Global Procurement Software Market was valued US$ 4.7 Bn in 2017 and is expected to reach US$ 10.2 Bn by 2026 at a CAGR of 10.17%
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the global procurement software market dynamics, structure by identifying and analysing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global procurement software market.
The major key factors that will affect the market in a positive way is the increasing need to automate the procurement processes, the materialization of the e-procurement technology will open up new opportunities for the market growth in the upcoming years. The quality control will suffer because of the automation of the procurement process thus hindering the growth of the market. Other factors that will affect the growth of the procurement software market negatively is its complex process and one needs to have extensive training in order to operate it.
On-premises deployment model segment accounted for the major market share during the forecast period and will continue to dominate the market for the next few years. However, the market is anticipated to decline in the coming years as the enterprises have started adopting cloud procurement software solutions as of its cost efficiency, agility, and flexibility. Additionally, the essential for heavy initial and ongoing investments in hardware, software updates, servers, and hiring of skilled professionals in terms of on-premises deployment will more drive the demand for cloud procurement software solutions.
The e-sourcing segment is dominating the market. E-sourcing provides valuable pricing and non-pricing information with an attachment from sourcing event into a contract. This segment also features, an in-built platform to recognize key suppliers for negotiation and maintain a saving record of each negotiation. Furthermore, it offers a non-price related decision factor with mapping and export support. Many challenges faced by e-sourcing as a cloud-based solution that may hamper the market includes long implementation, technical & IT interference and customization project higher cost.
Region-wise, North America is the major market for procurement software. Majority of procurement software and leading service providers, for instance, IBM and Oracle are based in North America. Apart from this, the Asia Pacific region with developing countries such as China and India are still lagging in terms of adoption of the software, because of the lack of skilled procurement professionals. Even the few that have accepted this software do not have sufficient knowledge on how to use it to its optimum efficiency.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
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Scope of Global Procurement Software Market
Global Procurement Software Market, by Deployment Mode
Global Procurement Software Market, by Software
• Spend Analysis
Global Procurement Software Market, by Vertical
• IT & Telecommunication
• Travel & Logistics
Global Procurement Software Market, by Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key players operating in the Global Procurement Software Market
• Coupa Software Inc.
• JDA Software
• Manhattan Associates
• Tungsten Network
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
Organization: MAXIMIZE MARKET RESEARCH PVT. LTD.