Pune, India, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global source to pay market size was valued at USD 2.07 billion in 2022 and is projected to reach USD 70.72 Billion by 2030, exhibiting a CAGR of 55.7% during the forecast period. Fortune Business Insights presents this information in their report titled “Source to Pay Market Forecast, 2023–2030.”
Source-to-pay software streamlines and optimizes procurement processes, offering a unified platform that enhances efficiency, cost control, compliance, and decision-making. Its application across industries, including BFSI, healthcare, manufacturing, and more, is expected to drive market growth during the forecast period.
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Key Industry Development
ServiceNow expanded its portfolio with Finance and Supply Chain workflows, offering AI-powered automation for critical business processes in finance, supply chain, and procurement to drive cost savings, faster value realization, and improved user experiences.
Key Takeaways
- Pandemic Highlighted Crucial Role of Source-to-Pay Software in Remote Work Era
- Large Enterprises Take the Lead in Embracing Source to Pay Software for Competitive Edge
- Growing Focus on Supplier Collaboration and Relationship Management to Surge Market Growth
- Rising Adoption of Digital Transformation Initiatives to Drive Market Growth
- By End-user Analysis: Increase Artificial Intelligence (AI) Usage in Retail to Surge Goods and Retail Segment
Discover the Leading Players Featured in the Report:
“Companies leading the Source to Pay Market share are GEP (U.S.), IBM Corporation (U.S.), Genpact (U.S.), TATA Consultancy Services (India), SAP SE (Germany), Coupa Software Inc. (U.S.), Ivalua Inc. (U.S.), Zycus Inc. (U.S.), Corcentric, Inc. (U.S.), Basware (Finland)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 55.7% |
| 2030 Value Projection | USD 70.72 Billion |
| Base Year | 2022 |
| Source to Pay Market Size in 2022 | USD 2.07 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Enterprise Type, End-user and Geography |
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Drivers and Restraints
Businesses Embrace S2P Software to Boost Operational Efficiency
Source-to-pay (S2P) software is increasingly recognized as a strategic tool for streamlining procurement processes and aligning with digital transformation initiatives. Source to pay software enables businesses to enhance operational efficiency, reduce manual interventions, ensure compliance, and gain actionable insights from procurement data, driving its adoption and market growth.
However, high initial cost and intricate software implementation may stifle the source to pay market growth.
Segments:
By Enterprise Type
- Large Enterprises
- Small and Medium Enterprises (SMEs)
By End-user
- BFSI
- Consumer Goods and Retail
- Healthcare and Life Sciences
- Manufacturing and Automotive
- IT and Telecommunication
- Energy and Utilities
- Others
- By Region
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights
North America's Leadership Driven by Technological Advancements
North America leads with a substantial source to pay market share due to its technological prowess, economic robustness, regulatory requirements, supplier diversity, and strategic emphasis on cost-effective and advantageous procurement practices.
Asia Pacific is experiencing rapid growth driven by economic expansion, technological advancements, a diverse business landscape, and a growing emphasis on compliance, fueling demand for procurement software across various industries in the region.
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Competitive Landscape
Companies Focus on Customer-Centric Solutions and Strategic Collaborations to Enhance Market
Key source to pay market players are committed to developing innovative solutions that align with customer needs and expanding their product portfolios to offer adaptable solutions with distinctive features. Additionally, these companies actively engage in collaborations, acquisitions, and partnerships to strengthen their product offerings.
Related Reports:
Business Spend Management Software Market Size, Share, Trends
Procurement Software Market Size, Share, Trends, Growth
Supply Chain Management Market Size, Share and Forecast
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