Global Procurement Software Market By Deployment (On- Cloud, On- Premise), Software Type (pend Analysis, E-Sourcing, E-Procurement, Contract Management, Supplier Management and Others), Organization Size (Small and Medium Enterprise, Large Enterprise), Vertical (Retail, Automotive, Travel & Logistics, Electronics, IT & Telecommunication, Mining), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Procurement software market is expected to grow by USD 13,632.99 million at CAGR of 9.76% in the forecast period of 2021 to 2028. Data Bridge Market Research report on procurement software market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth. Increasing demand for smart phones has been directly impacting the growth of procurement software market.
Procurement software has a number of solutions that help companies streamline their operations and maintain inventory. Procurement software allows organizations to increase and approve purchase orders, select and order products or services, receive and match invoices and orders, and online debt payments. Procurement software tools enable companies to perform the best purchasing and pricing activities for their tender vendors, making it important for companies that need to acquire large quantities of goods. With the implementation of purchase software solutions, companies can work with suppliers, track events and receive alerts, and analyze business intelligence data to gain insight into the procurement process for predicting and planning purposes.
Rise in the need of procurement process automation which reduces the complexity & gives the transparent information within the organization is a driving factor for the procurement software market. Due to consolidation of supply chain management which decreased the process complexity is also a driver for the procurement software market. The requirement to avert the duplication of records is also an opportunity for the procurement software market.
There is lack of infrastructure in many organization to be compatible with traditional & conventional system is a challenge for the procurement software market. However, hindrance within the quality due to automation in procurement is the main restraint for the growth of procurement software market during the forecast period of 2021- 2028.
This procurement software market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Data Bridge Market Research procurement software market contact us for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
In February 2020, Proactis, the global spend management and B2B eCommerce company, has announced a new partnership with global change-ready technology and implementation specialist Agilyx Group to provide a range of spend management solutions and services to Agilyx customers. The company offers clients a wealth of experience and in-depth knowledge gained from many years of implementing business software and managing change across organisations of all sizes.
Procurement Software Market Scope and Market Size
Procurement software market is segmented on the basis of deployment, software type, organization size and vertical. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Procurement software market on the basis of deployment has been segmented as on- cloud, on- premise.
- Based on software type, the procurement software market has been segmented into pend analysis, e-sourcing, e-procurement, contract management, supplier management and others.
- Based on organization size, the procurement software market has been segmented into small and medium enterprise, large enterprise.
- Based on vertical, the procurement software market has been segmented into retail, automotive, travel & logistics, electronics, IT & Telecommunication and mining.
Procurement Software Market Country Level Analysis
Procurement software market is analysed and market size, volume information is provided by country, deployment, software type, organization size and vertical as referenced above.
The countries covered in the procurement software market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America will dominate the procurement software market due to the presence of key market players such as IBM Corporation, Oracle Corporation, and Coupa Software Incorporated. Moreover, developed infrastructure and rising demand for centralized procurement process in the region. While Asia-Pacific will be expected to witness the highest growth rate due to developing countries such as China and India are still lagging in terms of adoption of the software, because of the lack of skilled procurement professionals.
The country section of the procurement software market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Procurement Software Market Share Analysis
Procurement software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to procurement software market.
The major players covered in the procurement software market report Oracle, IBM Corporation, Coupa Software Inc., Epicor Software Corporation, 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., JDA Software Group, Inc., Emdadat, HCL Technologies, are among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available : Global Procurement Software Market
Data Bridge Market Research is a leader in consulting and advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customised to include production cost analysis, trade route analysis, price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), import export and grey area results data, literature review, consumer analysis and product base analysis. Market analysis of target competitors can be analysed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.