Electronic Data Interchange Software Market to Hit $3,451.3 Mn by 2027; Increasing Demand for Process Automation in Large Organizations to Fuel Market Growth: Fortune Business Insights™
October 01, 2020 at 05:56 AM EDT
Pune, Oct. 01, 2020 (GLOBE NEWSWIRE) -- The global electronic data interchange (EDI) software market size is projected to reach USD 3,451.3 million by 2027, exhibiting a CAGR of 10.7% during the forecast period. Increasing adoption of EDI solutions in the healthcare sector will act as one of the pivotal factors driving the growth of this market, states Fortune Business Insights™ in its report, titled “Electronic Data Interchange (EDI) Software Market Size, Share & COVID-19 Impact Analysis, By Product Type (Cloud Based, and On-Premise), By Industry (Healthcare, Automotive, Financial Services, High-Tech/ Manufacturing, Retail, Logistics, and Others (Telecom, etc.), and Regional Forecast, 2020-2027”.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
Electronic data interchange software facilitates virtual transmission of information between business partners, removing the need for paper-based data exchange. In the healthcare sector, where large amounts of data are generated daily, EDI software can enable the efficient transfer of information between healthcare institutions, professionals, and patients. The benefits of this technology have been even more accentuated during the current COVID-19 pandemic as EDI is aiding healthcare professionals to deliver services to patients other than those suffering from COVID-19. For instance, in April 2020, Cloudnine Group of Hospitals, a leading hospital chain in India, partnered with Dunzo, a 24/7 online platform, to provide essential medicines to expecting mothers and their infants at the doorstep. Thus, the adoption of EDI solutions is likely to get boosted amid the current health crisis.
As per the report, the global market value stood at USD 1,547.2 million in 2019. The other highlights of the report include:
Financial & Operational Feasibility of EDI to Stoke Demand from SMEs
A prominent factor driving the electronic data interchange software market growth are the financial and operational advantages offered by EDI solutions to small and medium enterprises (SMEs). These enterprises need to operate on tight budgets and have a strong requirement for efficient mechanisms to conduct business in a cost-effective manner. Since EDI helps in achieving these goals, its demand in SMEs is steadily growing. For example, as EDI transactions are completed electronically and instantaneously, they eliminate the expenses that are routinely incurred in terms of paper stationery, shipping costs, and labor. Administrative costs are also eschewed as storage of information is virtual, removing the need to spend on additional storage space. Similarly, accurate tracking of orders through paper-based processes is tedious and highly inefficient. EDI software can simplify these tasks and optimize supply chain operations, allowing SMEs to complete projects on time and deliver the highest customer satisfaction. Thus, electronic data interchange software can substantially enhance the profitability of SMEs in a short span of time.
Speedy Growth of E-Commerce Industry to Fuel Market Growth in Asia Pacific
The e-commerce industry in Asia Pacific has grown exponentially in the past few years, underpinned by rapid economic development in India and China. As a result, the demand for technologies boosting supply-chain efficiencies has surged, laying the foundation for the EDI software market growth in the region. Additionally, expansion of manufacturing activities and governmental support to industrial digitization will further propel the regional market.
North America is expected to dominate the electronic data interchange software market share during the forecast period on account of active uptake of advanced EDI technologies powered by Artificial Intelligence (AI) and Machine Learning (ML). In 2019, the region’s market size stood at USD 896.4 million. In Europe, the key market driver will be the strong presence of EDI solutions providers in the region.
Development of Next-Gen Integrated EDI Solutions to Animate Competition
The competitive landscape of this market is being increasingly characterized by activities of key players focusing on developing cutting-edge EDI solutions with wide applicability. In pursuit of this end, companies are collaborating with each other and broadening their sales horizons by diversifying their offerings.
List of Key Players Covered in the EDI Software Market Report:
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Detailed Table of Content:
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