IMARC Group has recently released a new research study titled “South Korea E-Invoicing Market Size, Share, Trends and Forecast by Channel, Deployment Type, Application, and Region, 2025-2033”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

South Korea E-Invoicing Market Overview

The South Korea e-invoicing market size reached USD 303.03 Million in 2024 and is forecasted to grow to USD 1,227.82 Million by 2033. The market is expected to grow at a CAGR of 16.82% during the forecast period 2025-2033. Growth is driven by mandatory adoption from tax authorities, digital finance transformation, strong internet infrastructure, and increasing real-time tax reporting demand. Enterprise software use and government incentives further boost compliance and automation in businesses.

Study Assumption Years

• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Period: 2025-2033

South Korea E-Invoicing Market Key Takeaways

• Current Market Size in 2024: USD 303.03 Million
• CAGR: 16.82%
• Forecast Period: 2025-2033
• The adoption of e-invoicing is driven by corporate compliance and digital tax enforcement, with large businesses initially leading adoption due to government mandates.
• The National Tax Service’s investments in advanced audit tools and real-time invoice reporting are pressuring businesses to upgrade systems.
• ERP and accounting platforms now commonly integrate e-invoicing features tailored to Korean tax laws.
• Increasing demand for local-language cloud-based platforms compliant with Korean legal formats is noticeable, with international SaaS players entering the market.
• E-invoicing is evolving into a gateway for B2B payments and fintech growth, enabling faster payments, working capital management, and embedded finance solutions.
• Banks and fintech startups are competing by integrating invoice data early in the transaction cycle, blurring lines between e-invoicing platforms and digital banking.

Sample Request Link: https://www.imarcgroup.com/south-korea-e-invoicing-market/requestsample

Market Growth Factors

The South Korea e-invoicing market is significantly driven by mandatory adoption instigated by tax authorities aiming to improve tax compliance and reduce fraud. The National Tax Service (NTS) has implemented mandates requiring businesses earning over KRW 100 Million to issue electronic VAT invoices, with phased enforcement expanding since 2011. These mandates compel enterprises to adopt e-invoicing, thereby expanding the overall market size. The digital transformation initiatives in finance and accounting, supported by strong internet infrastructure, further bolster the adoption of e-invoicing solutions, making real-time tax reporting more feasible and reliable.

Another critical growth factor is the widespread use of enterprise software integrated with e-invoicing features adapted to Korea's tax regulations. This integration facilitates seamless compliance with tax laws and automates routine accounting and filing processes, relieving accountants to focus on advisory roles. The demand for cloud-based, local-language platforms tailored to Korea’s legal and data retention requirements is also escalating, supported by government incentives encouraging digital finance adoption and transparency.

The evolution of e-invoicing systems into more comprehensive financial tools also fuels market growth. These systems are now gateways to B2B payments and fintech services such as faster payment processing, cash flow management, credit scoring, and invoice factoring. Korean fintech startups and banks provide embedded financial services through e-invoicing platforms, creating new revenue models and strengthening digital finance ecosystems. This integration of e-invoicing with broader digital banking tools is reshaping competitive dynamics and expanding market opportunities.

Market Segmentation

Channel:

• B2B
• B2C
• Others

The market is segmented by channel, including business-to-business, business-to-consumer, and other transaction types, reflecting various invoicing demand sources.

Deployment Type:

• Cloud-based
• On-premises

This includes the deployment of e-invoicing solutions either via cloud platforms or on-premises installations, catering to different enterprise preferences and regulatory needs.

Application:

• Energy and Utilities
• FMCG
• E-Commerce
• BFSI
• Government
• Others

Ask For an Analyst- https://www.imarcgroup.com/request?type=report&id=37859&flag=C

Regional Insights

The report covers key regional markets within South Korea, including the Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others. Notably, the Seoul Capital Area dominates due to its concentration of business activities and technology infrastructure. This regional segmentation highlights local adoption variations and growth opportunities across the country.

Recent Developments & News

In April 2025, South Korea expanded its e-Tax Invoice system, initially launched in 2011. The update in July 2023 mandated that businesses earning over KRW 100 Million must issue electronic VAT invoices through the National Tax Service. The system’s scope has widened through phased thresholds in 2012, 2014, 2019, and 2022 to enhance reporting efficiency and reduce tax fraud, indicating continued government commitment to digital tax administration.

About Us

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

Contact Us

IMARC Group,

134 N 4th St. Brooklyn, NY 11249, USA,

Email: sales@imarcgroup.com,

Tel No: (D) +91 120 433 0800,

United States: +1-201971-6302