Dublin, Sept. 20, 2021 (GLOBE NEWSWIRE) -- The "Global Procurement Software Market, By Deployment, By Software, By Industry, By Region, Estimation & Forecast, 2017 - 2026" report has been added to ResearchAndMarkets.com's offering.
The global procurement software market held a market value of USD 5,635.6 Million in 2020 and is forecasted to reach USD 9,654.8 Million by the year 2026. The market is anticipated to register a CAGR of 9.4% over the projected period.
Procurement software is business software that helps in automating the organizational purchasing functions. Increasing demand for automating the procurement processes and integration between e procurement applications and ERP solutions is anticipated to boost the market growth. Furthermore, rising demand for improving the relationship management and supplier discovery is also expected to fuel the market growth.
Despite the driving factors, cybersecurity and data protection risks are expected to restrain the market growth. Also, the complexity regarding integration with existing system and supplier onboarding is estimated to negatively hamper the market growth.
Increasing demand to automate the procurement processes
Procurement processes are automated for maximizing efficiency and reduce the time. It also accelerates the process by freeing up employees from the redundant and time consuming tasks. The demand for automating the procurement processes is increasing, especially in processes such as, purchase requisition, purchase order, invoice management, vendor management, and contract approval.
Automation of these processes increases the productivity, eliminates manual errors, provides visibility into the expenditures, acts as a central repository, improves collaboration between external and internal teams, and removes approval bottlenecks. All these benefits are increasing the demand for automating procurement processes, hence fueling the market growth.
Integration between E Procurement applications and ERP solutions
E-procurement software assist in integration and automation of the entire procurement cycle in an organization. When e procurement applications are integrated with ERP solutions, ERP helps in easing supplier management by smoothening the procurement processes and providing more time to focus on other areas and enable a more efficient business.
ERP solutions also help in enhancing business reporting, better customer service, improved inventory costs, boosted cash flow, cost savings, better data & cloud security, business process improvements, and supply chain management, among others. These factors boost the market growth.
The North America region is expected to hold the largest market share of around 40% owing to the growing demand for centralized procurement processes. Furthermore, growing initiatives by government as well as non government organizations for strengthening the manufacturing industry in the United States is also expected to contribute to the market growth.
The Asia Pacific region is expected to grow at the fastest rate of about 11.9% owing to a presence of a number of logistics firms in emerging economies such as India and China.
The approximate market share of the top 9 players is near about 60%. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in August 2021, Oracle launched the Oracle Verrazzano Enterprise Container platform for multicloud and hybrid cloud scenarios. This expanded Oracle's product portfolio.
Key players operating in the global procurement software market include
Proactis Holdings PLC
Coupa Software Inc.
Epicor Software Corporation
Jaggaer, and Tangoe, Inc
Key Topics Covered:
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Global Procurement Software Industry Insights
4.1. DROC Analysis
4.1.1. Growth Drivers
4.2. Recent Development
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of Substitutes
4.3.4. Threat of New Entrants
4.3.5. Intensity of Rivalry
Chapter 5. Global Procurement Software Market Overview
5.1. Market Size & Forecast by Value, 2017-2026
5.1.1. By Value (USD Million)
5.2. Market Share & Forecast
5.2.1. By Deployment
18.104.22.168. Cloud Based
22.214.171.124. On Premise
5.2.2. By Software
126.96.36.199. Spend Analysis
5.2.3. By Industry
188.8.131.52. Transportation & Logistics
5.2.4. By Region
184.108.40.206. North America
220.127.116.11. Asia Pacific
18.104.22.168. Latin America
22.214.171.124. Middle East & Africa
Chapter 6. North America Procurement Software Market
Chapter 7. Europe Procurement Software Market
Chapter 8. Asia Pacific Procurement Software Market
Chapter 9. Latin America Procurement Software Market
Chapter 10. Middle East & Africa Procurement Software Market
Chapter 11. Competitive Landscape
11.1. Company Market Share Analysis, 2929
Chapter 12. Impact of COVID-19 across industry
Chapter 13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
For more information about this report visit https://www.researchandmarkets.com/r/c01w43
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