New York, US, April 21, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Procurement Software Market information by Deployment, by Software Type, by Organization Size, by Vertical and Region – forecast to 2030” market size to reach USD 14.10 billion, growing at a compound annual growth rate of 10.1% by 2030.
Market Scope:
The integration between ERP solutions and E procurement will offer robust opportunities for the market over the forecast period. E-procurement software assists in the automation and integration of the complete procurement cycle in an organization. When e procurement apps are integrated with ERP solutions, the latter helps to ease supplier management via smoothening the procurement process and offer more time for focusing on the other areas and allowing a more effective business. An ERP solution aids to improve business reporting, improve customer service, better inventory costs, boost cash flow, cost savings, improve data and cloud security, supply chain management, business process improvements, and others.
Dominant Key Players on Procurement Software Market Covered are:
- Coupa Software Incorporated (U.S.)
- Epicor Software Corporation (U.S.)
- JDA Software Inc. (U.S.)
- Zycus Inc. (U.S.)
- SAP SE (Germany)
- Mercateo AG (Germany)
- Oracle Corporation (U.S.)
- Infor Inc. (U.S.)
- IBM Corporation (U.S.)
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Market USP Exclusively Encompassed:
Market Drivers
The growing need to automate procurement processes will boost market growth over the forecast period. A procurement process is automated to maximize efficiency as well as reduce the time and also accelerate the process via freeing up employees from the time consuming and redundant tasks. The need to automate the procurement process is on the rise particularly in processes like contract approval, vendor management, invoice management, purchase order, and purchase requisition.
The automaton of such processes boosts the productivity, reduces manual errors, offers visibility into the expenditure, serves as a central repository, augments collaboration amid internal and external teams, as well as removes approval bottlenecks. Such benefits are boosting the need for automating procurement processes thus boosting market growth.
Lack of Skilled Personnel to act as Market Restraint
The lack of skilled personnel may act as a market restraint over the forecast period.
Data Protection Risk to act as Market Challenge
The data protection risks and cyber-security issues coupled with the complexity about integration with existing system and supplier onboarding may act as market challenges over the forecast period.
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Segmentation of Market Covered in the Research:
The global procurement software market has been bifurcated based on vertical, organization size, software type, and deployment.
By deployment, on-premise will lead the market over the forecast period.
By software type, spend analysis will dominate the market over the forecast period.
By organization size, SMEs will spearhead the market over the forecast period.
By vertical, retail will have the lions share in the market over the forecast period.
Regional Analysis
North America to Head Procurement Software Market
North America will head the procurement software market over the forecast period. Growing need for centralized procurement process, the consolidation of companies that are incorporated in the region, rising need for centralized procurement processes, growing initiatives by government and non-government organizations to strengthen the manufacturing industry in the US, the presence of several key players such as Coupa Software Incorporated, Oracle Corporation, and IBM Corporation, the presence of a developed infrastructure, technological advances, preference of most businesses for digitalization of procurement mechanisms, and the presence of several procurement software solution providers are adding to the global procurement software market growth in the region.
APAC to Have Admirable Growth in Procurement Software Market
The APAC region will have admirable growth in the procurement software market over the forecast period. The presence of several logistic firms in India and China, the setting up of manufacturing units as well as investments in the procurement software market via global players, the increasing purchasing power of consumers, mid-size companies controlling the spending and perks from real-time visibility in procurement processes, attractive sales-boosting initiatives & marketing campaigns by key players, growing industrialization, and booming telecom sector are adding to the global procurement software market growth in the region.
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COVID-19 Impact on the Global Procurement Software Market
Disruptions in supply chain, fluctuations in demand share, economic situations, along with immediate & with long term impact of the novel coronavirus possessed a negative impact on the procurement software market growth. Such outbreak has put the economic activity at a halt, thus pushing the worldwide economy in a very steep recession. Besides, with the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns and restrictions across the globe, the market is likely to get back to usual in the days to come.
Competitive Landscape
The global procurement software market is both competitive as well as fragmented for the presence of multiple international and domestic key players. These industry players have incorporated a series of innovative strategies for staying at the forefront along with catering to the surging need of the clients including joint ventures, geographic expansions, collaborations, contracts, partnerships, new product launches, and others. Besides, the players are also devoting in numerous research & development activities.
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Industry News
Information Services Group (ISG) has named Corcentric as a global leader in its Procurement Software Platforms & Solutions Provider LensTM Midmarket and Large Accounts report. Corcentric is a leading global provider of procurement, payments, accounts receivable solutions, and accounts payable to enterprise & middle-market companies. Corcentric is one of nine companies recognized as leaders among the 50 U.S. suppliers examined by ISG.
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