Procurement Software Market Research Report- Forecast till 2023
Market Research Future (MRFR), in its latest report on the Global Procurement Software Market 2020, reveals that the market dynamics can be influenced by different forces. As per MRFR data, the global procurement software market can thrive at 9.6% CAGR through the forecast period 2018 to 2023. A complete analysis of the influence of COVID 19 outbreak on the procurement software market is provided with the report. The inclination towards automated solution for purchasing materials and maintaining inventory of goods can support the expansion of the market across the analysis period. This can support the expansion of the market across the assessment period. Procurement software enables organizations to boost their approved purchase orders, receive and match the invoice with order, pick and order products or services, and ensure secured online payments of bills. In addition, procurement software tools aid companies to automate procurement activities and procure materials at best rates from vendors, at large volume of goods. This can impel the expansion of the market in the assessment period.
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The segment evaluation of the procurement software market is done by deployment, software, vertical, and organization size.
On-cloud and on-premise are Deployment based segments of the procurement software market. The pressing demand for On-cloud procurement software market can underpin the expansion of the market in the analysis period.
The procurement software market segments based on Software are E-sourcing, supplier management, Spend analysis, contract management, E-procurement, and others.
The Organization Size based segments of the procurement software market are large enterprises and Small and medium enterprise (SMEs). The SME segment can promote the expansion of the market across the analysis period.
The Vertical based segments of the procurement software market are electronics, IT, Retail, travel and logistics, automotive, mining, and telecommunications among others.
As per MRFR regional analysis on the procurement software market, the market in North America is expected to thrive at 9.2% CARG across the analysis period. The regional market is expected to value at USD 2673.4 Mn by 2023. The procurement software market in Europe is expected to value above USD 1837.1 million on the conclusion of the review period. EU procurement software market can rise at 9.8% CAGR across the analysis period. In North American, the procurement software market is driven by multiple key market players and their contributions. In addition, the presence of a well-developed infrastructure and surge in the need for centralized procurement process can promote the expansion of the procurement software market in region.
In APAC, the growing adoption of AI and blockchain in procurement and supply chain processes can impel the regional market. In addition, the rise in E-procurement activities and emerging trends associated with it are expected to boost the expansion of the market in the years to come. The rise in need to review reporting and boost tail spend management can also support the expansion of Asia Pacific procurement software market in the years ahead.
In Europe, the increase in the implementation of procurement software solutions by eminent companies, plus their collaboration with reputed suppliers can support the expansion of the market in the years ahead. EU market can thrive due to growing number of track events and rise in alerts, along with the assistance of different business intelligence solutions.
JDA Software Inc. (US), Oracle Corporation (US), IBM Corporation (US), Coupa Software Incorporated (US), SAP SE (Germany), Infor Inc. (US), Zycus Inc. (US), Epicor Software Corporation (US), and Mercateo AG (Germany) are among are some reputed names in the procurement software global market.
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Procurement Software Market Research Report: Information by Deployment (On-Cloud and On-Premise), by Software Type (Spend Analysis, E-Sourcing, E-Procurement, Contract Management, Supplier Management and others), by Organization Size (Small & Medium Enterprise and Large Enterprises), By Vertical (Retail, Automotive, Travel & Logistics, Electronics, IT & Telecommunication, Mining and others) and Region (North America, Europe, Asia-Pacific and the Rest of the World) – Forecast till 2023