Procurement Software Market Headed for Growth and Global Expansion by 2027

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.

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, Challenges, Segmentation, Regional Outlook and Key Market Players:

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.

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.

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.

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.

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