Procurement Software Market To Integrate Business Processes And Improve The Overall Value Of Businesses During 2018-2028

The report analyzes and presents an overview of "Procurement Software Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028" worldwide.

The procurement industry is growing rapidly with the increasing needs of an organization. To survive and sustain in this intensely competitive market, vendors are focusing on improving their delivery models with technology. The process or the action to acquire goods and services is known as procurement.

Procurement software is a computer program helps in generating a purchase order, executing the ordering process online, and matching invoices to materials received, and paying all bills electronically. It helps in reducing external costs, process efficiencies, spending controls, increases productivity and generating electronic requests for information (e-RFI), requests for proposal (e-RFP) and requests for quotation (e-RFQ). Procurement software including E-procurement reduces the overall procurement life cycle.

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Procurement software helps users integrate business processes and improve the overall value of businesses. It facilitates transparency in financial supply chains and contract details for generating invoices to complete payments. Vendors are offering software solutions that help organizations to automate procurement activities which in turn increase 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.

Procurement Software Market: Drivers and Challenges

One of the major driver of the procurement software market is the consolidation of supply chain management (SCM) process which reduces overall process complexity. The rising need for the automation of procurement processes, the emergence of eProcurement technology, will drive the growth prospects for the global procurement software market in the coming years.

Due to the automation of the procurement process the quality control may suffer which can hinder the growth of the market. One of the major challenge is that it is extremely complex and users need extensive training to use it.

Procurement Software Market: Segmentation

On the basis of deployment, procurement software market can be segmented into cloud and on-premises.

On the basis of end-user, procurement software market can be segmented into defense industry, telecom industry, manufacturing plants, and others.

On the basis of region, procurement software market can be segmented into North America, Latin America, Western Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan.

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Procurement Software Market: Regional Outlook

Presently, North America is the largest market for procurement software. Majority of procurement software and leading service providers such as IBM and Oracle are based in North America. Apart from this, the Asia pacific region including developing countries such as China and India are still lagging in terms of adoption of the software, due to the lack of skilled procurement professionals. Even the few that have adopted this software do not have sufficient knowledge on how to use it to its optimum efficiency.

Key Market Players:

Some of the leading players of procurement software market are: Basware, IBM, Oracle, PROACTIS, SAP, JAGGAER (previously known as SciQuest).

Other prominent vendors in the market include BRAVOSOLUTION SPA, BuyerQuest Holdings Inc., Coupa Software Inc., Epicor Software Corporation, Infor, Ivalua Inc., JDA Software Group, Inc., OpusCapita Group Oy, Tradeshift, Tungsten Corporation plc, Vinimaya, and Zycus Inc.

The report covers exhaustive analysis on:

Procurement Software Market Segments

Procurement Software Market Dynamics
Historical Actual Market Size, 2012 - 2016
Procurement Software Market Size & Forecast 2017 to 2027
Supply & Demand Value Chain
Procurement Software Market Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Procurement Software Market Drivers and Restraints
Regional analysis for Procurement Software Market includes the development of these systems in the following regions:

North America
US & Canada
Latin America
Brazil, Mexico, Others
Europe
Western Europe
Germany
France
U.K.
Spain
Italy
Nordic
BENELUX
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
Australia and New Zealand (ANZ)
Greater China
India
ASEAN
Rest of Asia Pacific
Japan
Middle East and Africa
GCC Countries
Other Middle East
North Africa
South Africa
Other Africa
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.

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The report provides the following information:

Tailwinds and headwinds molding the market’s trajectory
Market segments based on products, technology, and applications
Prospects of each segment
Overall current and possible future size of the market
Growth pace of the market
Competitive landscape and key players’ strategies

The main aim of the report is to:

Enable key stakeholder’s in the market bet right on it
Understand the opportunities and pitfalls awaiting them
Assess the overall growth scope in the near term
Strategize effectively with respect to production and distribution
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