New York, NY -- (SBWire) -- 03/04/2021 --Increased need for process streamlining in the business, increasing strategic developments such as partnerships and agreements are key factors contributing to high CAGR of Procure to Pay Software Market during forecast period.
Market Size – USD 5.0 Billion in 2018, Market Growth - CAGR of 7.6%. Market Trends – Higher adoption of analytic solutions for process improvement to boost the Procure to Pay Software market.
The global Procure to Pay Software Market was valued at USD 5.0 Billion in 2018 and is expected to reach USD 9.2 Billion by year 2026, at a CAGR of 7.6%. Procure To Pay Software Market outlines the solutions and services used for the overall management of the procurement process. The (P2P) is the technique by which products and services are captured, purchased, received, paid and accounted for. It takes its name from the ordered sequence of procurement and financial processes, from the first steps to the final steps of payment.
P2Psystems are intended to give organizations control and visibility throughout a transaction's life cycle, offering complete insight into cash flow and economic obligations. Most businesses that use these schemes are looking for their procurement department to be centralized or to set up a shared service organization for the same purpose. The value chain of P2P software consists of indent management, e-Informing, e-Tendering, e-Auctioning, vendor management, catalogue management, Purchase Order Integration, Order Status, Ship Notice, e-invoicing, e-payment, and contract management.
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The competitive landscape of the market offers significant insight into the key market players operating in the Procure To Pay Software market. The segment covers market share, product portfolio, pricing analysis, and strategic business decisions taken by each market player. The report also includes the strategic steps and initiatives undertaken by the companies to combat the impact of the pandemic. The major companies explored in the report are Accenture, Infosys, GEP, Genpact, Proxima, WNS, Capgemini, IBM, Wipro, and others.
Further key findings from the report suggest:
- Procure To Pay software market is fastest growing at a CAGR of 2% in Asia Pacific owing to increasing number of connected devices and digital payments in developing countries such as India and China
- Strategic Sourcing segment is accounted to be the leading segment which is valued at USD 1.33 Billion in 2019,
- North America is the largest region with a share of 33.06% in the Procure To Pay software market due to the higher adoption of 5G technologies and digital payments and growing mobile penetration in Canada
- Large Organization segment is the fastest growing at a CAGR of 8.4% due to the availability of better resources, infrastructure and budgets
- Europe is expected to account for the 27.28% of the global Procure To Pay software market due to the increasing demand for e-procurement in European countries such as U.K., France, Japan, and Germany
- Manufacturing end user to account for the largest market size during the forecast period. Manufacturing companies are gradually implementing outsourcing procurement and technology-driven approaches that allow them to streamline their production procedures and attain substantial cost savings
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The report offers a comprehensive study of the regional bifurcation of the market and provides insightful data about the regulatory framework, current and emerging market trends, opportunities, supply-demand ratio, production and consumption volume, and the import/export ratio in each region. It also evaluates the presence of each market player in the region and strategic initiatives taken by the companies to gain a robust presence in the region. The regional segmentation covers country-wise analysis of the market and includes:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The research report on the global Procure To Pay Software market offers extensive analysis of the product spectrum and application scope of the business landscape. Based on the product type, the Procure To Pay Software market is split into:
Solutions (Revenue, USD Million; 2016–2026)
- Strategic Sourcing
- Spend Management
- Category Management
- Process Management
- Contract Management
- Transactions Management
Size of Organization (Revenue, USD Million; 2016–2026)
- Large Organization
- Small and Medium-Sized Enterprises
End Users (Revenue, USD Million; 2016–2026)
- Banking
- Telecommunication
- Healthcare
- Retail & ecommerce
- Manufacturing
- Others.
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Synopsis
1.2. Market Definition
1.3. Research Scope & Premise
1.4. Methodology
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
3.1. Virtual Mobile Infrastructure Architecture
3.2. Risk Analytics Ecosystem
Chapter 4. Procure To Pay Software Market Segmentation & Impact Analysis
4.1. Industrial Outlook
4.2. Market indicators analysis
4.2.1. Market drivers analysis
4.2.1.1. Increased need for process streamlining in the business
4.2.1.2. Higher adoption of analytic solutions for process improvement
4.2.2. Market restraints analysis
4.2.2.1. Data security and data privacy
4.2.2.2. integration of leagacy systems with modern applications and solutions
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
Continue.....
Key findings of the report:
- Historical and current trends of the market
- Factors likely to influence the dynamics of the market
- Growth assessment of various market segments throughout the forecast period
- Regional and global analysis of the market players including their market share, revenue contribution, and global position
- Growth strategies adopted by key market players to combat the impact of COVID-19 pandemic on the market
- Impact of the technological developments and R&D advancements on the Procure To Pay Software market
- Strategic recommendations to the established market players and emerging companies
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To summarize, the report provides insightful data regarding every aspect of the market to enable the players to gain a competitive edge. The report comprises of data and information gathered from extensive primary and secondary research and is validated and verified by industry experts and professionals. The data provides reliable statistics for the period of 2020-2027 organized in the form of tables, charts, graphs, diagrams, and other graphical representations.
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Procure to Pay Software Market Demand, Statistics, Business Opportunities, Competitive Landscape and Industry Analysis Report by 2026: Top Players- Accenture, Infosys, GEP, Etc.
The global Procure To Pay Software Market was valued at USD 5.0 Billion in 2018 and is expected to reach USD 9.2 Billion by year 2026, at a CAGR of 7.6%.