According to a new report, published by KBV research, The Global Electronic Data Interchange (EDI) Software Market size is expected to reach $9.0 billion by 2031, rising at a market growth of 12.2% CAGR during the forecast period.
The Healthcare segment is anticipating a CAGR of 11.8% during (2024 - 2031). EDI solutions are vital for healthcare organizations to effectively manage patient records, billing, and claims processing. The increasing digitization of healthcare operations and the need to comply with HIPAA regulations have driven the adoption of EDI systems in this sector. By utilizing EDI, healthcare providers can enhance administrative workflows, reduce operational costs, and improve patient care through timely and accurate data exchanges.
The Cloud segment is leading the Global Electronic Data Interchange (EDI) Software Market by Deployment in 2023; thereby, achieving a market value of $4.7 billion by 2031. This trend highlights the growing preference among businesses for cloud-based EDI solutions, which offer enhanced scalability, flexibility, and cost-effectiveness. Cloud deployment allows organizations to easily integrate their EDI systems with existing software and infrastructure while minimizing the need for extensive hardware investments. Furthermore, cloud-based solutions typically provide automatic updates and maintenance, enabling businesses to stay current with technological advancements and compliance requirements without incurring additional costs.
The Hybrid segment is registering a CAGR of 13% during (2024 - 2031). This growth reflects a notable shift among businesses toward adopting hybrid solutions that combine in-house and outsourced EDI capabilities. The hybrid model offers organizations flexibility to tailor their EDI systems according to specific operational requirements while still leveraging the expertise of external providers. This approach allows scalability and adaptability in a rapidly changing business environment, making it an attractive option for many companies.
Full Report: https://www.kbvresearch.com/electronic-data-interchange-software-market/
The North America region dominated the Global Electronic Data Interchange (EDI) Software Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3.2 billion by 2031. The Europe region is experiencing a CAGR of 12% during (2024 - 2031). Additionally, The Asia Pacific region would showcase a CAGR of 12.8% during (2024 - 2031).
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