The latest report by IMARC Group, titled “Electronic Data Interchange (EDI) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global electronic data interchange (EDI) market size reached US$ 34.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 55.72 Billion by 2028, exhibiting a growth rate (CAGR) of 8.12% during 2023-2028. Electronic Data Interchange (EDI) is a structured electronic communication method used by businesses to exchange data in a standardized format. It facilitates the seamless exchange of business documents between several organizations, streamlining processes, reducing errors, and improving efficiency. It replaces paper-based document exchanges, including purchase orders, invoices, and shipping notices, with electronic counterparts. These digital documents adhere to specific formatting standards, ensuring consistency and compatibility across various computer systems and software. It includes data translation, communication protocols, and data mapping. Data translation involves converting human-readable data into a format that can be transmitted electronically, typically using ASCII or other machine-readable codes. Additionally, communication protocols define the rules for data transmission, ensuring secure and reliable transfer between parties. Data mapping involves aligning the data fields in a sender's system with those in the recipient's, providing seamless integration. As a result, EDI offers reduced manual data entry, faster transaction processing, fewer errors, improved accuracy, and enhanced business relationships. For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/electronic-data-interchange-market/requestsample Electronic Data Interchange (EDI) Market Trends and Drivers: The electronic data interchange (EDI) market is primarily driven by the growing retail industry. In addition, large retailers and their suppliers heavily rely on EDI for order processing, inventory management, and invoice reconciliation, which helps streamline the supply chain, reduce order lead times, and improve efficiency, influencing market growth. Moreover, manufacturers use EDI to communicate with suppliers, distributors, and retailers, which enables them to transmit production schedules, shipment notifications, and quality control data in a standardized and automated manner, representing another major growth-inducing factor. Besides this, the increasing product demand in the healthcare sector for exchanging patient data, insurance claims, and billing information between healthcare providers, including hospitals, clinics, and insurance companies, helps expedite claims processing and reduces administrative overhead, which is accelerating the market growth. Along with this, the significant expansion in the automotive industry led to the adoption of EDI for just-in-time inventory management, order fulfillment, and logistics coordination to maintain efficient production lines, propelling the market growth. Furthermore, several government agencies are using EDI for various purposes, such as tax filings, customs declarations, and procurement processes, which streamlines interactions between businesses and government entities, reducing paperwork and improving accuracy, creating a positive market outlook. Report Segmentation: The report has segmented the market into the following categories: Type Insights:
- Direct EDI
- EDI Via AS2
- EDI Via VAN
- Mobile EDI
- Web EDI
- EDI Outsourcing
- Others
- Large Enterprise
- Small and Medium-sized Enterprise
- Retail and Consumer Goods
- BFSI
- Healthcare
- IT and Telecommunication
- Transportation and Logistics
- Others
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
- Cleo Communications Inc
- Comarch S A
- Crossinx GmbH
- EDICOM
- Epicor Software Corporation
- International Business Machines Corporation
- Mulesoft
- LLC (Salesforce Inc.)
- Open Text Corporation
- Optum, Inc
- Oracle Corporation
- Rocket Software Inc.
- SPS Commerce, Inc.
- TrueCommerce Inc.