Pune, India, April 15, 2019 (GLOBE NEWSWIRE) — Market Research Future (MRFR)’s assessment highlights that the global procurement software market is poised to expand at a CAGR of 9.6% over the assessment period 2018 to 2023. Also, the market’s valuation is anticipated to reach USD 9,967.2 Mn mark by 2023-end from USD 5,881.1 Mn in 2017. Procurement software is anticipated to witness proliferating applications across different industry verticals such as IT & communications, retail, and automotive, among others. The rising inclination being observed towards the adoption of a centralized procurement process is poised to catapult the market on upward trajectory.
This technology simplifies decision-making process that concerns demand and sales forecast by consolidating supply chain and facilitating inventory management. In addition, it also offers advantages such as minimum operational cost, higher operational efficiency, etc. which are presumed to increase the growth pace of the market in the upcoming years.
The integration of Artificial Intelligence (AI) with the software is likely to unleash immense developmental opportunities into the procurement software market in the years to come. Technological advancements are poised to accelerate revenue creation for market participants. On the contrary, lack of skilled personnel remains an impediment to market growth.
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This MRFR report offers a comprehensive segmental analysis of the global procurement software market based on deployment, software type, organization size, and vertical. By deployment, the market has been segmented into on-cloud and on-premise. The on-premise segment is expected to dominate the market over the next couple of years. Furthermore, the on-cloud segment is projected to exhibit 10.5% CAGR over the assessment period,
On the basis of software type, the market has been segmented into spend analysis, e-sourcing, e-procurement, contract management, supplier management, and others. Among these, the e-procurement segment is anticipated to dictate the growth trajectory of the market in the years to come. Factors such as enhanced transparency and low cost of transactions are expected to drive the growth of the segment over the next couple of years.
By organization, the Procurement Software Market has been segmented into small and medium enterprises, and large enterprises. The large enterprises segment is poised to account for a dominant share of the market in the forthcoming years. Meanwhile, the small and medium enterprises segment has been prognosticated to gain quick mileage and emerge as the fastest growing segment towards the end of 2023.
The market, by vertical, has been segmented into retail, automotive, travel & logistics, electronics, IT & telecommunication, mining, and others. Among these, the retail segment is presumed to hold the maximum market share over the next few years. The intensified need for efficient inventory management in the retail sector is likely to aid demand generation across the review period.
Demand for Centralized Procurement Process Set to Augment North America Market
The geographical study of the global procurement software market spans across four major regions – North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is forecasted to retain the leading position in the global marketplace owing to the rising demand for centralized procurement processes. Also, the consolidation of companies incorporated in the region is expected to provide impetus to market growth in the years to come.
Europe is anticipated to thrive as the second-largest market for procurement software. The growth of the IT & communications industry in the region is presumed to expedite market expansion over the assessment period. Meanwhile, Asia Pacific is projected to thrive at a relatively higher CAGR over the next couple of years.
The noted players operating in the global procurement software market are Oracle Corporation, Coupa Software Incorporated, IBM Corporation, Epicor Software Corporation, Mercateo AG, SAP SE, JDA Software Inc., Zycus Inc, and Infor Inc.
Latest Industry News:
- Global Healthcare Exchange, a leader in cloud-based healthcare supply chain management solutions, launched its new GS1-Ready Procurement Solution across the U.K.
- Teckost.com, an exclusive search engine for IT Cost discovery & IT Procurement Intelligence Software, has announced the launch of online IT procurement intelligence product for businesses.
- The Danish tech company, Bunkermetric, has extended the free trial of digital bunker procurement platform, Bunkerplanner.
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