Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
The global procurement software market was valued at USD XX Mn in 2019 to an estimated value of USD 16343.2 Mn by 2028, at a CAGR of 9.76% for 2020-2028.
Vital factors contributing to the global procurement software market are means of supply chain management consolidation supporting in a reduction of complexities in business operations. The remarkable increase in demand is observed by organizations because of the increased need for automated procurement processes. By the enforcement of procurement software, there are a significant amount of opportunities to have emerged for businesses that would drive this software market. Because of the procurement software market, there is a dip in the quality control and it requires extensive training to operate on the complex processes that are enshrined in the business operations.
The procurement software market is observing its market demand phase because it reduces various activities involved in the business processes. It could efficiently handle order processing, purchase orders, matching bills of transactions, and optimize its resource allocations, among others that are boosting the market demand across the globe. This technology has also been stimulated its market as it decreases the life cycle of the procurement process of various industry segments.
There is an emergence of new business models that are contributing to the demand growth of the procurement software market. Such advents in the business models are creating certain key factors supporting market development. It enables businesses to ease their procurement process from the remote location that increases the company's market value.
The procurement software market is stimulated by the rise in the required supplier management and sales are fulfilled through the means of this software. However, companies are unable the tap the suppliers efficiently being one of the key restraints. But it could be eliminated by considerable operations procedures enforcement and training personals for boosting the efficacy of organizations. Businesses are entering into strategic partnerships and adopting mobile applications which are significantly contributing to the market demand of the procurement software market. Such market entry strategies are also creating emerging opportunities for organizations to increase their market growth potential.
Cloud-Based Procurement Software is projected to Hold significant Market Share in Global Markets.
On-premises and other software procurement offerings accounted for a market share of around 44.7% and cloud-based software accounts for more than 50% in 2019. It has been observed that the market for cloud-based procurement software is outpacing the market of the on-premise market irrespective of the region. The trend of public/cloud-based software accounts to be having a significant amount of market share increase in the forecast period.
Moreover, the professionals could be able to adapt and initiate their processes by procurement software because of its ease of use fueling its market share. This market segment is also getting its highest market demand because cloud-based procurement software has frequent updates, such are AI, Neural networks and machine learning that could ease processes. Through these systems, the company could be able to make intelligent decisions. Therefore this segment is expected to the evolving and has considerable partners across the supply chain process.
The intelligent procurement software solutions segment is grabbing the attention of organizations. This segment has the potential to revolutionize the amicability in the procurement process market in real-time. This enables businesses to manage their resources such as humans and materials to reduce the cost and life-cycle. As the workforce is being significantly becoming technical acknowledge hence looking out for tech-savvy at their workplace. Thus end-user segment is observed to be driving the market because they are looking out for a means which offers an intuitive user experience.
North-America to Dominate Global Markets:
In the procurement software market, the US is projected to have a higher market share during the year 2019 with a revenue share of 52.2%. This region is about a dip in its market value because of the advent of emerging economies across the globe. North America is observed to be having 9.1% of CAGR from 2019 to 2028. Due to the presence of prominent in this region, there is remarkable market growth in recent times. There is a higher request for the centralized system for managing procurement processes in this region because of which this market is stabilized recently.
Growth is projected for the European region for procurement software because of the predominant growth of IT and communications market establishments. Thus, this region is expected to have an expansion of organizations and the need for such software is required to ease their supply chain processes. The market has a market share of 35.2% during 2019 which stands as the second-most anticipated market share for this market. Asia-Pacific has the third-largest market share of12.1% among others due to its technological advancements and new establishments rising during 2020-2028.
Amid heavy competition in the procurement software market SAP has an acquired highest market share among others. It has a market share of 25.6% with a CAGR of 4.1% that has been fueling the market for small and medium enterprises and has revenue generated of USD 335.1 million with a net income of USD 33.2 million in 2011. Thus the organization has observed to be having a greater market share during 2020-2028.
Procurement software market has a higher competitive companies that are driving this market includes; 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.
Key market segmentation of Procurement software:
- Strategic Sourcing
- Supplier Network
- Contract Management
- Training and support
By Deployment Type
- Asia Pacific
- Middle East & Africa