According to the new research report on "Electronic Data Interchange (EDI) Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the market is expected to reach US$ 65.99 billion by 2031 and register a CAGR of 10.3% from 2023 to 2031.

The EDI market in the MEA is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of MEA. The adoption of EDI solutions is predicted to increase with time as the region is robustly focusing on development across several industries such as BFSI, healthcare, and IT. Further, manufacturers are focusing on the latest developments in logistics tracking and labeling technologies, which handle the interchange of a considerable amount of data with trading partners. Additionally, the expansion of the fifth generation-based telecommunication network and implementation of Vision Documents in Saudi Arabia, Qatar, the UAE, and Kuwait are expected to support the Middle East & North Africa EDI market in the coming years. In the Middle East, a few countries such as Saudi Arabia have taken steps to make e-invoicing mandatory. The country has shown its high interest in executing Continuous Transaction Controls (CTC), which includes mandatory e-invoicing. The UAE is another country using EDI solutions in B2B transactions to make it more accurate and faster. In the UAE, the implementation of e-invoicing is governed by Federal Law No. (1) of 2006 On Electronic Commerce and Transactions. The UAE-based companies are looking forward to introducing EDI solutions through a network of supply chain partners to meet legal requirements levied by the UAE legislative bodies. Oman, Kuwait, and Libya are a few countries that have no regulations for EDI solutions in their jurisdiction.

Rising disposable incomes in developing countries of Africa, increasing population, rapid procurement of advanced and innovative electronic solutions, and growing infrastructural development in the Middle East and African countries are anticipated to contribute to the EDI market growth in the coming years. Moreover, these countries are significantly getting involved in various global events, which are leading to infrastructural development and strengthening of the economy. Thus, all these factors propel the demand for EDI solutions in the MEA.

There has been a rising demand for e-invoicing in Saudi Arabia due to the availability of advanced internet infrastructure. In June 2019, the Saudi Arabian Monetary Authority introduced Esal platform initiative as a part of the Financial Sector Development Program. This platform will assist in developing the national economy while diversifying the sources of income. It would also help bring digitization into the financial sector, boosting the demand for EDI in the country.

In the shipping industry, the electronic data interchange system allows companies to exchange information electronically and helps reduce paperwork and costs associated with paper documents. The growing shipping industry in Saudi Arabia is propelling the EDI system adoption. In February 2021, Saudi Global Ports Co (SGPC), the new star on Saudi Arabia's maritime landscape and a joint-venture company, was formed between the public investment fund (PIF) of the Kingdom of Saudi Arabia and Singapore's PSA International (PSA). It will develop, operate, and manage the second container terminal at the King Abdul Aziz port in Dammam, a key gateway in the Arabian Gulf. Thus, the expanding shipping industry boosts the adoption of EDI systems in Saudi Arabia.

The electronic data interchange (EDI) market size is segmented based on component, type, industry, and geography. Based on components, the electronic data interchange (EDI) market is bifurcated into solutions and services. Based on type, the electronic data interchange (EDI) market is segmented into direct EDI, EDI via AS2, EDI via VAN, mobile EDI, web EDI, EDI outsourcing, and others. Based on industry, the electronic data interchange (EDI) market is divided into BFSI, Retail & Consumer Goods, Healthcare, IT & Telecommunication, Transportation and Logistics, and Others. Geographically, the electronic data interchange (EDI) market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).

Key Findings of Study:

In the Middle East & Africa, the UAE holds the largest share in the electronic data interchange (EDI) market. The EDI solution is allowed in the UAE, but it is not mandatory. The UAE government is taking steps to digitize all documents and transactions by accepting digital invoicing and ePayments. Moreover, the Ministry of Finance (MoF) utilizes an eProcurement system that automates the complete purchase cycle till the completion of the fees payment process. In addition, by 2021, it is anticipated that Dubai Smart government is going to be paper-free by removing over 1 billion pieces of paper used by the government for their transactions annually. Thus, these factors are boosting the demand for a better-quality EDI.

Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com