Reports and Insights has released a new report on the global procurement software market, revealing that the market is set to experience significant growth in the coming years with a CAGR of 9.8% from 2022 to 2030. The report, which analyzes the Procurement Software Market Size based on various factors, including deployment, software type, organization size, vertical, and region, highlights the key drivers of this growth, including the increasing adoption of cloud-based solutions, the need for efficient procurement processes, and the growing demand for automation in supply chain management. The report offers valuable insights for businesses looking to expand their operations in the industry, providing a comprehensive analysis of the procurement software market.
The procurement software can be understood as a program that incorporates a number of tools that assist organizations to uphold the attainment of goods and services, such as it assists in carrying out the online ordering process, creating the purchase order, corresponds the invoices to the materials that are obtained, and electronic payment of all the invoices.
Basically, the procurement software assists organizations in augmenting the productivity, mitigates the extraneous costs, outlying controls, process efficiencies, generates electronic requests for information (e-RFI), electronic requests for proposal (e-RFP), and electronic requests for quotation (e-RFQ).
Procurement software, together with e-procurement, assists in mitigating the whole procurement life cycle. The growing need for efficiency and greater productivity is primarily projected to drive the growth of the global procurement software market in the following years.
In addition to that, along with the soaring need to automate procurement procedures, the materialization of e-procurement technology is further projected to lay open fresh and lucrative opportunities for the global procurement software market growth in the forthcoming future.
Having said that, there is still a lack of infrastructure in several organizations all across the world which is likely to hold back the growth of the global procurement software market over the coming years. Nevertheless, the growing need for standardized workflow in organizations all across the globe along with the increasing necessity of improved operational efficiency is estimated to offer significant growth to the global procurement software market in the coming years.
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Procurement Software Market Segmentation
The global procurement software market is segmented on the basis of deployment, software type, organization size, vertical, and region.
By Deployment
On-cloud
On-premise
By Software Type
Supplier Management
Contract Management
E-procurement
E-sourcing
Spend Analysis
By Organization Size
Small and medium size Enterprises (SME)
Large Enterprises
By Vertical
Travel & Logistics
IT & Telecommunications
Electronics
Automotive
Retail
Mining
Others
By Region
North America
Latin America
Europe
Asia Pacific
Middle East
Africa
Procurement Software Market Key Players
Some of the key participating players in the global procurement software market are Oracle, IBM Corporation, Coupa Software Inc., Epicor Software Corporation, Mercateo, SAP SE, Zycus Inc, Infor, Tungsten Corporation plc., OpusCapita Solutions Oy, Ivalua Inc., Epicor Software Corporation, Proactis Holdings Plc, SAP SE, JAGGAER, Tradeshift, Basware, BuyerQuest Holdings Inc., JDA Software Group, Inc., Emdadat, HCL Technologies
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