According to the latest market research study by Technavio, the global sourcing software market is expected to grow at a CAGR of close to 8% during the forecast period of 2017 to 2021.
This market research report by Technavio provides a comprehensive analysis of the global sourcing software market regarding revenue and emerging market trends. The report also includes a competitive vendor analysis and forecasts for various market segments and all geographical segmentations.
Technavio research analysts categorize the market based on the end-user
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The top three revenue contributing end-user segments are discussed below
Manufacturing: The manufacturing sector has one of the most complex procurement processes, which is making it difficult for organizations in the manufacturing sector to reduce their sourcing cost and increase their revenue and profit margin. To address such challenges, the manufacturing firms and OEMs have started adopting the sourcing software.
“Sourcing software is helping organizations reduce their supply chain risk and costs through the automation of their sourcing process. Analytics is playing an important role in increasing the accuracy in the end-to-end planning of the overall procurement process. Predictive analytical solutions help forecast the exact amount of raw materials required to manufacture a certain product,” says Amit Sharma, a lead analyst at Technavio for research on enterprise application.
For instance, Accenture has launched predictive analytics known as Warranty Analytics that will help manufacturers to detect fraudulent activities in the warranty management solutions.
Retail: In the retail sector, the sourcing software offers time-saving practices and increased capabilities for bid collection and analysis. The software helped the sourcing team to organize different bid items for each location based on the services required by each store. The systematic organization gave the suppliers greater visibility on bids from each location. The e-sourcing software of the sourcing software speeds up many supplier proposal evaluation and package offers.
IT and Telecom: The IT sector adopts strategic sourcing software to implement a comprehensive partner selection process that consists of inviting suppliers to bid, publishing the tender, creating the selection process, and beginning and leading the negotiations. This procurement software helps IT firms to reimplement a standard enterprise resource planning (ERP) footprint for all its businesses worldwide. The software also helps in maintaining the internal demand, supplier relationships, governance, and compliance, and benchmark IT spending.
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The top vendors operating in the global sourcing software market are:
- Capgemini
- Coupa Software
- IBM
- SAP
- sciQuest
The other prominent vendors in the market include ClearTrack Information Network, Determine, eBid Systems, ESM Solutions, GEP, Market Dojo, Winddle, Xeeva, and Zycus.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Sourcing Software Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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