The major factor that is contributing to the market growth is the increased use of the cloud based unified solutions of the procure pay.
Procure-To-Pay Solutions Market
Procure-To-Pay Solutions Market: Overview
The solutions of the procure-to-pay solutions are completely integrated and are implemented by several organizations so that the overall processes of the operation can be supported. The overall operations are done by these solutions that range from services and goods requisitions to upload the billed files in the systems. For the development of the effectiveness and the efficiency of the organization, the procure-to-pay solutions help by creating a planned structure to control the operations of the organization.
Procure-To-Pay Solutions Market: Facts
The e-procurement software is being implemented by the organizations in order to simplify the process of procure-to-pay. Owing to this, the way the companies used to purchase, transact, and sell their products has changed drastically. An important solution for the successful adoption and implementation of the e-procurement technology for an organization that purchases the products lies in the role of their suppliers. The research study Supplier Network 2012 was conducted by the Aberdeen group which suggested that the main challenge for the buying organizations is to facilitate the rise in the B2B e-commerce with their suppliers.
Procure-To-Pay Solutions Market: Segmentation
The global market for the procure-to-pay is fragmented into its deployment, size of the enterprises, and the end-user industry. Based on the deployment, the market is segregated into SaaS and on-premise. Based on the size of the enterprise, the market is categorized into large enterprise and small and medium business. Based on the end-user industry, the market is divided into healthcare, telecommunication, automotive, BFSI, oil & gas, and retail.
Procure-To-Pay Solutions Market: Growth Factors
The major factor that is contributing to the market growth is the increased use of the cloud based unified solutions of the procure pay. The vendors of the procure-to-pay solutions provide planning strategies and categorization capabilities for the strategic planning and sourcing with the help of managed services. The other factors that are driving the procure-to-pay solutions are better to spend analysis and data-driven sourcing. The total expenditure for the enterprise infrastructure can be minimized by the strategic source saving. The factors that will limit the growth of the market and which are affecting the market players are the compliances with the policies, contract, and regulations.
Procure-To-Pay Solutions Market: Regional Analysis
Several regions where the global procure-to-pay solutions market is diversified include Asia Pacific, Middle East and Africa, Western European, Eastern Europe, Latin America, and North America regions. The region that is dominating the procure-to-pay solutions is North America and this is will continue in the coming years too. The factor that is contributing to the growth of the market is the rise in the adoption of the procure-to-pay solutions in the BFSI sectors. The regions that are following North America are Western Europe and Asia Pacific region. The market growth for the procure-to-pay solutions is moderate in the regions such as Asia Pacific and Europe owing to the moderate rate of adoption by the small and medium enterprises.
Procure-To-Pay Solutions Market: Competitive Players
The key market players that are involved in the procure-to-pay solutions include Zycus Inc., Bertelsmann SE & Co., Ariba Inc., GEP, SAP SE, Infosys Limited, Comarch SA, and ProActis.
Procure-To-Pay Solutions Market: Regional Segment Analysis
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