Procurement Software Market Driven By Demand Surge to Grow Exceptionally

(IT-NEWSWIRE.COM, November 22, 2017 ) Procurement Software Market, By Deployment (On-Premise, On Cloud), By Software (Spend Analysis, E-sourcing, E-procurement), By Vertical (IT & Telecommunication, Travel & Logistics) - Forecast 2023

Market Synopsis of Procurement Software Market:

Market Scenario:

Procurement software is defined as a software program that enables organization to carry out their purchase process automatically and manage inventory of goods.

Increasing demand for automatic purchase process is one of the major driving factor that supports in the growth of procurement management market. The automation in purchase process replaces the traditional, manual maintenance of records. The function carried out by procurement software includes ordering and purchasing products or services, selecting, electronic handling of payments, providing procurement department with detail report of product ordered, details analysis of each product ordered and approving correct orders, matching and receiving invoice and order. There are many procurement software in the market, out of which e-procurement software is boosting the market. The study indicates that medium and small sized enterprises are having high implementation of procurement software and most of the enterprises use cloud based procurement software.

E-procurement software can be operated in both on-premise and cloud based. This software enable organization in replacing difficulties cause by adopting traditional procurement process. Problems such as finding right category of products, suitable supplier for enhancing the business, unable to find the amount spent on purchase, much amount of time is spent on non-value adding activities. In addition, the study also indicates that e-procurement software minimizes all these difficulties face by organization, by providing accurate solution. It comprises of features such as, catalog management, end-to-end procurement cycle, requisition and approvals, electronic data interchange and maintaining relationship with suppliers in terms of development regarding contract and agreement. Furthermore, the cloud based technology such as software as a service (SaaS ) and platform as a service (PaaS) will continue to boost the market , and represent a double digit compound annual growth rate. Moreover, by the usage of these software various industries are being benefitted, especially the one into supply chain and logistics support.

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Procurement software market segmentation is done on the basis of deployment these include cloud based and on-premise. Cloud based procurement software enable organization by controlling cost and help them in achieving higher margin of profitability. It facilitates modernize source to pay process through automation and social collaboration. Organization can strengthen their business by leveraging social collaboration and achieve faster results by deploying cloud based procurement software. It can control the cost and reduce risk in settling procurement process. The market of Global Procurement Software will reach USD 9 Billion by 2023, and is expected to grow at a CAGR of 10%.

Key Players:

The prominent players in the procurement software market are –International Business Machines Corporation (U.S.), Oracle Corporation (U.S.), Proactis (U.K.), SAP SE (Germany), Infor (U.S.), Coupa Software Inc. (U.S.), Epicor Software Corporation (U.S.), Zycus (U.S.), JDA Software Group, Inc. (U.S.), Cvent Inc. (U.S.), Mercateo (U.K.) among others.

Segments:

The procurement software market has been segmented on the basis of deployment, software type, organization type and vertical. The cloud based e-procurement software provides search filters in terms of price, supplier and manufacturer, it also provides function that includes drag and drop, roll-based workflow and among others. Provides centralized purchasing system, means one user can buy on behalf of other and offers automatic notification alert and faster approval process.

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Procurement Software Market by Deployment:

On-Premise
On-Cloud

Procurement Software Market by Type:

Spend Analysis
E-sourcing
E-procurement
Contract Management
Supplier Management
Others

Procurement Software Market by Organization Type:

Small and Medium Size
Large Business Enterprises

Procurement Software Market by Vertical:

Retail
Automotive
Travel & Logistics
Electronics
IT & Telecommunication
Mining
Others

Regional Analysis:

The regional analysis of procurement software market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America region accounts for largest share in procurement software market owing to better network infrastructure, technological advancement and higher digitization across industries in logistics and support. Europe region is one of the prominent player in procurement software market due to increase adoption of e-procurement solution in supply chain management. Whereas, Asia Pacific is expected to grow with a highest CAGR by 2023.

Intended Audience

Investors and consultants
System Integrators
Government Organizations
Research/Consultancy firms
Technology solution providers
IT Solution Providers
Supply Chain & Logistics Organizations
Original Equipment Manufacturers

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Procurement Software Market Driven By Demand Surge to Grow Exceptionally