Procurement software market is anticipated to record a CAGR of 8.5% over the forecast period 2018-2027

Press Release

The procurement software is primarily used for the execution of the online ordering process and matching the invoices of the materials obtained by the orders. It helps to pay the bills electronically. Procurement software automates the whole process starting from the purchasing to the management of the inventory. It approves the online orders, match the invoice and track all the scheduled payments. It generates electronic requests for the proposal and it also enables the electronic requests for the information and quotation. It applies the integrate business solutions in order to improve the overall business.

The advantage of using the procurement software is that it reduces the external cost associated with the process and also enhances the process efficiencies.

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Market Size and Forecast

The global procurement software market is observing vibrant growth on the account of increasing demand from the various organizations in order to enhance the sales channel. The suppliers are enhancing the various delivery models in order to increase the sales channels. Additionally, the application of the procurement software improves the transparency in the generation of the invoices and automates the procurement activities.

Procurement software market is anticipated to record a CAGR of 8.5% over the forecast period. The procurement software market is anticipated to showcase a vibrant growth by the end of the forecast period. The global procurement software market is segmented on the basis of deployment and end-use. On the basis of deployment, it is sub-segmented into on-premises and cloud. On-premise is anticipated to be the largest sub-segment during the forecast period. The large installations of the procurement software on the on-premise is anticipated to be the major reason fostering the growth of the sub-segment. However, the cloud based procurement software is anticipated to record the highest CAGR during the forecast period. On the basis of end-user, it is sub-segmented into defense industry, telecom industry, manufacturing plants and others.

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Growth Drivers

Enhancement of the supply chain

The increasing need for the improving the supply chain is anticipated to be the major driver for the overall procurement software market. The complexity involved in the demand supply management is major concern for the various businesses. The suppliers are increasingly focusing on improving the business operations by the integration of the technology. The automation process improves the transparency and enables the customer to get the detail invoice of the product.

Technological development provides opportunities to key players

The growing technological development and increasing advancement in the technology provides key opportunities for the market players in order to establish themselves in the procurement software market. The key players are anticipated to garner opportunities related to the procurement software. This is anticipated to boost the growth of the overall procurement software market during the forecast period.

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Key Players

Tungsten Corporation plc
Zycus Inc.
Ivalua Inc.

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