Procurement Software Market is expected to reach USD 1286 million by 2021 | Key players are Proactis, IBM, BravoSolution SPA, Jaggaer, Infor, Coupa Software Inc., Tradeshift, JDA Software Group Inc., Basware, Vinimaya, SAP, Oracle, Epicor Software Corpora

Procurement Software Market Overview:
Procuring software is a program that includes a variety of features, including assistance with the execution of the online order process, the generation of the purchase order, the adequacy of the invoices to the items received and the electronic payment of the same. This helps increase productivity, reduce external costs, control expenses, improve process efficiency, and generate electronic RFP (e-RFP), electronic information requests (e-RFI) and electronic quotation requests. Acquisition software associated with electronic contracting reduces the entire life cycle of purchases. As the needs of the organization increase, so does the procuring sector.

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Procurement Software Market was valued at USD 1156 million in 2016 and poised to touch USD 1286 million by 2021 growing at a CAGR of 3.72% during the forecast period 2016 to 2021.

Drivers and Restraints:
The main factor driving the procurement software market is the consolidation of the supply chain management process, which reduces the overall complexity of the process. Other key factors that will positively affect the market are the growing need to automate procurement processes. The realization of electronic contracting technology will open new opportunities for market growth in the coming years. Quality control will be affected by the automation of the purchase process, which will hinder the growth of the market. The complexity of the process is another factor that will negatively affect the growth of the market. It is necessary to follow a thorough training to be able to exploit it.

Geographical Segmentation:
From geographical point of view, the global market is diversified in North America, Asia-Pacific, Eastern Europe, Middle East and Africa, Western Europe and Latin America. Currently, North America is the region with the largest market in the world for the purchase of software. The presence of market players involved in the provision of procurement software services such as Oracle and IBM are in North America. The Asia-Pacific region also represents a large part of the global procurement software market. In developing countries such as India and China of the Asia-Pacific region has shown no interest in adopting the services provided by the purchasing software. The reason for this lack of interest resulted in the lack of experts in the industry and the shortage of qualified professionals. There are still other regions that have not adopted this software, which is due to insufficient knowledge of this software. The maximum benefit of this software is therefore not exploited.

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Key Players of Procurement Software Market
Proactis, IBM, BravoSolution SPA, Jaggaer, Infor, Coupa Software Inc., Tradeshift, JDA Software Group, Inc., Basware, Vinimaya, SAP, Oracle, Epicor Software Corporation, BuyerQuest Holdings Inc., OpusCapita Group Oy, Ivalua Inc., Zycus Inc., and Tungsten Corporation Plc are the major players of the Procurement Software Market.

Key Takeaways from this Report:
• For different product types, end use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
• Identify various driving factors, constrains and untold opportunities that can impact the global marketplace
• Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
• Increase overall revenue by understanding the geographical impact on sales and distribution channels.
• Evaluate the increase in values at each step of industry supply chain to improve process efficacy and optimize the value.
• Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
• Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.

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