Procure To Pay Solutions Market Definition
The global Procure To Pay Solutions market is expected to witness high demand in the forecasted period due to increasing demand for Procure To Pay Solutions in various end-user industries. A procure-to-pay also called purchase-to-pay. It is a fully integrated solution designed to support an end-to-end process that begins with goods and services requisitioning and ends with ready-to-play files for upload into an accounts payable system. There are various functions of the Procure To Pay Solutions including Procurement that contain Catalog, Requisition, And Purchase Order Management, Invoicing that includes Invoice Receiving, Document Matching, Approval Workflow, Inventory Management that consists Inventory Levels, Track Cycle Counts, Manage Asset Allocation, Dynamic Discounting, and Others.
The market study is broken down and major geographies with country level splits.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Procure To Pay Solutions market throughout the predicted period.
Zycus (United States), Arvato (Germany), GEP (United States), SAP (Germany), Ivalua Inc. (United States), Coupa Software Inc (United States), Tata Consultancy Services Limited. (India), Infosys (India), Bertelsmann SE & Co.(Germany) and ProActis (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Kissflow Inc (United States).
AdvanceMarketAnalytics has segmented the market of Global Procure To Pay Solutions market by Type, Application and Region.
On the basis of geography, the market of Procure To Pay Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Deployment Mode, the sub-segment i.e. Cloud Based will boost the Procure To Pay Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. Large Enterprise will boost the Procure To Pay Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. BFSI will boost the Procure To Pay Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Functions, the sub-segment i.e. Procurement will boost the Procure To Pay Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 26th June 2019, Coupa Software, a leader in Business Spend Management (BSM), has announced new innovations under its Coupa Pay offering as well as a strategic partnership with global payments technology provider TransferMate. These announcements deliver on Coupa’s vision of creating a comprehensive cloud platform for businesses to spend smarter, simpler, and safer at every transactional step of their Business Spend Management strategy.
On 6th June 2019, JAGGAER, the world’s largest independent spend management company has announced a partnership with EdgeVerve Systems, a subsidiary of Infosys, to develop innovative software products for customers in multiple industries including manufacturing, retail, logistics, and higher education. EdgeVerve offers best in class Artificial Intelligence capabilities with Infosys Nia, and Intelligent Automation (RPA) capabilities with AssistEdge. The solutions will be delivered to customers through the JAGGAER ONE spend management solution suite.
- Upsurging Demand for Spend Analysis and Data-Driven Sourcing
- High Adoption due to Increasing Need to minimize Total Expenditure Enterprise Infrastructure
- The Growing use of the Cloud-Based Unified Solutions of the Procure Pay
- Rising Demand from Various End User Industries
- Introduction of Artificial Intelligence in the Procure To Pay Solutions
- Growing Demand from the Developing Countries
- Lack of Workforce Productivity
- Lack of Standardization Associated with Procure To Pay Solutions
- The Concern Related to Compliance with Contract, Policies, and Regulationss
Key Target AudienceProcure To Pay Solutions Providers, Government Regulatory Bodies, private Research Organizations, Government Research Organizations and Others
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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