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The Electronic Data Interchange (EDI) Software market is shaped by various factors that collectively influence its dynamics and growth within the realm of digital business transactions. A primary driver is the increasing need for streamlined and automated exchange of business documents between organizations. As businesses strive for operational efficiency and cost-effectiveness in their supply chain and B2B transactions, EDI software emerges as a critical solution to facilitate the seamless electronic exchange of invoices, purchase orders, and other essential documents. This demand stems from the recognition that EDI software can significantly reduce manual efforts, minimize errors, and accelerate the pace of business transactions.
Technological advancements play a pivotal role in propelling the EDI Software market. The evolution of cloud computing, artificial intelligence, and machine learning enhances the capabilities and accessibility of EDI solutions. Cloud-based EDI software offers businesses the flexibility to scale their operations, improve collaboration with partners, and adapt to changing business requirements. The integration of advanced technologies ensures that EDI software remains at the forefront of digital transformation in the realm of electronic document exchange.
Globalization and the increasing complexity of supply chain networks significantly impact the EDI Software market. As businesses expand their operations globally, the need for standardized and efficient communication across diverse trading partners becomes paramount. EDI software enables organizations to communicate seamlessly with suppliers, distributors, and customers worldwide, fostering a more connected and collaborative global business ecosystem. The adaptability of EDI to diverse industry requirements positions it as a crucial component in the facilitation of international trade and commerce.
Cost efficiency is a key factor influencing the adoption of EDI Software. While the initial implementation of EDI solutions may involve an investment, the long-term benefits in terms of reduced operational costs, minimized errors, and improved processing speed contribute to significant savings. The ability of EDI software to automate repetitive tasks, eliminate paper-based processes, and enhance overall efficiency makes it an attractive option for businesses looking to optimize their operations while achieving cost savings.
Compliance with industry standards and regulatory requirements is pivotal in the EDI Software market. As industries evolve, regulations governing data security, privacy, and standardized document formats become more stringent. EDI software that adheres to these standards ensures that businesses can exchange electronic documents in a secure and compliant manner. The capability of EDI solutions to adapt to changing regulatory landscapes positions them as reliable tools for organizations aiming to navigate the complexities of industry-specific requirements.
Market competition and strategic partnerships contribute to the evolution of the EDI Software market. Established EDI solution providers and emerging players continuously innovate to enhance the features and capabilities of their software. Partnerships between EDI software vendors and other technology providers or industry stakeholders foster collaboration and drive advancements, ensuring that EDI solutions remain versatile and aligned with the evolving needs of businesses.
Interoperability with existing systems is a crucial factor influencing the adoption of EDI Software. Businesses often operate with diverse enterprise resource planning (ERP) systems, and the seamless integration of EDI solutions with these systems ensures a smooth and efficient workflow. Interoperability enhances the value proposition of EDI software, allowing organizations to leverage their existing technology infrastructure while benefiting from the advantages of electronic data interchange.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 10.30% (2023-2032) |
Electronic Data Interchange EDI Software Market Highlights:
Global Electronic Data Interchange (EDI) Software Market Overview
Electronic Data Interchange (EDI) Software Market Size was valued at USD 2.1 billion in 2022. The Electronic Data Interchange (EDI) Software market is projected to grow from USD 2.31 Billion in 2023 to USD 5.07 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.30% during the forecast period (2023 - 2032). Expanding industrial, retail, healthcare, and automotive sectors and growing demand for data exchange are the key market drivers aiding the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Latest Industry News of Electronic Data Interchange (EDI) Software Market:
- May 2023- Vizion, the leading air cargo tracking specialist BlueBox Systems and tracking software provider, in another story from the transport logistic/air cargo Europe trade fair in Munich, have explained their progress towards offering more transparency throughout the shipping process. BlueBoxAir tracking platform by BlueBox Systems provides real-time visibility of the location of air cargo shipments via the facility of what it believes is "the highest quality data". In the interim, the application programming interface (API)-based solution from Vizion provides users a similar level of transparency. However, mainly up to now, that has been within the ocean freight shipping sector. The Vizion API allows communication and data exchange between various applications used by several logistics players. Operating together, the partners can offer logistics service providers, forwarders, freight shippers, or any other stakeholders in the supply chain, whether managing in the air or ocean freight modes, more transparency about their shipments.
- May 2023- Royal Berry, the Dutch strawberry grower, began operating with FRUIT stock software this year. This Dutch company utilized Excel sheets, but the latest inventory system brings them more insight and structure. Royal Berry picked the Klok Software system for its customer-friendly solution. Nannette Lammerts shows this strawberry grower at the deployment and is one of five people that uses this system to sell the grower's products.
- May 2023- Idaho, Giltner comprises various business units in the transportation and logistics space, the two largest being Giltner Transportation and Giltner Logistics. The Transportation unit mainly concentrates on refrigerated freight but also services other modes involving heavy haul. Then the Logistics unit offers 3PL service, which also involves LTL services, international, and warehousing.
Electronic Data Interchange (EDI) Software Market Trends
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Digital transformation is driving the market growth
In the digital transformation era, businesses are investing in electronic data interchange solutions to combat the problems associated with the data deluge. In enterprises where multiple streaming devices and applications coexist, it has become crucial for managers to implement EDI. However, in many instances, these managers are dissatisfied with the performance of EDI due to the limitations of traditional solutions. In particular, value-added networks (VANs) as a hosted solution for managing supply chain partners result in limited control over partner enrollment and management. Consequently, companies in the market for electronic data interchange (EDI) solutions are developing software incorporating artificial intelligence (AI) and the Internet of Things (IoT). There is a growing demand for agile and scalable modern EDI solutions. This aids organizations in adopting new technologies and meeting their clients' ever-changing requirements. The marketing of EDI software for trading partner administration and data mapping is extensive. In the electronic data interchange solutions market, innovative software gateways are being developed to automate the complex processing of EDI messages. Thus, the growing automation of various processes is anticipated to boost the market CAGR in the coming years.
Increasing adoption and usage of EDI solutions drive demand for EDI platforms. Transport and distribution, inventory and logistics management, administration, and cash management are all applications for EDI solutions. These solutions enable businesses to reduce paperwork, transcription errors, response time for procurement and customer requirements, inventory stock-out situations, and vendor payments. Various government regulatory agencies also favor EDI solutions in several nations. In addition, market leaders' adoption of advanced technologies is propelling the demand for EDI solutions. Several organizations utilize cutting-edge technologies like blockchain, machine learning, and artificial intelligence. Multiple methods exist for secure and rapid data transmission via the EDI platform. Thus, such factors propel the Electronic Data Interchange (EDI) Software market revenue.
Electronic Data Interchange (EDI) Software Market Segment Insights
Electronic Data Interchange (EDI) Software Component Insights
Based on Components, the Electronic Data Interchange (EDI) Software Market segmentation includes solutions and services. The solution segment dominated the market, accounting for 55%-65% of market revenue. Increasing adoption of digital technology for workflow automation and IoT-connected devices is anticipated to expand the market.
Figure 1: Electronic Data Interchange (EDI) Software Market, by Component, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Electronic Data Interchange (EDI) Software Type Insights
Based on type, the Electronic Data Interchange (EDI) Software Market segmentation includes Direct EDI, EDI via AS2, EDI via VAN, Mobile EDI, Web EDI, EDI Outsourcing, and Others. The web EDI segment dominated the market in 2022. Due to rising demand from small to medium-sized healthcare providers for its cost-effective solutions and enhanced flexibility and scalability, the web-based electronic data interchange (EDI) segment is anticipated to lead the electronic data interchange (EDI) software market.
Electronic Data Interchange (EDI) Software Industry Insights
Based on Industry, the Electronic Data Interchange (EDI) Software Market segmentation includes Retail and Consumer Goods, BFSI, Healthcare, IT and Telecommunication, Transportation and Logistics, and Others. The transportation and logistics category generated the most income. This is due to new technologies in logistics services, such as carrier-based data analytics, consolidation of deliveries from various transporters, and automated scheduling. Increased adoption of data interchange solutions in the retail sector is driving global data synchronization and Direct Store Delivery (DSD) process simplification.
Electronic Data Interchange (EDI) Software Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Electronic Data Interchange (EDI) Software market area will dominate this market in 2022. The region's growing manufacturing, retail, healthcare, and automobile industries are increasing the demand for data interchange solutions. Due to increased digital business-to-business transactions, the U.S. will likely acquire the largest market share over the forecast period.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: ELECTRONIC DATA INTERCHANGE (EDI) SOFTWARE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe’s Electronic Data Interchange (EDI) Software market is the second-largest. Due to many data exchange solutions and instrument manufacturers, Europe is anticipated to grow at a significant CAGR rate. In addition, the European United Nations have adopted the ISO 9735 standard for electronic data transfer to standardize and regulate electronic data interchange operations. Further, the German Electronic Data Interchange (EDI) Software market held the largest market share, and the UK Electronic Data Interchange (EDI) Software market was the fastest-growing market in the European region
The Asia-Pacific Electronic Data Interchange (EDI) Software Market is anticipated to grow at the fastest CAGR from 2023 to 2032. Increasing investment and industry-wide adoption of digitalized technology are anticipated to drive the adoption of EDI solutions. In addition, policy reforms, economic growth, and the expansion of the IT industry are anticipated to drive the market in the Asia-Pacific region. Moreover, China’s Electronic Data Interchange (EDI) Software market held the largest market share. The Indian Electronic Data Interchange (EDI) Software market was the fastest-growing market in the Asia-Pacific region.
Electronic Data Interchange (EDI) Software Key Market Players & Competitive Insights
Leading market players are implementing strategic initiatives, such as product launches/development, regional expansion, and partnerships. Collaborations and, mergers & acquisitions are other market development strategies companies adopt. Electronic Data Interchange (EDI) Software industry must offer cost-effective items to expand and survive in a competitive market.
Previously paper-based business operations are transforming and boosting the global Electronic Data Interchange (EDI) Software industry. In recent years, large market participants quickly employed EDI platforms and integrated advanced technologies into their processes. Major players in the Electronic Data Interchange (EDI) Software market include Cleo, Comarch SA, Crossinx GmbH, Data Masons Software LLC, EDICOM, IBM Corporation, InterTrade Systems, Inc, Mulesoft, LLC, SPS Commerce, Inc., The Descartes Systems Group Inc., and TrueCommerce Inc., among others.
Cleo Communications LLC, also known as Cleo, was founded in 1976 as a privately held software corporation. The Company is best known for its Cleo Integration Cloud with the RADAR ecosystem integration platform. Cleo Integration Cloud (CIC) is an ecosystem integration platform that unifies API, EDI, and non-EDI integration visibility. Technical and business users gain the confidence to rapidly onboard trading partners, facilitate application integration, and accelerate revenue-generating business processes with CIC.
ComArch SA creates, develops, and distributes contemporary information systems. The Company's systems consist of computer and network hardware and software. Additionally, ComArch provides implementation, training, and operational services. Comarch invests twelve percent of its annual revenue in innovative initiatives. Since 1999, the Company has been listed on the Warsaw Stock Exchange. Comarch generated 244 million euros in revenue in 2014. It employs over 5,000 specialists in 71 offices and 24 countries, from Asia to Chile via Europe and Europe.
Key Companies in the Electronic Data Interchange (EDI) Software market include
- Cleo
- Comarch SA
- Crossinx GmbH
- Data Masons Software LLC
- EDICOM
- IBM Corporation
- InterTrade Systems, Inc
- Mulesoft, LLC
- SPS Commerce, Inc.
- The Descartes Systems Group Inc.
- TrueCommerce Inc.
Electronic Data Interchange (EDI) Software Industry Developments
October 2019: Epicor Software Corporation took over 1 EDI Source, Inc., a provider of electronic data interchange (EDI) solutions and business visibility software. This bolstered Epicor's Business Services portfolio and supported its goal of becoming the leading cloud provider in its target markets.
April 2020: Data Communications Solutions (DCS) and Cleo entered into a partnership to assist businesses in modernizing their B2B processes through API and EDI integration. DCS will provide managed services, support, and implementation for customers who have chosen the "Cleo Integration Cloud" platform to modernize their integration solutions.
July 2021: IBC Industrial Supply Plus, Inc. and Epicor Software Corporation partnered to offer solutions from both organizations, including electronic data interchange, customer relationship management, and inventory management.
Electronic Data Interchange (EDI) Software Market Segmentation
Electronic Data Interchange (EDI) Software Component Outlook
- Solution
- Services
Electronic Data Interchange (EDI) Software Type Outlook
- Direct EDI
- EDI via AS2
- EDI via VAN
- Mobile EDI
- Web EDI
- EDI Outsourcing
- Others
Electronic Data Interchange (EDI) Software Industry Outlook
- Retail and Consumer Goods
- BFSI
- Healthcare
- IT and Telecommunication
- Transportation and Logistics
- Others
Electronic Data Interchange (EDI) Software Regional Outlook
-
North America- US
- Canada
-
Europe- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
-
Rest of the World- Middle East
- Africa
- Latin America
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