What is Procure-To-Pay Solutions Market Scope?
The global Procure-To-Pay Solutions market is expected to witness high demand in the forecasted period due to the increasing usage of Cloud-based unified procure-to-pay solutions. Procure-to-pay is the process of integrating purchasing and accounts payable systems to create greater efficiencies. It exists within the larger procurement management process and involves four key stages: selecting goods and services; enforcing compliance and order; receiving and reconciliation; invoicing and payment.
The Procure-To-Pay Solutions market study is being classified and major geographies with country level break-up. According to AMA, the Global Procure-To-Pay Solutions market is expected to see growth rate of 9.4%
Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Procure-To-Pay Solutions market throughout the predicted period.
Accenture (Ireland), Capgemini (France), IBM (United States), Infosys (India), Tata Consultancy Services (India), Genpact (Bermuda), Corbus (United States), HCL Technologies (India), Optimum Procurement (United Kingdom) and Xchanging (United Kingdom) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study 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 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Influencers and their development strategies
On 3rd December 2020, IBM has announced that it has been contracted by a global technology company, ABB, to help support its procurement digitization journey with the launch of SmartBuy, a newly designed end-to-end employee purchasing program that aims to match the ease of online shopping with the intuitiveness and speed of a search engine.
Influencing Market Trend
- High Demand due to SaaS-based procurement solutions offer adaptability for small businesses regarding scalability and flexibility
- The increased use of the cloud-based unified solutions of the procure pay
- Procure-to-Pay Solutions vendors offer to spend categorization and planning capabilities in order to facilitate better planning and strategic sourcing capabilities by offering managed services
- The biggest advantage of digital technology develops from its ability to optimize supply chain performance
- The market players are the compliances with the policies, contract, and regulations
- The concern related to government regulations
Key Target AudienceGovernment Regulatory Bodies, Government Research Organization, Private Research Organizations and Others
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To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.
Frequently Asked Questions (FAQ):
1. At what growth rate would the Procure-To-Pay Solutions market expands?
The Global Procure-To-Pay Solutions market is expected to see a growth of 9.4% during projected year 2020 to 2026.
2. Who are the prominent players of the Global Procure-To-Pay Solutions market?
The prominent players of Global Procure-To-Pay Solutions market are Accenture (Ireland), Capgemini (France), IBM (United States), Infosys (India), Tata Consultancy Services (India), Genpact (Bermuda), Corbus (United States), HCL Technologies (India), Optimum Procurement (United Kingdom) and Xchanging (United Kingdom), to name a few.
3. What are the top priorities to focus for Procure-To-Pay Solutions marketís growth?
In this highly competitive & fast evolving Procure-To-Pay Solutions industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.