Press release
Procurement Software Market Analysis By Growth, Emerging Trends And Future Opportunities Till 2027
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
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The global procurement software market is segmented on the basis of deployment and end-user. On the basis of deployment, it is sub-segmented into on-premises and cloud. On-premises is anticipated to be the largest sub-segment during the forecast period. The on-premises has large installations of the procurement software as it imparts better management opportunities.
Thus it is anticipated to boost the growth of the sub-segment during the forecast period. However, the cloud based procurement software is expected to expand at the highest CAGR during the forecast period. On the basis of end-user, it is sub-segmented into defense industry, telecom industry, manufacturing plants and others.
Procurement software market is anticipated to expand a CAGR of 8.5% over the forecast period. The global procurement software market is observing vibrant growth on the account of growing demand from the various organizations in order to improve the sales channel activities. Additionally, increasing focus of the suppliers to improve the delivery models is also driving the growth of the overall procurement software market during the forecast period. Moreover, the application of the procurement software increases the transparency in the generation of the invoices and automates the procurement activities.
On the basis of regional analysis, global procurement software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is anticipated to be the largest region for the overall market. The high presence of the key market players such as Oracle and IBM in the region is expected to boost the growth of the procurement software market. Asia-Pacific is anticipated to exhibit significant growth during the forecast period. The expansion of the various end-use industries in the region is anticipated to be the major factor driving the growth of the overall procurement software market.
Increasing demand for the procurement software
The increasing demand for the procurement software in order to ease the financial transactions and also to provide the transparency in the business transaction. Additionally, the complexity of the overall business process is reduced by the application of the procurement software. Moreover, the increasing demand for the automation process involved in the transaction is also major reason supporting the market growth of the procurement software during the forecast period. The other advantage of using the procurement software is it increases the cost efficiency and improves the flexibility of the operations. Additionally, the increasing investment in the hardware and software based applications is anticipated to further boost the demand for the procurement software during the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the global procurement software market which includes company profiling of key companies such as:
IBM, Basware, PROACTIS, Oracle, SciQuest, SAP, BravoSolution, Tungsten Corporation plc, Zycus Inc. and Ivalua Inc.
The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global procurement software market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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