Procurement Software Market Research Report: Information By Software Type (Spend Analysis, E-Sourcing, E-Procurement, Contract Management, Supplier Management and others), By Deployment (On-Cloud and On-Premise), By Organization Size (Small & Medium Enterprise and Large Enterprises), By Vertical (Retail, Automotive, Travel & Logistics, Electronics, IT & Telecommunication, Mining and others) - Forecast 2027

ID: VPR/ICT/1108 Publishing Year: January 2022 Pages: 106 Format:   


Procurement Software Market Overview:

A sourcing and Procurement Solution for the retail industry enables an organisation to automate spend management and optimise procure-to-pay operations. The report's goal is to estimate the market's size and future growth potential across a variety of segments, including services, solutions, deployment types, user types, and regions. The study's base year and projected term have been taken into account. The market is being driven by the need for enhanced visibility in sourcing-related data and the consolidation of Procurement Procedures.

Key providers realise the market's fierce competition. Big businesses are attempting to expand their portfolio and client reach through tactics such as partnerships, acquisitions, and agreements. The market is likely to become more competitive as a result of technical advancements.

The increased demand for supplier management, supply chain management, procurement, selling and fulfilment, and big data analytics are also driving the retail sourcing and Procurement Software Market. High expenses, a lack of technical understanding within the enterprise staff, a lack of awareness and resistive behaviour, market volatility in terms of commodity prices, and fuel and labour rates are all likely to hinder market expansion.

Key Players:

Coupa Software Incorporated (U.S.), Epicor Software Corporation (U.S.), JDA Software Inc. (U.S.), Zycus Inc. (U.S.), SAP SE (Germany), Mercateo AG (Germany), Oracle Corporation (U.S.), Infor Inc. (U.S.), and IBM Corporation (U.S.) are prominent players of the Global Procurement Software Market.

Market Drivers:

Procurement Software Provides firms with a tool for monitoring raw material costs as well as a cost-benefit analysis throughout the manufacturing process. Acquisition software demand may be fueled by the arrival of new players and the Procurement of commodities. The acceptance of new technologies, as well as the penetration of digital logistics and support software, network infrastructure, and network infrastructure, might all auger well for the market. As one of the fastest expanding regions, Asia Pacific is likely to adopt digitalization in order to save money, streamline the procurement process, and avoid duplicate records. As a result, the region is quite profitable for the worldwide market.

Opportunities:

For companies in the Global Procurement Software Market, mobile Procurement Software Solutions are projected to be advantageous. This can be ascribed to governments pushing legislation that favour digitization due to account transparency and artificial intelligence integration. In the approaching years, international transactions and synergy among suppliers and Procurement vendors may fuel the trend. E-procurement can help businesses save time and money by streamlining the sourcing to payment process. By maintaining relationships with partners, the platform can bring transparency to suppliers and enhance productivity. During the pandemic, demand for sanitizers, hand masks, and other protective items to stop the spread of the disease and reopen manufacturing facilities is expected to skyrocket.

Market Segmentation:

The Procurement Software Market is divided into four categories: deployment, software type, company size, and vertical. The growth of segments allows you to analyse specific pockets of growth and market approaches, as well as establish your main application areas and target market differences.

On the basis of deployment, the Procurement Software Market has been divided into two categories: on-cloud and on-premise.

The Procurement Software Market has been divided into five categories based on software type: demand analysis, e-sourcing, e-procurement, contract management, supplier management, and others.

The Procurement Software Industry has been divided into two categories based on the size of the company: small and medium enterprise and large enterprise.

Regional Analysis:

The Global Retail Sourcing and Procurement Software Market is divided into four regions based on geography: North America, Europe, Asia Pacific, and the Rest of the World. The retail sourcing and procurement market is predicted to be dominated by North America, which is expected to have the biggest market share. The strong collaboration between retail organisations and suppliers, as well as the centralization of procurement processes, are contributing to the market's growth. In the coming years, the Asia-Pacific market is likely to display tremendous growth potential. This rapid expansion is due to a high demand for sourcing and category expertise, as well as a strong desire to improve supplier relationships and the purchasing experience.

Covid-19 Impact:

The COVID-19 epidemic has wreaked havoc on big corporations' logistics and supply chains, with goods exceeding their expiration dates and transportation prices skyrocketing. Government-imposed restrictions have resulted in losses for the corporation, as warehouses have become overcrowded. Procurement software can aid businesses in identifying high-risk commodities and implementing preventative measures.

The move to a digital Procurement Model can help with quarantine compliance and tracking of goods received notes (GRNs) and invoice reference numbers (IRN). Managers can use this to assure productivity throughout the lockdown period. Over the projection period, automation of the Procurement payment process could enhance Procurement Software Sales. Organizations can use e-procurement technology to contact vendors of their choice and communicate in real-time about their sourcing requirements. Even after the epidemic, as buyers seek to improve their supply chains and decrease risks, the technology will see higher adoption rates.

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CONTACT US
CALL US ON
( +91-935-919-4956 )

CONTACT EMAIL
[email protected]