Procurement Software Market: Overview
Procurement software is a digital platform for managing all the procurement requirements of a specific organization or company. The procurement software market may record sizeable growth across the forecast period of 2019-2028 owing to the various associated benefits. Procurement software assists a user to enhance the overall functioning of procurement mechanisms and enables transparency. The prime objective of procurement software is a regular production supply at the lowest price. This aspect may bring great growth opportunities for the procurement software market.
This report provides a 360-degree analysis of the parameters influencing the growth of the procurement software market. It accentuates on numerous benefit points such as competitive structure, key trends, regional assessment, etc. The segmental study helps the stakeholders to understand the different growth aspects of the procurement software market conscientiously. The report also brings pivotal information about the COVID-19 impact on the procurement software market.
Are you a start-up willing to make it big in business? Grab an exclusive PDF Brochure for this report
Procurement Software Market: Competitive Analysis
The procurement software market is highly fragmented with numerous players in neck-to-neck competition with each other vying to be the best procurement software solutions provider. The players in the procurement software market invest greatly in research and development activities for discovering novel technologies that aid in making the procurement software more convenient and efficient for the users.
New launches are always creating a buzz across the procurement software market. The players always come up with upgrades and also focus on consistent bug fixing process. These aspects help in providing a seamless experience to the users. Key participants in the procurement software market are SAP, Epicor Software Corporation, Oracle, Tungsten Corporation PLC, JDA Software Group Inc., Jaggaer, IBM, OpusCapita Group Oy, Infor, Basware, Proactis, BuyerQuest Holdings Inc., and BravoSolution SPA.
Procurement Software Market: Mergers and Acquisitions
The players in the procurement software market are frequently involved in mergers, acquisitions, partnerships, joint ventures, and collaborations to strengthen their position. These activities eventually benefit the procurement software market. These developments highlight the growing influence of mergers and acquisitions across the procurement software market:
- Unison, a procurement software solution provider was recently acquired by The Carlyle Group from Abry Partners, a private equity investment firm
- SAP acquired Qualitrics in January 2019 and had also acquired Concur in 2014
- Coupa Software acquired DCR Workforce, a leading procurement software solution provider in 2018
Looking for business insights from experts? Request a custom report on the procurement software market.
Procurement Software Market: Key Trends
The procurement software market will bank considerably on the growing demand for channelizing the procurement mechanism. Many businesses are moving from traditional procurement methods to digitalization as it leaves no room for error in the procurement process. For instance, McAlpine Hussmann, a commercial refrigeration solution provider has now decided to radically modernize its supply chain through adopting SAP’s procurement solutions. Many similar developments are in process and this aspect will bring good growth opportunities for the procurement software market.
Procurement Software Market: Geographical Outlook
The procurement software market is spread across the Middle East and Africa, North America, Latin America, Asia Pacific, and Europe. North America may bring considerable growth for the procurement software market during the forecast period. Technological advancements and the preference of many businesses for digitalization of procurement mechanisms are serving as growth pillars for North America. A considerable number of procurement software solution providers are based in North America. Therefore, this aspect may also bring good growth opportunities for the procurement software market.
Asia Pacific may not incur much growth due to the lack of awareness about procurement software in countries such as India and China. Nevertheless, the procurement software solution providers are trying to penetrate in these countries through attractive sales-boosting initiatives and marketing campaigns
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Related Reports Press-Release –
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhocreports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key tohelp enterprises reach right decision.”
Transparency Market Research
90 State Street,
Albany NY – 12207
USA – Canada Toll Free: 866-552-3453