Procurement Software Market, By Deployment (On-Premise, On Cloud), By Software (Spend Analysis, E-sourcing, E-procurement), By Vertical (IT & Telecommunication, Travel & Logistics) - Forecast 2023
Procurement software is defined as a software program that enables organization to carry out their purchase process automatically and manage inventory of goods.
Increasing demand for automatic purchase process is one of the major driving factor that supports in the growth of procurement management market. The automation in purchase process replaces the traditional, manual maintenance of records.
The function carried out by procurement software includes ordering and purchasing products or services, selecting, electronic handling of payments, providing procurement department with detail report of product ordered, details analysis of each product ordered and approving correct orders, matching and receiving invoice and order.
There are much procurement software in the market, out of which e-procurement software is boosting the market. The study indicates that medium and small sized enterprises are having high implementation of procurement software and most of the enterprises use cloud based procurement software
On the basis of regional analysis the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America region is generating highest market share in the procurement software market owing to better network infrastructure, digitization and higher technology implementation.
Digitization in North America is mainly due to the invention of advanced technology and economies benefitting from it. This region is also leading due to presence of major players from the region in the procurement software market.
The implementation of procurement software by both small and medium enterprises is increasing rapidly. These software are especially one of the majorly used software utilized into supply chain and logistics industry.
The e-procurement software is gaining demand as organization seeks to reduce their purchasing cost and shifting from on-premise to cloud based. The initial low cost, saving amount spent on infrastructure, automatic software upgrading and seamless integration is driving the market of cloud based e-procurement software.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “The Procurement Software Market Research Report -Forecast to 2023”.
Major Key Players
The prominent players in the procurement software market are-
Cvent Inc. (U.S.),
International Business Machines Corporation (U.S.),
Oracle Corporation (U.S.),
SAP SE (Germany),
Sciquest Inc. (U.S.),
Coupa Software Inc. (U.S.),
Epicor Software Corporation (U.S.),
JDA Software Group, Inc. (U.S.),
Mercateo ( U.K.)
Procurement software Market Segmentation
The procurement software market has been segmented on the basis of deployment, software type, organization type and vertical. The cloud based e-procurement software provides search filters in terms of price, supplier and manufacturer, it also provides function that includes drag and drop, roll-based workflow and among others.
Provides centralized purchasing system, means one user can buy on behalf of other and offers automatic notification alert and faster approval process.
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The regional analysis of procurement software market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America region accounts for largest share in procurement software market owing to better network infrastructure, technological advancement and higher digitization across industries in logistics and support.
Europe region is one of the prominent player in procurement software market due to increase adoption of e-procurement solution in supply chain management. Whereas, Asia Pacific is expected to grow with a highest CAGR by 2023.
Table of Content
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Software
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
3.5 Market Restraints
4 Executive Summary
- Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.2 Supply Chain Analysis
6 Procurement Software Market, By Segments
6.2 Market Statistics
6.2.1 By Deployment
6.2.2 By Software Type
18.104.22.168 Spend Analysis
22.214.171.124 Contract Management
126.96.36.199 Supplier Management
6.2.3 By Organization Size
188.8.131.52 Small & Medium Enterprises
184.108.40.206 Large Enterprises
6.2.4 By Vertical
220.127.116.11 Travel & Logistics
18.104.22.168 It & Telecommunication
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