Procurement Software Market
Major businesses across various industry verticals are aiming at improvement of their procurement mechanisms. As result, a gradual shift is seen from conventional procurement techniques toward digitalization. Furthermore, a growing focus of businesses to achieve error-free procurement process is generating sizeable increase in demand for procurement software systems.
Procurement software refers to a digital platform that allows efficient management of various procurement needs of a particular organization. The procurement software is gaining noteworthy traction from various businesses from all across the globe. This growth can be attributed to different benefits this software offers. Procurement software helps users improve overall activities involved in the procurement mechanism and supports in maintaining transparency in all these activities. The main objective of this tool is to help companies achieving a standard production supply at the lowest prices.
Majority of enterprises operating in the procurement software industry are pouring efforts toward the development of superior quality products. As a result, they are seen engaged in the research and development activities. Moreover, several enterprises are focused on gaining leading position in the procurement software industry. Thus, they are growing participation in merger and acquisition activities. On the back of all these activities, the global procurement software market is estimated to expand at moderate pace in the years to follow.
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.
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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
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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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.