Sarasota, FL -- (SBWIRE) -- 11/03/2017 -- Global Procurement Software Market: Overview

The procurement software is a program that consists of various features such as it helps in executing online ordering process, generating the purchase order, matches the invoices to the materials that are received, and electronic payment of all the bills. It helps in increasing the productivity, reduces the external costs, spending controls, process efficiencies, generates electronic requests for proposal (e-RFP), electronic requests for information (e-RFI), and electronic requests for quotation (e-RFQ). Procurement software along with the e-procurement helps in reducing the complete procurement life cycle. As the needs of the organization are increasing so is the procurement industry growing.

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Global Procurement Software Market: Segmentation

The market for procurement software is globally segmented into the deployment mode and the end user. Based on the deployment mode, the global market is segregated into on-premises and cloud. Depending on the end user, the market is categorized into manufacturing plants, telecom industry, defense industry, and others.

Global Procurement Software Market: Growth Factors

The major factor that is driving the procurement software market is the consolidation of the SCM (supply chain management) process which helps in reducing the overall complexity of the process. The other key factors that will affect the market in a positive way is the growing need to automate the procurement processes, the materialization of the e-procurement technology will open up new opportunities for the market growth in the coming years. The quality control will suffer owing to the automation of the procurement process thus hampering the growth of the market. Other factors that will affect the growth of the market negatively is its complex process and one needs to have an extensive training in order to operate it.

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Global Procurement Software Market: Regional Analysis

Region-wise, the global procurement software market is diversified into North America, Asia Pacific, Eastern Europe, the Middle East and Africa, Western Europe, and Latin America. In the present, North America is the region that has the largest market globally for the procurement software. The presence of the market players that are involved in providing services of procurement software such as Oracle and IBM are located in North America. Asia Pacific region is also having a good share in the global market of procurement software. In the developing countries such as India and China from the Asia Pacific region have not shown the interest in adopting the services that are provided by the procurement software. The reason for this disinterest is the lack of industry experts and the shortage of skilled professionals. There are still other regions that have not adopted this software which is due to the insufficient knowledge of this software and thus maximum advantage of this software is not made.

Global Procurement Software Market: Competitive Players

The key market players that are involved in the procurement software market include IBM, Proactis, Jaggaer, BravoSolution SPA, Coupa Software Inc., Infor, JDA Software Group, Inc., Tradeshift, Vinimaya, Basware, Oracle, SAP, BuyerQuest Holdings Inc., Epicor Software Corporation, Ivalua Inc., OpusCapita Group Oy, Tungsten Corporation Plc., and Zycus Inc.

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Global Procurement Software Market: Regional Segment Analysis

North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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