Procurement software is a type of software which is used in many businesses to support procurement operations of the organization. Procurement software has variety of solutions which helps the firm in streamlining their operations and in maintaining the inventory. This software tool ensures best pricing and purchasing activities for the company. With this software, company can also receive alerts, track events and gain insights of the entire procurement process. Demand for procurement software is expected to rise significantly in the near future.
MARKET SCOPE
The "Global Procurement Software Market Analysis to 2028" is a specialized and in-depth study of the technology, media and telecommunication industry with a special focus on the global market trend analysis. The report aims to provide an overview of the procurement software market with detailed market segmentation by deployment type, enterprise size, end-user and geography. The report provides key statistics on the market status of the leading procurement software market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on deployment type, the global procurement software market is segmented into cloud and on-premise.
- On the basis of enterprise size, the market is segmented into small and medium-size enterprises and large enterprises.
- Based on end-user, the market is bifurcated into manufacturing, retail, automotive, travel and logistics, electronics, IT and telecom and others.
MARKET DYNAMICS
Drivers:
- Increasing need for complexity reduction
- Increasing disposable income to boost market growth of procurement software.
Restraints
- Many organizations lack infrastructure and compatibility for such advanced software tools.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The procurement software market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the procurement software market in these regions.
IMPACT OF COVID-19 ON PROCUREMENT SOFTWARE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Since this pandemic has restricted trade across borders as well as within the country, demand for procurement software have gone down. Also, the economic condition of businesses is such that they are trying to avoid all the non-essential expenditures. However, post pandemic, procurement software market sees a lucrative growth.
MARKET PLAYERS
The report covers key developments in the procurement software market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from procurement software market are anticipated to lucrative growth opportunities in the future with the rising demand for procurement software in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the procurement software market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Basware
- BuyerQuest Holdings Inc.
- Coupa Software Inc.
- Epicor Software Corporation
- Oracle Corporation
- Precoro Inc.
- ProcurementExpress.com
- Procurify
- SAP SE
- Tradeshift Inc.
The Insight Partner?s dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.