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.
The global procurement software market is estimated to exhibit 9.6% CAGR over the forecast period. Automation of payment cycles, creation of payment orders, and adoption of technology by procurement teams can spur the market demand significantly. Management of spending, contracts, e-sourcing, and suppliers can entice buyers in various industries.
The COVID-19 outbreak had affected the logistics and supply chain providers the most. Procurement software can assist them in streamlining their processes and monitor their goods in order to meet their client demand. The shift to digital channels by procurement managers can make it easier to process and accumulate payments. Organizations shifting to cloud based procurement channels to strengthen their supply chain can favor the procurement software market growth.
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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.
North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are major regions covered in the procurement software market.
North America is expected to lead the market with 42% share. Presence of notable players, logistic players, and a large customer base are major drivers of the regional procurement software market. The shift to digital channels for faster accumulation of customer data and management can spur the market growth.
Europe is set to exhibit 9.8% CAGR over the forecast period owing to huge demand for procurement software by players for management of orders, monitoring of goods, and last-mile delivery. The U.K., France, and Germany are countries likely to spur the regional market growth.
Oracle Corporation, JDA Software Inc., Mercateo AG, IBM Corporation, Epicor Software Corporation, SAP SE, Infor Inc., Coupa Software Incorporated, and Zycus Inc. are key players of the procurement software market. Integration of AI and other technologies to improve the accuracy of tracking and monitoring of procurement software is the prime strategy of players.
GEP, a leader of procurement software, recently gained a new client in The Cheesecake Factory, a restaurant chain popular in the U.S. The GEP Smart procurement software can be used by the company to track its supply of orders and monitor the progress in a cloud-backed program.
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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) – Forecast till 2027