Procurement Software Market
In procurement software market, digitization and mobility is one of significant factor driving the market. The advantages of digitization in procurement process enable organization by providing evidence based options that helps in making quick decision by increasing efficiency and accuracy in operations through artificial intelligence. Digital technology supports both upstream and downstream procurement activities. The capability to optimize supply chain performance by integrating data from distributers, suppliers and customers in real time is the biggest advantage of digital technology. It also monitor the movement of equipment and supplies from various channels. The study indicates procurement is benefitted more from digitization in supply chain that helps to automate the process. Mobility procurement software is gaining growth, as organization workforce is increasing and employees seek to access company information and tools through mobile devices. Companies should adopt control measures for data security and employee spending, as well mobile application integrating with legal systems.
The segmentation on the basis of software type includes spend analysis, e-sourcing, e-procurement, contract management and supplier management software. The e-sourcing software is one of the most popular and highly demand procurement E-sourcing tool facilitate organization by collaborating qualified suppliers and increasing purchasing power to generate savings. It provides valuable pricing and non-pricing information with an attachment from sourcing event into a contract. It also features, an in-built platform to recognize key suppliers for negotiation and maintain a saving record of each negotiation. Moreover, it offers a non-price related decision factors with mapping and export support. Some of the challenges faced by e-sourcing as a cloud based solution that may hamper the market includes long implementation, IT and technical interference and customization project higher cost.
According to Market Research Future Analysis, procurement software market has been valued at approximately USD 9 Billion by the end of forecast period with approx. 10 % of CAGR during forecast period 2017 to 2023.
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Procurement Software Market Players:
Market Research Future (MRFR) recognizes the following companies as the key players in the procurement software market are—Cvent Inc. (U.S.) , International Business Machines Corporation (U.S.), Oracle Corporation (U.S.), Proactis (U.K.), SAP SE (Germany), Sciquest Inc. (U.S.), Coupa Software Inc. (U.S.), Epicor Software Corporation (U.S.), Zycus (U.S.), JDA Software Group, Inc. (U.S.), Infor (U.S.), Mercateo (U.K.) among others.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
By software segment, procurement software market consists of contract management software. Contract management software. It enables organization by keeping record of much negotiated contract in an online audited environment. It provides easy access to documents, warranties, contract documents & modified documents and made it available to every member involve in managing the task.
By region, MRFR analysis shows that North America region accounts for largest market share in procurement software market owing to growing adoption of procurement software solution by enterprises in logistics and supply. Asia-Pacific region is expected to be one of the fastest growing market owing to increase adoption of procurement facilities to spend analysis, category management and planned sourcing services by organization.
List Of Figures
Figure 1 Research Software
Figure 2 Procurement Software Market: By Deployment (%)
Figure 3 Procurement Software Market: By Software Type (%)
Figure 4 Procurement Software Market: By Organization Size (%)
Figure 5 Procurement Software Market: By Vertical (%)
Figure 6 North America Procurement Software Market, By Deployment (%)
Figure 7 North America Procurement Software Market, By Software Type (%)
Figure 8 North America Procurement Software Market, By Organization Size (%)
Figure 9 North America Procurement Software Market, By Vertical (%)
Figure 10 Europe Procurement Software Market, By Deployment (%)
Figure 11 Europe Procurement Software Market, By Software Type (%)
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