Global Procurement Software Market, By Deployment (On- Cloud, On- Premise), Software Type (pend Analysis, E-Sourcing, E-Procurement, Contract Management, Supplier Management, Others), Organization Size (Small and Medium Enterprise, Large Enterprise), Vertical (Retail, Automotive, Travel & Logistics, Electronics, IT & Telecommunication, Mining), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Procurement Software Market
Global procurement software market is driven by increasing demand for smart phones, which is projecting a rise in estimated value from USD 6471.99 million in 2018 to an estimated value of USD 13632.99 million by 2026, registering a CAGR of 9.76% in the forecast period of 2019-2026.
Market Definition: Global Procurement Software Market
Procurement software can be defined as application that coordinated & automates the task which is involved in acquiring the product & service information. This software enables automation in procurement or purchase of the product for the organization which provides the information to every employee so that everyone related to procurement department gets updated about the prices & the quantity.
- Rise in the need of procurement process automation which reduces the complexity & gives the transparent information within the organization.
- Due to consolidation of supply chain management which decreased the process complexity, this increased the demand for procurement software.
- There is lack of infrastructure in many organization to be compatible with traditional & conventional system
- Hindrance within the quality due to automation in procurement leads to restraining this market.
Segmentation: Global Procurement Software Market
- By Deployment
- By Software type
- Spend Analysis
- Contract Management
- Supplier Management
- By Organization Size
- Small And Medium Enterprise
- Large Enterprises
- By Vertical
- Travel & Logistics
- IT & Telecommunication
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- North America
Key Developments in the Market:
- In April 2018, SAP launched a procurement network & manufacturing collaboration. This platform will enable the service provider & the manufacturer to collaborate on product design, procurement & production.
- In July 2018, FuelPlus launched procurement solution for aviation fuel. This will help the aviation company to work more efficiently & to do paperless fuel tenders
Competitive Analysis: Global Procurement Software Market
Global procurement software market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of procurement software market for global, Europe, North America, Asia Pacific and South America.
Major Market Competitors/Players: Global Procurement Software Market
Few of the major competitors currently working in procurement software market are Oracle, IBM Corporation, Coupa Software Inc., Epicor Software Corporation, JDA Software Inc., Mercateo , SAP SE,, Zycus Inc, Infor, Tungsten Corporation plc., OpusCapita Solutions Oy, Ivalua Inc., Epicor Software Corporation, Proactis Holdings Plc, SAP SE , JAGGAER, Tradeshift, Basware, BuyerQuest Holdings Inc.
Research Methodology: Global Procurement Software Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request An Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved