advanced technologies is boosting the EDI solutions market.
- The electronic data interchange solutions market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe.
- North America remains the dominant market leader in the global EDI solutions market, with revenues in 2019 estimated to reach ~ US$ 10.1 Bn. Growth in the demand for the faster transferability of documents among different trading partners across the globe is expected to exponentially drive the electronic data interchange solutions market.
- Asia Pacific is projected to see high growth in the global electronic data interchange solutions market during the forecast period. This is due to increasing digitization initiatives by governments across the region, and rise in demand from other regions as well.
Electronic Data Interchange Solutions Market: Definition
- The electronic data interchange solutions market report provides analysis of the global electronic data interchange solutions market for the period 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- In this report, we analyze the growth drivers that are increasing the value of the EDI solutions market, and how organizations can replace the workforce with advanced EDI technologies. Moreover, organizations are ready to invest in these technologies due to increasing competition for EDI solutions.
- Organizations are adapting and updating EDI solutions rapidly due to their numerous benefits, such as reduction in paperwork and transcription errors, enhanced response time for procurement and customer needs, reduced stock out situation of inventory, and secure payment of vendors.
Asia Pacific Electronic Data Interchange Solutions Market – Snapshot
Asia Pacific is one the growing regions, where population is a driving factor for large and small & medium enterprises to expand their business and provide enhanced services to customers. Therefore, enterprises are focusing on technology-driven solutions, which will help them reduce cost and save time in documentation processes. For the same reason, Asia Pacific is expected to see the highest opportunity addition in the electronic data interchange solutions market, globally, with the Middle East & Africa being the next closest region.
Key Growth Drivers of the Electronic Data Interchange Solutions Market
- Increasing integration of advanced technologies with EDI – Integration of advanced technologies such as blockchain, artificial intelligence, and machine learning with EDI are increasing the demand for electronic data interchange solutions across the globe.
- Rising adoption of EDI in supply chain – a supply chain involves a great deal of transfer of documents among different trading partners, due to which, the demand for electronic data interchange solutions in supply chains is high. Moreover, electronic data interchange solutions help to drastically reduce cost and save time during the transfer of documented files.
Key Challenges Faced by Electronic Data Interchange Solutions Market Players
- The initial deployment cost of an electronic data interchange solution is high, owing to the implementation, customization, and training of employees. Companies face a shortage of skilled EDI staff, and hence, face a challenge in training staff, since the cost of training is considerably high. This is restraining the growth of the EDI solutions market.
- Resistance to change is another crucial factor that is hindering the growth of the electronic data interchange solutions market. This is primarily because people do not change easily, and are not ready to move away from their comfort zones and implement new technologies.