The industry research reports outlines the market overview and demand analysis of the procurement software. The research report includes a market share for the leading regions of the global procurement software market along with an in-depth study of the key trends that are impacting market growth. The leading vendors in the market include Basware, Oracle, SAP, and SciQuest.
Technavio’s market research analysts estimate the global procurement software market to grow at a CAGR of around 10% between 2015 and 2019. The need for controlling and managing all the resources in an organization’s supply chain is propelling the growth of this market. The Americas is the largest revenue contributor to the market, occupying more than 40% of the total market share. US is the key market in this region. Growing need to increase operational efficiency, modernize logistics and procurement operations, and reduce maintenance costs of supply chains is driving this region’s market growth.
The new market research report from Technavio provides a breakdown and analysis of the procurement software segments by technology.
“Of late, the e-procurement technology has gained grounds in the market, especially in the Americas. This technology includes web-based ERP, e-informing, e-sourcing, e-reversing, e-market sites, e-MRO and e-tendering. It automates the supply process, simplifies the labour-intensive tasks and reduces the procurement life cycles by 40%,” says Navin Rajendra, Lead Analyst, IT Services, Technavio Research.
Implementing procurement software helps to reduce the complexity of the supply chains. The procurement software vendors are supporting many different business processes within a customer’s supply chain due to rapid development of B2B models. Also, several companies are changing their business strategies, and hence inventory planning and software that can support that strategy. Outsourcing of procurement activities involve transferring all sourcing and supplier management procurement activities to a third party. Outsourcing helps organizations to lower the operational costs and focus on core competencies.
The leading vendors in the global procurement software market are Basware, Oracle, SAP, and SciQuest. Numerous startups and large firms are expected to enter the market during the forecast period. Intense competition prevails in the market as the vendors have different pricing strategies.
A more detailed analysis is available in the Technavio report, Global Procurement Software Market: Research Analysis 2015 2019.
We can customize reports by other regions and specific segments upon request.
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