05-Nov-2020 | Zion Market Research
As per the analyst at Zion Market Research, the global procurement software market was valued at around USD 7,123.88 million in 2019 and is projected to reach about USD 14,788.35 million by 2026, expanding at approx. 9.21% CAGR during the forecast period. Few of the prominent players in the global procurement software market include IBM Corporation, Oracle, Epicor Software Corporation, Coupa Software Inc., Mercateo, JDA Software Inc., Zycus Inc, SAP SE, Tungsten Corporation plc., Infor, Ivalua Inc., OpusCapita Solutions Oy, Proactis Holdings Plc, Epicor Software Corporation, JAGGAER, Basware, Tradeshift, and BuyerQuest Holdings Inc., among others. the global procurement software market is extremely fragmented and the key contenders have utilized numerous approaches like expansions, new product launches, joint ventures, agreements, acquisitions, partnerships, and others to enhance their market footprints. To cite, a procurement network & manufacturing collaboration was launched by SAP in April 2018. This platform allowed the manufacturer and the service provider to work together on procurement, product design, and production.
Introduction Of eProcurement Technology To Drive The Global Market Growth
The growth of the global procurement software market is mainly driven by the integration of SCM (supply chain management) process that decreases the overall complexity of the process. Further, the increasing requirement for the procurement processes’ automation along with the advent of eProcurement technology is anticipated to bring up new growth opportunities for the global procurement software market in the near future. However, the quality control might suffer as a result of the procurement process automation, which is further expected to hamper the market growth. One of the key challenges is that it is very multifarious and users require considerable schooling to utilize it.
E-Sourcing Segment, Based On Software Type, Expected To Dominate The Global Market
Based on software type, the e-sourcing segment is expected to rule the global procurement software market. E-sourcing offers helpful non-pricing and pricing data with an add-on into a contract from sourcing event. Also, this segment features an inherent platform to make out key suppliers for concession and keep a saving record of every negotiation. Moreover, it provides a non-price-associated decision factor with export and mapping support.
Largest Share In Global Procurement Software Market Expected To Be Registered By North America
In the global procurement software market, North America is expected to grab the biggest share. This growth can be attributed to the existence of key procurement software and top service providers such as Oracle and IBM in this region. However, Asia Pacific region comprising developing countries like India and China are still behind in terms of software adoption, as a result of the dearth of experienced procurement experts. Even some of those who have implemented this software don’t have an adequate acquaintance on how to utilize it to its best possible efficiency.
Browse the full “Global Procurement Software Market - By Software Type (E-Sourcing, Supplier Management, Spend Analysis, Contract Management, E-Procurement, And Others), By Deployment (On-Premise And Cloud), By Vertical (Automotive, Retail, Electronics, Travel & Logistics, Mining, And IT & Telecommunication), By Organization Size (Large Enterprise And Small & Medium Enterprise), And By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/procurement-software-market
The global procurement software market is segmented as follows:
By Software Type
By Organization Size
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