The global procurement software market was valued at over USD 4 billion in 2016 and is expected to surpass USD 6 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global procurement software market to its enterprise application portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Basware, IBM, Oracle, PROACTIS, SAP, and SciQuest.
According to Amit Sharma, a lead analyst for enterprise application research at Technavio, “Vendors are offering software solutions that help organizations to automate procurement activities which in turn increases the demand for products in the global market. These activities include automation of invoice management systems, electronic requisitioning process, order management process, and other procurement related activities.”
The increasing number of manual errors in the supply chain system is compelling organizations to use automated systems for invoice processing and eProcurement services. The use of automated IT systems enables organizations to control the entire procurement activities through a centralized system. Vendors are offering automation systems that control the end-to-end SCM systems which in turn will help in the development of the market.
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Increased use of procurement analytics
Vendors in the market are offering analytic solutions that use statistical modeling tools and methodology for in-depth analysis of procurement process enabling a seamless process. These are advanced analytical tools such as predictive analytics that provide insights related to procurement process by clustering many factors anticipated in the SCM systems. These services help organizations resolve issues of fraud and errors through automated fraud detection systems embedded within analytical tools.
Emergence of eProcurement technology
The emergence of eProcurement technology will help in the evolution of the global market and increase the demand for these software solutions. eProcurement involves the implementation of end-to-end procurement cycle, which covers spending analysis, developing contracts with suppliers, and purchasing products through ERP, Internet information systems, and electronic data interchange.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Procurement Software Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Mobile Tracking Software Market 2017-2021
- Global Transport Management System Market 2017-2021
- Global Travel and Expense Management Software Market 2016-2020
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