LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global IT Software market and the market is poised to experience spend growth of more than USD over 600 billion between 2019-2024 at a CAGR of over more than 4%. Request free sample pages.
Read the 121 pages research report with TOC and LOE on “The Global IT Software Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
This increase in IT software procurement will be primarily attributed to the incremental spend exhibited by buyers from the BFSI and retail sectors. The popularity of relationship-based selling will drive the application of this software that aids in identifying customer profiles that are later targeted by buyers from these sectors to drive sales.
In terms of spend growth, APAC will outpace the mature markets in regions like Europe and North America. The fastest growth rate of the SaaS market in APAC will be driven by the rise in the adoption of SaaS across end-user industries such as telecom, professional services, and retail.
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Insights into the market price trends
- The immense popularity of cloud-based ERP software and the increasing competition among ERP software suppliers will lead to a reduction in the price of ERP software. This will have a positive impact on IT software procurement prices.
- The recurring labor expenditure owing to the shortage of software developers and consultants globally is expected to have an inflationary impact on the IT software procurement price.
Insights into strategies that will help buyers optimize their procurement spend
- Buyers are advised to engage with IT software suppliers with the per-user licensing pricing model as it will provide the buyers with opportunities to avail of volume-based discounts.
- It will be prudent of buyers to engage with global suppliers who can launch new IT software products in short TAT by leveraging a well- developed infrastructure and a skilled employee base. This, in turn, helps them achieve economies of scale and reduce their fixed expenses per product.
COVID-19 Impact Assessment and Market Insights
SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our IT Software Market Procurement Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on COVID-19 impact assessment.
Some of the top IT Software suppliers enlisted in this report
This IT Software market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
- Microsoft Corp
- Oracle Corp
- International Business Machines Corp
- Accenture Plc
- SAP SE
- HP Inc
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Some of the key topics covered in this report are:
- IT Software market spend segmentation by region
- IT Software supply market analysis
- Regional spend opportunity for IT Software suppliers
- IT Software suppliers cost structure
- Total cost of ownership analysis in the IT Software market
- IT Software pricing models analysis
- Category management objectives
- Cost saving opportunities in the IT Software market
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