CHICAGO, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Data Bridge Market Research has published a new research report titled Global Procurement Software Market gives a holistic view of the market from 2022 to 2029, Which Includes primary and secondary drivers, market share, leading segments, possible sales volume, and geographical analysis. Procurement Software market report contains thorough description, competitive scenario, wide product portfolio of key vendors and business strategy adopted by competitors along with their swot analysis and porter's five force analysis. The procurement Software market report has been prepared by keeping in mind the customer requirements which assist them in increasing their return on investment (ROI). Furthermore, it endows with historic data, present market trends, environment, technological innovation, upcoming technologies and the technical progress in the related industry. This market research report encompasses far-reaching research on the current conditions of the Procurement Software industry, the potential of the market in the present, and the future prospects. The persuasive Procurement Software Market report also covers very important aspect which is competitive intelligence and with this businesses can gain a competitive advantage to thrive in the market.
The global Procurement Software Market was valued at USD 7058.52 million in 2021 and is expected to reach USD 14977.19 million by 2029, registering a CAGR of 9.86% during the forecast period of 2022-2029. Retail is expected to witness high growth in the vertical segment of the market owing to the rise in the e-commerce sector globally. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Procurement Software Market Analysis:
This Procurement Software Market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the procurement software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Some of the major players operating in the procurement software market are
- Oracle (US)
- IBM Corporation (US)
- Coupa Software Inc. (US)
- Epicor Software Corporation (US)
- Mercateo (Germany)
- SAP SE (Germany)
- Zycus Inc (US)
- Infor (US)
- Tungsten Corporation plc. (UK)
- OpusCapita Solutions Oy (Finland)
- Ivalua Inc. (US)
- Epicor Software Corporation (US)
- Proactis Holdings Plc (UK)
- JAGGAER (US
- Tradeshift (US)
- Basware (Finaland)
- BuyerQuest Holdings Inc. (US)
- JDA Software Group, Inc. (US)
- HCL Technologies (India)
Recent Developments:
- SAP SE created CommBox AI omnichannel solution in December’2021. The development aims at changing the way brands communicate with their customers. This solution offer a robust platform that unify all customer interactions in one smart inbox.
- GEP announced that it has partnered with Cheniere Energy Inc. in March’2020 to deliver its GEP SMART procurement software.
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Opportunities:
Furthermore, requirement to avert the duplication of records extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, increase in partnerships resulting in the adoption of procurement software will further expand the market.
Procurement Software Market Drivers:
- Emerging Technologies
The increase in the integration of emerging technologies with procurement software, such as Artificial Intelligence (AI) acts as one of the major factors driving the procurement software market. Also, the software assists in generating high-quality reports and features including maintenance of accuracy during purchasing.
- Adoption of Audit Management Software
The rise in the adoption of procurement software by various SMEs accelerate the market growth. The rise in the need of procurement process automation which reduces the complexity and gives the transparent information has a positive impact on the market growth.
- Favourable Policies
The surge in deployment of governmental policies further influence the market. The flow of international transactions across nations and synergies being created among supply and demand forces assist in the expansion of the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the procurement software market.
Restraints/Challenges:
On the other hand, hindrance within the quality due to automation in procurement is expected to obstruct market growth. The lack of infrastructure in many organization to be compatible with traditional and conventional system is projected to challenge the procurement software market in the forecast period of 2022-2029.
Reasons to Purchase the Procurement Software Market Report:
- The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
- Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
- Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
- The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
- Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.
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Global Procurement Software Market Segmentations:
Deployment:
- On- Cloud
- On-Premise
Software Type:
- pend Analysis
- E-Sourcing
- E-Procurement
- Contract Management
- Supplier Management
- Others
Organization Size:
- Small and Medium Enterprise
- Large Enterprise
Vertical:
- Retail
- Automotive
- Travel and Logistics
- Electronics
- IT and Telecommunication
- Mining
Procurement Software Market Country Level Analysis
The countries covered in the Procurement Software Market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
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How does the Report Aid Your Business Discretion?
- This section of this Market report highlights some of the most relevant factors and growth enablers that collectively ensure a high-end growth spurt
- The report unravels details on pronounced share assessments across both country-wise as well as region-based segments
- A leading synopsis of market share analysis of dynamic players inclusive of high-end industry veterans
- New player entry analysis and their scope of new business models
- The report includes strategic recommendations for new business veterans as well as established players seeking novel growth avenues
- A detailed consultation services based on historical as well as current timelines to ensure feasible forecast predictions
- A thorough evaluation and detailed study of various segments as well as sub-segments across regional and country-specific developments
- Details on market estimations, market size, dimensions and the like
- A review of market competitors, their high-end product and service portfolios, dynamic trends, as well as technological advances that portray high end growth in this Market
Table of Content: Global Procurement Software Market
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Market Overview
- Global Procurement Software Market, By Deployment Type
- Global Procurement Software Market, By Software Type
- Global Procurement Software Market, By Organization Size
- Global Procurement Software Market, By Vertical
- Global Procurement Software Market, By Region
- Global Procurement Software Market, Company Landscape
- SWOT Analysis
- Company Profile
- Questionnaire
- Related Reports
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Browse Related Reports:
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- Procurement as a Service Market, By Component (Strategic Sourcing, Spend Management, Category Management, Process Management, Contract Management, Transactions Management), Organisation Size (Large Enterprises, Small and Medium-Sized Enterprises), Vertical (Manufacturing, Retail and Consumer Packaged Goods, Banking, Financial Services, and Insurance (BFSI), IT and Telecom; Energy and Utilities, Travel and Hospitality, Healthcare, Others) – Industry Trends and Forecast to 2029: https://www.databridgemarketresearch.com/reports/global-procurement-as-a-service-market
- On Premise Content Intelligence Market, By Component (Solutions, Services), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), End User (Banking, Financial Services, and Insurance, Government and Public Sector, Healthcare and Life Sciences, Media and Entertainment, IT and Telecom, Retail and Consumer Goods, Manufacturing, Travel and Hospitality, Others) - Industry Trends and Forecast to 2028: https://www.databridgemarketresearch.com/reports/global-on-premise-content-intelligence-market
- Healthcare Contract Management Software Market, By Service (Supplier Discovery, Sourcing Decision-Making, Workflow and Process Automation, Document Management, Agreements, Contract Lifecycle Management), End User (Hospitals, Healthcare Providers, Group Practices, Pharmaceutical Companies, Physicians, Medical Device Manufacturers, Others) – Industry Trends and Forecast to 2029: https://www.databridgemarketresearch.com/reports/global-healthcare-contract-management-software-market
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