Procurement Software Market is expected to reach 14.10 billion with a 10.1% CAGR over the forecast period 2020-2030
Market Research Future (MRFR), in its latest report on the global procurement
software market 2020, reveals that the market dynamics can be influenced by
different forces. As per MRFR data, Global Procurement Software Market is
expected to reach 14.10 billion with a 10.1% CAGR over the forecast period
2020-2030 .
A complete analysis of the influence of COVID 19 outbreak on the Procurement
Software Market is provided with the report. The inclination towards
automated solution for purchasing materials and maintaining inventory of goods
can support the expansion of the market across the analysis period. This can
support the expansion of the market across the assessment period. Procurement
software enables organizations to boost their approved purchase orders, receive
and match the invoice with order, pick and order products or services, and
ensure secured online payments of bills. In addition, procurement software
tools aid companies to automate procurement activities and procure materials at
best rates from vendors, at large volume of goods. This can impel the expansion
of the market in the assessment period.
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Companies Covered
JDA Software Inc. (US), Oracle Corporation
(US), IBM Corporation (US), Coupa
Software Incorporated (US), SAP SE (Germany), Infor Inc. (US), Zycus Inc. (US),
Epicor Software Corporation (US), and Mercateo AG (Germany) are among are some reputed names in the procurement
software global market.
Segmentation:
The segment evaluation of the procurement software market is done by
deployment, software, vertical, and organization size.
On-cloud and on-premise are Deployment based segments of the procurement
software market. The pressing demand for On-cloud procurement software market
can underpin the expansion of the market in the analysis period.
The procurement software market segments based on Software are
E-sourcing, supplier management, Spend analysis, contract management,
E-procurement, and others
The Organization Size based segments of the procurement software market
are large enterprises and Small and medium enterprise (SMEs). The SME segment
can promote the expansion of the market across the analysis period.
The Vertical based segments of the procurement software market are
electronics, IT, Retail, travel and logistics, automotive, mining, and
telecommunications among others.
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Regional Analysis
As per MRFR regional analysis on the procurement software market, the
market in North America is expected to thrive at 10.1% CAGR across the analysis
period. The regional market is expected to value at USD 14.10 bn by 2030. In
North American, the procurement software market is driven by multiple key
market players and their contributions. In addition, the presence of a
well-developed infrastructure and surge in the need for centralized procurement
process can promote the expansion of the procurement software market in
region.
In APAC, the growing adoption of AI and blockchain in procurement and
supply chain processes can impel the regional market. In addition, the rise in
E-procurement activities and emerging trends associated with it are expected to
boost the expansion of the market in the years to come. The rise in need to
review reporting and boost tail spend management can also support the expansion
of Asia Pacific procurement software market in the years ahead.
In Europe, the increase in the implementation of procurement software
solutions by eminent companies, plus their collaboration with reputed suppliers
can support the expansion of the market in the years ahead. EU market can
thrive due to growing number of track events and rise in alerts, along with the
assistance of different business intelligence solutions.
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