Global Procurement Software Market, By Deployment (Cloud-Based, On-Premise), By Software (Spend Analysis, E-Sourcing, E-Procurement), By Industry (Manufacturing, Transportation & Logistics, BFSI, Others), By Region, Estimation & Forecast, 2017 – 2026, The ‘ Procurement Software market’ research report added by Report Ocean, is an in-depth analysis of the latest developments, market size, status, upcoming technologies, industry drivers, challenges, regulatory policies, with key company profiles and strategies of players. The research study provides market overview, Procurement Software market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Procurement Software market size forecast, market data&Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence.

Download Free Sample Copy of ‘Procurement Software market’ Report @

https://reportocean.com/industry-verticals/sample-request?report_id=ARS155

The global procurement software market held a market value of USD 5,635.6 Million in 2020 and is forecasted to reach USD 9,654.8 Million by the year 2026. The market is anticipated to register a CAGR of 9.4% over the projected period.

Procurement software is business software that helps in automating the organizational purchasing functions. Increasing demand for automating the procurement processes and integration between e procurement applications and ERP solutions is anticipated to boost the market growth. Furthermore, rising demand for improving the relationship management and supplier discovery is also expected to fuel the market growth.

Despite the driving factors, cybersecurity and data protection risks are expected to restrain the market growth. Also, the complexity regarding integration with existing system and supplier onboarding is estimated to negatively hamper the market growth.

Increasing demand to automate the procurement processes

Procurement processes are automated for maximizing efficiency and reduce the time. It also accelerates the process by freeing up employees from the redundant and time consuming tasks. The demand for automating the procurement processes is increasing, especially in processes such as, purchase requisition, purchase order, invoice management, vendor management, and contract approval. Automation of these processes increases the productivity, eliminates manual errors, provides visibility into the expenditures, acts as a central repository, improves collaboration between external and internal teams, and removes approval bottlenecks. All these benefits are increasing the demand for automating procurement processes, hence fueling the market growth.

Integration between E Procurement applications and ERP solutions

E-procurement software assist in integration and automation of the entire procurement cycle in an organization. When e procurement applications are integrated with ERP solutions, ERP helps in easing supplier management by smoothening the procurement processes and providing more time to focus on other areas and enable a more efficient business. ERP solutions also help in enhancing business reporting, better customer service, improved inventory costs, boosted cash flow, cost savings, better data & cloud security, business process improvements, and supply chain management, among others. These factors boost the market growth.

The global procurement software market is segmented the deployment, software, and industry.

The cloud based segment is expected to hold the largest market share and is also estimated to grow at the fastest rate during the forecast period. This is owing to the high preference for cloud based model over the on-premise model.

The e-procurement segment is anticipated to hold the largest market share of about 59%. The e-sourcing segment is estimated to witness the fastest growth rate of about 10.2% owing to its features such as valuable pricing and non-pricing information.

The transportation & logistics segment is expected to hold around 11% of the total market share owing to increasing adoption of procurement software in the sector. The BFSI segment is anticipated to surpass a market size of around USD 200 million by 2024.

Based on region, the global Procurement software market is divided into Europe, North America, Asia, Middle East & Africa, and South America.

The North America region is expected to hold the largest market share of around 40% owing to the growing demand for centralized procurement processes. Furthermore, growing initiatives by government as well as non government organizations for strengthening the manufacturing industry in the United States is also expected to contribute to the market growth.

The Asia Pacific region is expected to grow at the fastest rate of about 11.9% owing to a presence of a number of logistics firms in emerging economies such as India and China.

Key players operating in the global procurement software market include SAP SE, Proactis Holdings PLC, Coupa Software Inc., Microsoft Corporation, Oracle Corporation, Epicor Software Corporation, Ginesys, Zycus, Inc., Ivalua Inc., Infor Inc., Jaggaer, and Tangoe, Inc., among others.

The approximate market share of the top 9 players is near about 60%. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in August 2021, Oracle launched the Oracle Verrazzano Enterprise Container platform for multicloud and hybrid cloud scenarios. This expanded Oracle’s product portfolio.

The global Procurement software market report provides insights on the below pointers:

The global Procurement software market report answers questions such as:

• Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior

• Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds

• Pre- as well as post-COVID-19 market estimates

• Quarterly impact analysis and updates on market estimates

What is market research report?

Market research is a defined process to collect information about customers, competitors, and everything that a business needs to understand to sustain and grow. It offers important analysis to distinguish and examine the market needs, size, and trends. Market research is generally divided into, primary research and/or secondary research. The process usually includes collection and interpretation of market data by using statistical and analytical techniques to support the decision making process. The report helps in identifying and tracking emerging players in the market and their portfolios, enhances decision making capabilities and helps to create effective counter strategies to gain competitive advantage. Market research reports provide in-depth analysis about the market conditions and requirements for effective decision making.

The report provides a snapshot of the global market size, segmentation data, marketing growth strategies, market share, export and import information, analysis and forecast of market trends, competition, domestic production, best sales prospects, statistical data, tariffs, regulations, distribution and business practices, end-user analysis, contact points and more. These research reports include information about competitive strategies, solutions, fact-based research, key takeaways, recommendations, market considerations, emerging business models and market opportunities for multiple segments of an industry. Market research reports assist in solving business problems and making better decisions to improve business as per the prevalent market trends.

• Market share assessments for the regional and country-level segments

• Strategic recommendations for the new entrants

• Covers market data for 2020, 2021, till 2025

• Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)

• Strategic recommendations in key business segments based on the market estimations

• Competitive landscaping mapping the key common trends

• Company profiling with detailed strategies, financials, and recent developments

• Supply chain trends mapping the latest technological advancements

Browse market information, tables and figures extent in-depth TOC, The latest independent research document on various market development activities and business strategies such as new product/services development, Joint Ventures, partnerships, mergers and acquisitions, etc. In order to provide a more informed view, a market company profiles include Business Overview, Product / Service Offerings, SWOT Analysis, Segment & Total Revenue, Gross Margin and % Market Share. This report explores market definitions, overview, classification, segmentation, inclusive of market type and applications followed by product specifications, manufacturing initiatives, pricing structures, raw material sourcing and supply chain analysis.

Geographical Breakdown: Regional level analysis of the market, currently covering North America, Europe, China & Japan

 (Check Our Exclusive Offer: Ask for Discount to our Representative)

https://reportocean.com/industry-verticals/sample-request?report_id=ARS155

Changing Forecasts in a Time of Crisis: explores key issues, including:

Key questions answered: The Study Explore COVID 19 Outbreak Impact Analysis

Ask Our Expert for Complete Report@:

https://reportocean.com/industry-verticals/sample-request?report_id=ARS155

Key Points Covered in Procurement Software Market Report:

Chapter 1, to describe Definition, Specifications and Classification of Global Procurement Software, Applications of , Market Segment by Regions; Chapter 2, to analyze the Manufacturing Cost Structure, Raw Material and Suppliers, Manufacturing Process, Industry Chain Structure; Chapter 3, to display the Technical Data and Manufacturing Plants Analysis of , Capacity and Commercial Production Date, Manufacturing Plants Distribution, Export & Import, R&D Status and Technology Source, Raw Materials Sources Analysis; Chapter 4, to show the Overall Market Analysis, Capacity Analysis (Company Segment), Sales Analysis (Company Segment), Sales Price Analysis (Company Segment); Chapter 5 and 6, to show the Regional Market Analysis that includes United States, EU, Japan, China, India & Southeast Asia, Segment Market Analysis (by Type); Chapter 7 and 8, to explore the Market Analysis by Application Major Manufacturers Analysis; Chapter 9, Market Trend Analysis, Regional Market Trend, Market Trend by Product Type, Market Trend by Application; Chapter 10, Regional Marketing Type Analysis, International Trade Type Analysis, Supply Chain Analysis; Chapter 11, to analyze the Consumers Analysis of Global Procurement Software by region, type and application; Chapter 12, to describe Procurement Software Research Findings and Conclusion, Appendix, methodology and data source; Chapter 13, 14 and 15, to describe Procurement Software sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.

……..and view more in complete table of Contents

Browse Premium Research Report with Tables and Figures at @ https://reportocean.com/industry-verticals/sample-request?report_id=ARS155

Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.

We are the best market research reports provider in the industry. Report Ocean believe in providing the quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is “one-stop solution” for individuals, organizations, and industries that are looking for innovative market research reports.

Get in Touch with Us:

Address: 500 N Michigan Ave, Suite 600, Chicago, IIIinois 60611 – UNITED STATES

Website: https://www.reportocean.com/