The rising demand for greater efficiency across the organizations and other major driving factors is expected to favor the rise in the global procurement software market
Reports and Insights has published a new report titled, “Procurement Software Market: Opportunity Analysis and Future Assessment 2022-2030”
Global Procurement Software Market, By Deployment (On-Cloud, On-Premise), Software Type (pend Analysis, E-Sourcing, E-Procurement, Contract Management, Supplier Management and Others), Organization Size (Small and Medium Enterprise, Large Enterprise), Vertical (Retail, Automotive, Travel & Logistics, Electronics, IT & Telecommunication, Mining), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The procurement software market is estimated to reach at a value of 6.6 Bn by the end of 2022 and expected to reach at a value of US$ 13.9 Bn by 2030 with a significant CAGR of 9.8%.
The procurement software can be understood as a program that incorporates a number of tools that assist the 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 the 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 the 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.
Reports and Insights Study identifies some of the key participating players in the procurement software market globally 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, among others.
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