Procurement Software Market – Overview
The complexities of the supply chain have increased the need for softwares that can seamlessly overlook the operations of the supply chain. Market Research Future which concentrates on market reports linked to the Information and Communications Technology sector amongst others lately issued a report on this industry. The industry for Procurement Software Market will be worth USD 9 Billion by the year 2023, and is estimated to develop at a CAGR of 10% in the forecast period.
The development of e-procurement softwares have been intrinsic to the development of the market. Cloud based technology has been one of the prime drivers for the market. Increased investments by large enterprises has increased significantly due to the high interest in this market. The need to ensure the consolidation of the purchasing process has also been one of the reasons that is influencing the growth of this market.
Global Competitive Analysis
The industry players are aiming to gain a significant share of the market segment by the employment of their prime resources to initiate growth changes which are long lasting. This sentiment has set off trends which are related to expansion which is notably volume driven. This has effectually led to a surge in different ranges of product forms. The sector’s extensive transformation due to the enhanced growth pace has led to experimentation with many advantage points. The industry’s long term growth can be capitalized upon by continual ongoing process improvements and maintaining financial fluidity to invest in the optimal strategies when they arise.
The important players in the market are Infor (U.S.), Coupa Software Inc. (U.S.), Oracle Corporation (U.S.), Proactis (U.K.), International Business Machines Corporation (U.S.), SAP SE (Germany) and Epicor Software Corporation (U.S.) to name a few of the companies that are revolutionizing the market.
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Jan 2018 California State University and The University of California are shared a new procurement system. This collaboration has resulted in two public university systems with a total of 33 combined campuses to create a new software platform named CalUsource or California Universities Sourcing will permit them to reorganize the procurement, reduce costs and will improve their contract management.
Feb 2018 Nitor Partners have recently introduced NitorAurora which is a source-to-pay solution which combines the finest procurement software with turnkey facilities planned for faster time-to-value results. The software will lead to creation of many opportunities for mid-market organizations. These softwares will make accessible source-to-pay technology solutions that were out of reach earlier. The software is also a perfect procurement solution for any size business who want to change their procurement process.
The market for procurement software is categorized on the basis of organization type, deployment, type and vertical.
By Organization Type: Large Business, Small and Medium Size Enterprises. Large businesses have captured a significantly large portion of the market.
By Deployment: On-Cloud, On-Premise. Cloud based deployment is starting to gain a significant portion of the market.
By Type: E-sourcing, Supplier Management, E-procurement, Spend Analysis, Contract Management and Others. E-procurement software is advancing the market growth rate rapidly.
By Vertical: Retail, Automotive, Travel & Logistics, Electronics, IT & Telecommunication, Mining and Others. Retail and Travel & Logistics are expected to be the major drivers of the industry.
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Detailed Regional Analysis
The regional study of the market for procurement software covers regions such as North America, Europe, Asia pacific, and Rest of the World. The North American region is responsible for the largest share in the market for procurement software due to improved network infrastructure, technological development and innovative digitization across industries in support and logistics. The European region is one of the major players in the market of procurement software owing to rise in acceptance of e-procurement solutions in supply chain management. Whereas, Asia Pacific is estimated to develop with an exemplary CAGR by 2023.
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