The new report by Expert Market Research titled, ‘Electronic Data Interchange Market Trends, Price, Share, Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the electronic data interchange (EDI) market, assessing the market based on its segments like applications, manufacturing process and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 26 billion
- Forecast CAGR (2023-2028): 12%
- Forecast Market Size (2026): USD 52 billion
The expansion of the EDI market is mostly owing to technological advancements and inventions. In the middle of the everyday chaos of maintaining a huge trading network, tracking transactions, and communicating across numerous media, electronic data interchange (EDI) solutions emerge as an electronic panacea to the inefficient manual process for businesses of all kinds. While technology-enabled businesses want a piece of the pie early on, vendors of electronic data exchange solutions are pushing to combine Blockchain and EDI technologies to integrate security into key business processes.
Organizations can use EDI to control data communication between supply chain apps. EDI aids the organisation and ensures that business-critical data is delivered on time. Traditional business communication was supplanted by EDI, which automated mail preparation and handling. Moreover, throughout the forecast period, an increase in the number of end-users along with increased acceptance of EDI is likely to drive the growth of the electronic data interchange market across various industries.
Electronic Data Interchange Industry Definition and Major Segments
Electronic data interchange (EDI) refers to companies sharing information that was previously communicated on paper, such as purchase orders and invoices, in a digital format (EDI). Based on the type of business and the size of the company, the electronic data interchange (EDI) market can be divided into several categories. Electronic data exchange (EDI) technical standards exist to make it easier for parties to trade financial instruments without having to make special preparations. EDI standards describe the rigorous format of electronic documents and were developed especially for the automotive sector to be independent of connectivity and software technologies.
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By type, the market is divided into:
- EDI VAN (Value Added Network)
- EDI Software
- Cloud Based
- EDI-as-a-Service (Outsourcing/Managed Services)
By enterprise, the market is divided into:
- Large Enterprise
- Small and Medium Enterprise Mobile Application
By region, the industry is categorised into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Electronic Data Interchange Market Trends
The retail business suffers the pressure of demanding customers, prompting them to look for EDI solutions to cut costs and improve system performance. The automobile industry was also an early adopter of EDI systems to ensure continuous business document sharing across multiple levels, from car manufacturers through distributors and end-users. Despite the fact that demand for EDI systems has matured, many firms still foresee a lengthy and costly transition away from paper.
The high initial cost of implementation makes these approaches undesirable for adoption, and the scarcity of qualified personnel also means a budget for preparation, which adds up to a high initial cost. Furthermore, an increasing number of end-users is expected to fuel demand for electronic data interchange services/solutions throughout the market horizon. End-users include payers, providers, the pharmaceutical and medical device industries, and others.
The utilisation of analytical data has given the EDI market a new dimension across all industrial sectors. Due to increased competition, pricing pressure, and smaller profit margins, pharmaceutical and medical device makers are also implementing electronic data interchange services or solutions, which is expected to aid in the expansion of this industry.
North America has the highest market share owing to its well established industry standards. Europe is expected to hold a significant market share during the forecast period due to rising demand for electronic data interchange services/solutions among pharmaceutical companies and medical device manufacturers in Europe to combat growing competitiveness, pricing pressure, and lower profit margins.
The market in the Asia Pacific area is likely to be driven by regulatory reforms, economic development, and a developing IT industry. Increasing patient volume, the need to manage a huge volume of patient data, and the deployment of HCIT programmes in India, Japan, and Australia are also projected to aid the market growth.
Key Market Players
The major players in the market are Business Technology Consulting (BTC) AG, Cleo, SPS Commerce, Inc. (NASDAQ: SPSC, Dell Technologies Inc. , General Electric Company , International Business Machines Corporation (IBM) Corporation , McKesson Corporation, among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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