iCrowd Newswire – Aug 11, 2020
The Global Procurement Software Market is estimated to grow at a CAGR of 12.2% during the forecast period 2020-2025.
Procurement software are used to automate the purchasing function of an organization that include generating order, executing the online order process, match invoices with received materials and pay bills electronically.
The global procurement software market is driven by various growth factors such as increasing demand for consolidation of supply chain management (SCM) and centralized procurement processes. Also, integration of technology and supply chain management contributes to the overall market growth over the future period. Furthermore, growth in mobile procurement applications serve as lucrative market opportunity for the market players. While, increasing adoption of AI and blockchain in procurement and supply chain process act as emerging trend in the market growth over the future period. Whereas, complexity related to usage of procurement software coupled with lack of technical skills are some major challenges faced by the market players operating in the global procurement software market.
Segmentation Overview of the Global Procurement Software Market
The global procurement software market is segmented on the basis of various market segments that include deployment, software type, organization size and vertical. These major market segments are further categorized into various sub-segments to study the market in detail.
The Deployment Segment of the Global Procurement Software Market is Sub-Segmented into:
The Software Type Segment of the Global Procurement Software Market is Sub-Segmented into:
- Supplier Management
- Contract Management
- Spend Analysis
The Organization Size Segment of the Global Procurement Software Market is Sub-Segmented into:
- Small & Medium Enterprise
- Large Enterprises
The Vertical Segment of the Global Procurement Software Market is Sub-Segmented into:
- IT and Telecommunication
- Travel and Logistics
Key Players Insight of the Global Procurement Software Market
Mercateo AG (Germany), JDA Software Inc. (US), Zycus Inc. (US), Epicor Software Corporation (US), Infor Inc. (US), Coupa Software Incorporated (US), SAP SE (Germany), Oracle Corporation (US) and IBM Corporation (US) are some major key players included in the research study of the global procurement software market. Companies are actively involved in strategical developments to acquire majority of the market share in the global marketplace. For instance: SAP partnered with xSuite Group to develop a new business portal for procurement.
Regional Overview of the Global Procurement Software Market
The North America procurement software market accounted to hold the largest market share amongst all the other regional segments i.e. ~45% in the year 2018 and is anticipated to grow at a CAGR of ~10% during the forecast period. The North America market growth is attributed to presence of key market players in the region such as Coupa Software Incorporated, Oracle Corporation and IBM Corporation. Also, increasing demand for centralized procurement process and developed infrastructure in the region further boost the market growth of the North America procurement software.
The Asia Pacific procurement software market are lagging in terms of adoption of the software due to lack of skilled professional with sufficient knowledge related to optimum operation of software.
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Keywords: Procurement Software Market