What is Procurement Software Market?
Procurement software is a set of solutions that help to systematize the purchasing work of companies. It can be utilized to raise and approve purchase orders, pick and order the product or service, receive and match the invoice and order, and pay the bill online. The company’s procurement unit can make sure nothing can be ordered without proper approvals and can get good value by combining multiple orders for the same types of goods and by getting discounted offers from suppliers for the contract. Procurement software use a simple format to organize and display product information which makes it easy to compare several products. This is mainly useful for selecting commodities as they do not have any variations in quality or features.
The market study is being classified and major geographies with country level break-up.
Oracle Corporation (United States), IBM Corporation (United States), Coupa Software Incorporated (United States), Epicor Software Corporation (United States), JDA Software Inc. (United States), Mercateo AG (Germany), SAP SE (Germany), Proactis Holdings PLC (United Kingdom), Tradeshift (United States) and Tungsten Corporation Plc. (United Kingdom) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Ivalua Inc. (United States), Basware (Finland), Zycus Inc. (United States), Jaggaer (Germany) and Coupa Software Inc. (United States).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Procurement Software market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Procurement Software market by Type, Application and Region.
On the basis of geography, the market of Procurement Software 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Demand for Supply Chain Management Process
- Rising Use of Procurement Software by Manufacturing Industry
- Rising Need to Automate the Procurement Processes
- Complex Process Related to the Procurement Software
- Quality Control May Suffer Due To Automation in Procurement
- Emergence of E-Procurement Technology
- Growing Urbanization and Growing Healthcare and Entertainment Sector in Emerging Economies
- Lack of Trained People to Operate the Software
Market Leaders and some development strategies
On May 7, 2019 Coupa Software, a leader in business spend management (BSM), announced that it has completed the acquisition of Exari, a leading provider of contract lifecycle management (CLM). The acquisition extends the Coupa Contract Management solution with advanced CLM capabilities. and On April 10, 2019 - Leading Multinational Manufacturing Company Partners with Zycus to Transform their Digital Procurement. The organization has envisioned this project as “Procurement Digital Transformation Project” to increase the efficiency of their operations.
Key Target AudienceService Provider of Procurement Software, Technology Solution Providers, IT Solution Providers, Research Organization and Governmental Bodies