Procurement Software Market Size, Share, Sales, and Regional Analysis Report | Coronavirus Effects

 Market Highlights

Over the last few years, players in the procurement software market have been continually implementing the innovating ideas as a foray to improve the customer experience. Acknowledging the impressive growth records, the market perceives, Market Research Future (MRFR) in its recently published study report asserts that the global procurement software market is expected to reach USD 9 Bn. by 2023 registering approximately 10% CAGR from 2017-2023.

Market Scope

The global procurement software market is estimated to exhibit 9.6% CAGR over the forecast period. Automation of payment cycles, creation of payment orders, and adoption of technology by procurement teams can spur the market demand significantly. Management of spending, contracts, e-sourcing, and suppliers can entice buyers in various industries.

The COVID-19 outbreak had affected the logistics and supply chain providers the most. Procurement software can assist them in streamlining their processes and monitor their goods in order to meet their client demand. The shift to digital channels by procurement managers can make it easier to process and accumulate payments. Organizations shifting to cloud based procurement channels to strengthen their supply chain can favor the procurement software market growth.

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Segmentation:

By deployment, the on-premise segment is expected to sustain its lead in the global market. This is primarily due to preference of training of personnel on the premises by organizations. Use of the software for buying goods in large volumes at nominal rates can bode well for the segment in the procurement software market.

By software type, the spend analysis software is expected to garner massive demand and display 10.6% CAGR over the forecast period. The ability to pinpoint purchase patterns and opportunities for cost savings can drive the segment growth. Compliance with latest laws and organization of spending data allows companies to make informed decisions.

By organization size, SMEs can lead in the global market. SMEs are expected to exhibit 10.3% CAGR over the forecast period. Rise of cloud deployments for hosting software and efforts for increasing their capacity can drive the demand of the software in the segment. Improved working capital, simplification of contracts, and low error rates in invoices can attract SMEs towards procurement software.

By vertical, the retail sector is likely to lead in market revenues over the forecast period. The retail segment requires the software for buying goods in bulk volumes and management of the inventory. Integration of technology in infrastructure and a large user base can lead to acquisition of procurement software by large retail chain owners.

Regional Analysis

North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are major regions covered in the procurement software market.

North America is expected to lead the market with 42% share. Presence of notable players, logistic players, and a large customer base are major drivers of the regional procurement software market. The shift to digital channels for faster accumulation of customer data and management can spur the market growth.

Europe is set to exhibit 9.8% CAGR over the forecast period owing to huge demand for procurement software by players for management of orders, monitoring of goods, and last-mile delivery. The U.K., France, and Germany are countries likely to spur the regional market growth.

Key Players

The procurement software market is adorned by numerous players including big, small as well as new entrants. Well-established vendors compete based on innovation, pricing, service, and reputation. Simultaneously, the significant growth in the market and immense revenue generation opportunities are attracting several new players to enter the market. The cooperation strategy within the ecosystem is enabling the technology integrators to enter into a licensing agreement with the technology providers.

Some of the eminent players leading the market include International Business Machines Corporation (US.), Proactis (UK), Oracle Corporation (US), SAP SE (Germany),  Coupa Software Inc. (US), Infor (US), Epicor Software Corporation (US), JDA Software Group, Inc. (US), Zycus (US), Cvent Inc. (US), and Mercateo (UK).

Industry news

GEP, a leader of procurement software, recently gained a new client in The Cheesecake Factory, a restaurant chain popular in the U.S. The GEP Smart procurement software can be used by the company to track its supply of orders and monitor the progress in a cloud-backed program.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/procurement-software-market-3115

Procurement Software Market Research Report: Information By Deployment (On-Cloud and On-Premise), By Software Type (Spend Analysis, E-Sourcing, E-Procurement, Contract Management, Supplier Management and others), By Organization Size (Small & Medium Enterprise and Large Enterprises), By Vertical (Retail, Automotive, Travel & Logistics, Electronics, IT & Telecommunication, Mining and others) - Forecast till 2027

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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