Thursday, 25 April 2024
The rising adoption of digital finance is impacting the financial services industry in Europe. The digital finance comprises a wide-range of products, processes, applications, and business models, which are transforming the traditional ways of offering banking and financial services to its customers. Rapid rise in the investmentsin new and advanced technologies has allowed the financial institutes to adopt electronic data interchange (EDI) solutions. These solutions and new tools provide easy ways to make payments, investments, and money transfer. The integration of artificial intelligence (AI), machine learning, social networks, mobile applications, cloud computing, distributed ledger technology, and Big Data analytics is boosting the innovation of new business and services models across financial institutions in the region.
The Europe Electronic Data Interchange (EDI) Market is growing along with the Technology, Media and Telecommunications industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
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Market Overview and Dynamics
The Europeelectronic data interchange market is expected to reach US$13,326.9millionby 2027 from US$6084.0million in 2019; it is projected to witnessa CAGR of 10.8% from 2020 to 2027.Increasing digital transformation and process automation to create unparalleled opportunities for EDI solution providersis anticipated to drive the market growth in the coming years. Additionally, the EDI enhances the business agility by allowing businesses to quickly enter new markets, and it also boost the business productivity by supplying advanced information related to performance, supply chain, and business partners.
Key Market Segments
In terms of component, the solutions segment accounted for a larger share of the Europe electronic data interchange market in 2019. In terms of type, the EDI via AS2 segment held the largest market share of in 2019. Further, the retail and consumer goods segment accounted for the largest share of the market based on industry in 2019.
These factors are expected to offer broad growth opportunities in the Technology, Media and Telecommunications industry and this is expected to cause the demand for Europe Electronic Data Interchange (EDI) Market in the market.
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EUROPEELECTRONIC DATA INTERCHANGE MARKET SEGMENTATION
Europe Electronic Data Interchange (EDI) Market – by ComponentSolutions
Europe Electronic Data Interchange (EDI) Market – by TypeDirect EDI
Europe Electronic Data Interchange (EDI) Market – by Industry
Europe Electronic Data Interchange (EDI) Market – by Country
Company Profiles
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the electronic data interchange market in Europeare company websites, annual reports, financial reports, national government documents, and statistical database. Major companies listed in the report areMulesoft, LLC, SPS Commerce, Inc., TrueCommerce Inc., IBM Corporation, and Descartes Systems Group Inc., among others.
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