EDI solutions combined with futuristic technologies such as internet of things and artificial intelligence, amongst others are driving the growth of global electronic data interchange (EDI) market. Conventional electronic data interchange (EDI) introduced decades ago offers communication of electronic documents in a standard format, and since then it has been transforming. EDI is a complicated mixture of three disciplines at its core: business, data processing, and data communications. EDI enables data communication for exchanging documents across businesses for processing with almost negligible human intervention. The industrial revolution with primary focus on digitalization has increased demand for EDI by organizations to go paperless. The evolving cutting-edge technologies, when integrated with traditional EDI offerings has further overcomed the drawbacks such as high set-up cost, time and lower business efficiency amongst others. Cloud deployed EDI solutions are assisting organizations to reduce 10 to 25% of operating costs. Market players such as IBM Corporation, MicroD, LLC and others are utilizing AI-based capabilities in their solutions. For instance, MicroD, LLC uses artificial intelligence and big data to find consumer trends and also analyzes returns made on these products. Blockchain technology enables high levels of security and maintains confidentiality of information exchanged via electronic data interchange systems. Globally expanding supply chains of organizations are poised to benefit from blockchain technology with EDI as its backbone. Comarch SA provides EDI solutions optimized with blockchain and machine learning. Thus, introduction of latest EDI solutions with cutting technologies is fueling in the growth of electronic data interchange (EDI) market across the globe.
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The recent COVID-19 pandemic has hit the globe causing job loss of about 25 million as per the statistics of International Labour Organization. With growing loss of labor force and offices facing shutdown across the world, organizations are going digital to survive in the market. Banking and other financial institutions are adopting digitalization strategies to cope with current strategies. For instance, Nizwa Bank of Oman, HDFC bank of India and many others are encouraging their customers to opt for digital banking as one of measures in fighting coronavirus. The electronic data interchange plays a crucial role in digital banking by cutting cash flow, fast pacing the transactions and reducing paperwork. Thus banking and financial institutions are pushing for contactless and paperless banking, which in turn is boosting the growth of electronic data interchange (EDI) market across the globe.
The detailed research study provides qualitative and quantitative analysis of electronic data interchange (EDI) market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- The global electronic data interchange (EDI) market was valued at US$ 859.11 Mn in 2018 and is anticipated to witness a compound annual growth rate of 10.7% over the forecast period.
- Banking, Financial Services and Insurance institutes accounted for highest share in 2018, in the global electronic data interchange (EDI) market owing to increasing digital banking activities.
- North America accounted for highest market share in 2018. Asia Pacific is expected to register the highest compound annual growth rate (CAGR) over the forecast period, with rising government initiatives of single window facilities.
- Some of the players operating in the electronic data interchange (EDI) market are ArcESB International, AVASOFT, Boomi, Inc., Cleo, Comarch SA, DataTrans Solutions, Inc., dicentral.com, EDI Source, Inc., EDITEL, Enterprise System Solutions Pvt. Ltd., GE Healthcare, GLOBAL SCAPE, IBM Corporation, MuleSoft, LLC, Optum, Inc., Siemens, TrueCommerce, Inc., Waystar Health and Youredi Ltd amongst others.
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Global Electronic Data Interchange (EDI) Market:
- By Deployment
- By Type
- VAN EDI
- Web EDI
- Direct EDI (point-to-point EDI)
- Mobile EDI
- By Component
- By Organization Size
- Small and Medium Enterprises
- Large Enterprises
- By Vertical
- Banking, Financial Services and Insurance
- IT & Telecommunications
- By Region
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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