Report Code: A15169 | Pages: NA | Mar 2023 | 1184 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Electronic Data Interchange In Banking Market
Request Now !The term "electronic data interchange" (EDI) refers to the exchange of business documents between business partners in a standard electronic format. Invoices, advance ship notices, and purchase orders are examples of common documents that are exchanged using EDI. Other documents include inventory documents, bills of lading, customs documents, payment documents, and shipping status documents. Furthermore, electronic data interchange (EDI) enables companies to standardize data exchange between applications throughout the supply chain. This procedure ensures that mission-critical data is delivered on time. Electronic data interchange takes the place of traditional business communication mail preparation and handling, and it also aids in the standardization of bus information. Therefore, the surge in demand for electronic data interchange in banking is expected to boost the growth of the market in the upcoming period.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increased adoption of EDI for seamless workflow and stringent government regulations to promote the adoption of EDI are driving the growth of the market. In addition, EDI helping organizations in increasing their performance is further driving the growth of the market. However, the high cost and time consulting deployment might limit the growth of the market. On the contrary, fast processing of accurate EDI documents leads to fewer canceled orders, less repeated work, and fewer stock-outs, to provide lucrative opportunities to the market in the upcoming years.
The global electronic data interchange in banking market trends are as follows:
Increased Adoption of EDI for Seamless Workflow:
To ensure a smooth EDI transaction, an electronic data interchange (EDI) document contains a minimum amount of vital data. Organizations must follow strict EDI formatting rules because they aid in retrieving relevant information from documents. Hundreds of transaction numbers from the EDI public format are included in the EDI document. Furthermore, with seamless automation of B2B workflows, as well as effective integration of external and internal systems, cloud ecosystems, and applications, an efficient EDI transaction improves the overall data exchange process. Therefore, the increased adoption of EDI for seamless workflow is expected to drive the growth of the electronic data interchange in banking market during the forecasted period.
Stringent Government Regulations to Promote the Adoption of EDI:
For receiving and sending data from organizations to trading partners, many governments are mandating the use of an EDI solution to do business in specific countries. EDI solution providers are offering a variety of solutions with benefits such as compliance features to help them deal with complicated country regulations and protect them from any risk associated with regulatory compliances that may affect their business. Furthermore, computers manage and efficiently interpret the EDI standard formats of a document on which the data interchange is based so that both parties can understand it. Therefore, the stringent government regulations to promote the adoption of EDI are expected to drive the growth of the electronic data interchange in banking market during the forecasted period.
COVID-19 Scenario Analysis
Market Scope and Structure Analysis:
Report Metric | Details |
 Market size available for years |  2020–2030 |
 Base year considered |  2020 |
 Forecast period |  2021–2030 |
 Forecast units |  Value ($) |
 Segments covered | component, deployment, type, enterprise size, and region |
 Companies covered | Major players analyzed include Cleo, Comarch SA, crossinx Gmbh, SPS Commerce, EDICOM, International Business Machines (IBM) Corporation, InterTrade Systems Inc., Mulesoft LLC, TrueCommerce Inc. and THE DESCARTES SYSTEMS GROUP INC |
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Questions Answered in the Electronic Data Interchange in Banking Market Research Report:Â Â Â
Electronic Data Interchange in Banking Market Report Highlights
Aspects | Details |
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By Component |
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By Deployment |
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By Type |
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By Enterprise Size |
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By Region |
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Key Market Players | Cleo, Comarch SA, crossinx Gmbh, SPS Commerce, EDICOM, International Business Machines (IBM) Corporation, InterTrade Systems Inc., Mulesoft LLC, TrueCommerce Inc., THE DESCARTES SYSTEMS GROUP INC |
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