The rising need for the automation of procurement processes, the
emergence of e-Procurement technology, growth in the international
transactions, and other factors will drive the growth of the
Procurement Software Market in the coming years
JERSEY CITY, N.J., April 27, 2022 /PRNewswire/ -- Verified
Market Research recently published a report, "Procurement
Software Market" By Type (Cloud, On-Premises), By Application
(School, Factory, Hospital), and By Geography. According to
Verified Market Research, the Global Procurement Software Market
size was valued at USD 5.5 Billion in
2020 and is projected to reach USD 9.5
Billion by 2028, growing at a CAGR of 7.6% from 2021 to
2028.
Download PDF Brochure:
https://www.verifiedmarketresearch.com/download-sample/?rid=225820
Browse in-depth TOC on "Procurement Software
Market"
202 - Pages
126 – Tables
37 – Figures
Global Procurement Software Market Overview
Procurement software has several solutions that help companies
streamline their operations and maintain inventory. Procurement
software allows organizations to increase and approve purchase
orders, select and order products or services, receive and match
invoices and orders, and online debit payments. Procurement
software tools enable companies to perform the best purchasing and
pricing activities for their tender vendors, as it is important for
companies that need to acquire large quantities of goods. With the
implementation of purchase software solutions, companies can work
with suppliers, track events, receive alerts, and analyze business
intelligence data to gain insight into the procurement process for
predicting and planning purposes. Procurement software refers to a
digital platform that allows efficient management of several
procurement needs of a particular organization.
The procurement software is gaining noteworthy traction from
various businesses from all across the world. This growth is
attributed to the different benefits this software offers.
Procurement software helps users improve overall activities that
are involved in the procurement mechanism and supports in
maintaining transparency in all these activities. The main
objective of this tool is to help companies achieve a standard
production supply at the lowest prices. The majority of enterprises
operating in the procurement software industry are pouring efforts
toward the development of superior quality products. As a result,
they are engaged in research and development activities. Moreover,
several enterprises are focused on gaining a leading position in
the procurement software industry.
Thus, they are increasing their participation in merger and
acquisition activities. On the back of all these activities, the
Global Procurement Software Market may expand at a moderate pace in
the years to follow. One of the main drivers of the Procurement
Software Market is the consolidation of the supply chain management
(SCM) process that reduces overall process complexity. The rising
need for the automation of procurement processes the emergence of
e-Procurement technology will drive the growth prospects for the
Global Procurement Software Market in the coming years. Due to the
automation of the procurement process, quality control may suffer
which can hinder the market growth. One of the major challenges is
that it is extremely complex, and users need extensive training to
use it.
Key Developments
- On September 2021, Cascades
launched the first in the bathroom tissue and paper towel in
Canada and the USA markets which are 100% recycled plastic
packaging.
- On November 2020, Accrol acquired
the LTC Group, a tissue converter to increase the business of good
scale with high-quality, modern machine assets, comprising four
tissue lines, with significant capacity, highly effective systems,
and to improve day-to-day operations.
Key Players
The major players in the market are Basware, IBM, Oracle
Corporation, PROACTIS, SAP SE, SciQuest, BravoSolution, BuyerQuest,
Coupa Software Inc., Elcom, Epicor Software Corporation, Infor
Inc., IQNavigator, JDA Software, Microsoft Corporation, Ginesys,
Zycus, Inc, Ivalua Inc, Jaggaer, and Tangoe, Inc.
Verified Market Research has segmented the Global Procurement
Software Market On the basis of Type, Application, and
Geography.
- Procurement Software Market, By Type
-
- Procurement Software Market, By Application
-
- School
- Factory
- Hospital
- Supermarket
- Others
- Procurement Software Market, by Geography
-
- North America
-
- Europe
-
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
-
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
-
- Middle East & Africa
- Latin America
Browse Related Reports:
Service Procurement Market By Component (Solutions, Services),
By Vertical (Telecom and IT, Manufacturing), By Geography,
Forecast, 2021-2028
Retail Sourcing and Procurement Software Market By Component
(Solution, Strategic Sourcing, Supplier Network), By Deployment
Type (Cloud, On-premise), By Geography, Forecast, 2021-2028
Spend Analytics Market By Analytics Type (Descriptive,
Predictive, and Prescriptive), By Business Function (Information
Technology, Finance, Procurement), By Organization Size (Large
Enterprises and Small and Medium Organizations), By Component
(Software and Services), By Deployment Mode (Cloud-based and
On-premises), By Application (Financial Management, Demand and
Supply Forecasting), By Vertical (Healthcare, Government and
Defense, IT and Telecom), By Geography, Forecast, 2021-2028
Procurement As A Service (PaaS) Market By Product (Strategic
Sourcing, Spend Management, Category Management, Process
Management, Contract Management, Transactions Management, Others),
By Application (Manufacturing, BFSI, Retail and Consumer Goods, IT
and Telecom, Energy and Utilities, Healthcare, Others), By
Geography, Forecast, 2021-2028
Top 7 Supply Chain AI Companies: Harbinger of just-in-time
framework
Visualize Procurement Software Market using Verified Market
Intelligence:-:
Verified Market Intelligence is our BI Enabled Platform
for narrative storytelling of this market. VMI offers in-depth forecasted trends and accurate
Insights on over 20,000+ emerging & niche markets, helping you
make critical revenue impacting decisions for a brilliant
future.
VMI provides a holistic overview and
global competitive landscape with respect to Region, Country, and
Segment, and Key players of your market. Present your Market Report
& findings with an inbuilt presentation feature saving over 70%
of your time and resources for Investor, Sales & Marketing,
R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive
PDF formats with over 15+ Key Market Indicators for your
market.
About Us
Verified Market Research is a leading Global Research and
Consulting firm servicing over 5000+ customers. Verified Market
Research provides advanced analytical research solutions while
offering information enriched research studies. We offer insight
into strategic and growth analyses, Data necessary to achieve
corporate goals and critical revenue decisions.
Our 250 Analysts and SME's offer a high level of expertise in
data collection and governance use industrial techniques to collect
and analyze data on more than 15,000 high impact and niche markets.
Our analysts are trained to combine modern data collection
techniques, superior research methodology, expertise and years of
collective experience to produce informative and accurate
research.
We study 14+ categories from Semiconductor & Electronics,
Chemicals, Advanced Materials, Aerospace & Defense, Energy
& Power, Healthcare, Pharmaceuticals, Automotive &
Transportation, Information & Communication Technology,
Software & Services, Information Security, Mining, Minerals
& Metals, Building & construction, Agriculture industry and
Medical Devices from over 100 countries.
Contact Us
Mr. Edwyne Fernandes
Verified Market Research®
US: +1 (650)-781-4080
UK: +44 (753)-715-0008
APAC: +61 (488)-85-9400
US Toll Free: +1 (800)-782-1768
Email: sales@verifiedmarketresearch.com
Web: https://www.verifiedmarketresearch.com/
Follow Us: LinkedIn | Twitter
Logo:
https://mma.prnewswire.com/media/1315349/Verified_Market_Research_Logo.jpg