Jun 24, 2020 1:39 AM ET
iCrowd Newswire – Jun 24, 2020
EDI replaces traditional business communication with mail preparation and handles automatically. Several organizations consider EDI to have adherence to numerous compliances and standards. This hampers smaller businesses from dealing with larger organizations to deploy an updated version of document standards. The organizations are either interchanging EDI documents directly with their customers or use third-party service providers. The mounting trend of digitalizing the business documents for efficient processing, several compliances are implemented, which boosts the transition from paper-based invoices to electronic invoices worldwide. The successful integration of EDI solutions globally and its benefits are driving other countries such as Bolivia, France, Guatemala, Columbia, China, India, Uzbekistan, Kyrgyzstan, Vietnam, Estonia, Croatia, Portugal, and Serbia.
The rising digital transformations across industries to lead electronic data interchange (EDI) market growth at 9.5%CAGR during 2020–2027
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Impact of COVID-19 Pandemic on EDI Market
The US is a major market for EDI, considering high internet penetration and retail & ecommerce sectors. The focus on the adoption of paperless hospital by the US healthcare system for providing more efficient process is boosting the growth of the EDI market. The EDI solution addresses the rising issue of healthcare costs and develops the quality as well as efficiency of care. The factory and business shutdowns across the US, Canada, and Mexico is negatively impacting the adoption of EDI solutions and services. North America is home to a large number of manufacturing and technology companies, and thus, the country is likely to witness severe impact of the COVID-19 outbreak in 2020, which is estimated to last in 2021 as well. Moreover, the critical situation in the US is expected to hamper the Electronic Data Interchange (EDI) Market growth in North America in the next few quarters.
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
In 2020, Cleo and C&A partnered to develop digital ecosystems. The businesses through this partnership which depend on SAP, ERP, and JD Edwards will be entitled to extend their reach to those applications via cloud-based B2B/EDI integration technology.
In 2019, the TrueCommerceecUtopia EDI Solution was selected by Cavender’s, which is a supplier community and enhance the supply chain efficiency.
The rising digital transformation and acceptance of EDI solutions for data transaction trend across industries, rising EDI related compliance requirements, as well as favorable government initiatives to boost EDI solution adoption are some of the critical factors that are driving the growth of EDI market.
Mulesoft, LLC, SPS Commerce, Inc., TrueCommerce Inc., IBM Corporation, Cleo, The Descartes Systems Group Inc., Data Masons Software LLC, crossinx GmbH, EDICOM, and Comarch SA are the leading players operating in the electronic data interchange (EDI) market. Several other players are also functioning and are contributing significant revenues in the electronic data interchange (EDI) market.
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Keywords: Electronic Data Interchange (EDI) Market, Electronic Data Interchange (EDI), Electronic Data Interchange (EDI) Market 2020, Electronic Data Interchange (EDI) Market 2027