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The global procurement software market is anticipated to register 10.1% CAGR during the forecast period (2018-2023) owing to the rising need to automate the procurement processes, asserts Market Research Future (MRFR). Procurement software is referred to as a program that comprises several features as it assists in generating the purchase order, executing online ordering procedure, electronic payment of bills, and matching of the invoices to the materials received. Procurement software also helps to increase productivity, reduces spending controls, external costs, process efficiencies, generates electronic requests for information, electronic requests for quotation, and electronic requests for proposal. Along with the e-procurement, procurement software helps to reduce the complete procurement life cycle.
Drivers and Constraints Impacting the Market
With enterprises looking forward to automating their product inventory management, the importance of procurement software is considered to stimulate during the assessment period. The use of such software solutions enables enterprises to minimize the operational cost and increase efficiency as well. Also, consolidation of supply chain management coupled with the centralization of procurement processes is fueling the demand for well-written procurement suites. Such factors are anticipated to foster the market growth during the appraisal period. Procurement software further assists the organizations to venture new markets by consolidating supply chain. It triggers the penetration of customer-centric markets by establishing strong distribution systems and enhancing operational efficiency for prompt delivery. The software also allows an uninterrupted flow of raw materials by simplifying decision-making regarding the sales and demand forecast. Such factors are likely to catapult the market growth on an upward trajectory.
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On the flip side, the quality control might suffer due to the automation of the procurement process, thereby inhibiting the market growth to a large extent. Moreover, complex process and extensive training are some of the other factors likely to dampen the market growth in the coming years.
Global Procurement Software Market: Segmental Analysis
The global procurement software market has been segmented on the basis of deployment, software, and vertical.
By mode of deployment, the global procurement software market has been segmented into on-cloud and on-premise. Among these, the on-premise segment is estimated to dominate the global market occupying a share of 59%. On the other hand, the on-cloud segment is estimated to garner USD 1858.8 million by the end of the appraisal period with a CAGR of 10.5%.
By mode of software, the global procurement software market has been segmented into e-sourcing, spend analysis, and e-procurement. Among these, the e-procurement segment is anticipated to dominate the market owing to the enhanced transparency, low transactional cost, and minimized period.
By mode of vertical, the global procurement software market has been segmented into automotive, retail, electronics, travel & logistics, mining, IT & telecommunication, and others. Among these, the retail segment is estimated to occupy a substantial market share owing to the augmenting demand from the FMCG producers for the automation of the inventory management.
By mode of organization size, the global procurement software market has been segmented into small and medium enterprises, and large enterprises. Among these, the large enterprise's segment occupies the major share owing to the rising inclination towards the deployment of procurement software.
Geographically, the procurement software market share span across regions namely, Europe, North America, the Middle East & Africa, Asia Pacific, and Latin America.
Among all the regions, the North American region is considered to occupy the largest market share and is estimated to maintain its dominance in the coming years. The factors aiding the proliferation of the market are the presence of a well-developed infrastructure, major market players, and increasing demand for centralized procurement process in this region.
The European region is likely to occupy the second-largest position of the global market, owing to the presence of Germany as the leading regional market. The growth is credited to the augmenting adoption of procurement software in the IT & communications industry in this region.
Asia Pacific is presumed to witness a steeper rise in the market growth, registering a higher CAGR. The growth is credited to the accelerating manufacturing units, thriving retail sector in country-level markets, and catalyzed investments by the global players in this region.
January 22, 2019: A global provider of intelligent procurement and sourcing software, Xeeva, Inc., has recently announced the issuance of a new patent, US10176427 B2, for its Virtual Data Manager capabilities. The patent includes functionality in order to enrich data records so both consistency and quality can be improved.
The prominent players operating the global procurement software market are Coupa Software Incorporated, SAP SE, Infor Inc, IBM Corporation, Zycus Inc, Epicor Software Corporation, Oracle Corporation, Mercateo AG, and JDA Software Inc.
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Michael Owens serves as the marketing advisor of Head45 in Cardiff Bay. He is a specialist in customer experience and an expert brand strategist who is keen to take on challenges that will help the business expand. Michael puts his creative energy into penning posts that are both interesting and useful for the most popular blogging sites.