The "Procurement Software Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The procurement software market is expected to register a CAGR of 10.2% during the forecast period (2020 to 2025).
The growth of the market is attributed to the increasing demand for centralized procurement processes and the consolidation of supply chain management (SCM). Moreover, the market also seeks opportunities owing to the growth in mobile procurement applications.
Proactis Holdings PLC
Epicor Software Corporation
Ginesys (Ginni Systems Limited)
Coupa Software Inc.
GT Nexus (Infor Inc.)
Key Market Trends
Retail Industry to Witness Highest Growth
The retail segment is presumed to hold the maximum market share over the next few years. The intensified need for efficient inventory management in the retail sector is likely to aid demand generation across the forecast period.
Procurement software helps retailers to integrate business processes and improve the overall value of businesses. It facilitates transparency in financial supply chains and contract details for generating invoices to complete payments.
Procurement software tools enable retail companies to automate procurement tasks and procure best rates from vendors for their tender, making it essential for retail companies that need to procure a large volume of goods. With the implementation of procurement software solutions, companies can collaborate with suppliers, track events and get alerts, and analyze business intelligence data to gain insights into the procurement process for forecasting and planning purposes.
Moreover, this technology simplifies the decision-making process that concerns demand and sales forecast by consolidating supply chain and facilitating inventory management. Also, it offers advantages such as minimum operational cost, higher operational efficiency, etc. which are presumed to increase the growth pace of the market in the retail industry in upcoming years.
For instance, Companies like Ginesy offer POS software, which is user-friendly, and it supports fast billing features. It also provides a quick and easy approach to billing with continuous data synchronization. It is being used by the top retail companies in India, making it the best POS software in India.
North America Accounts for Highest Market Share
North America dominates in the global marketplace owing to the rising demand for centralized procurement processes. Also, the consolidation of companies incorporated in the region is expected to provide an impetus to market growth in the years to come.
Moreover, the presence of the market players involved in providing services of procurement software, such as Oracle and Microsoft, are located in North America, which further boosts the market growth in the region.
The growth of new business insights contributes to the expansion of the market studied in the United States, as various data sources increase. Many companies are leveraging big data to improve customer experience, enhance marketing, identify fraud and waste, and achieve other results that directly strengthen business performance.
According to Auburn University's Harbert College of Business, the US retailer's growth is expected to foster its investment in supply chain management and are rigorously trying to enhance the customer experience which is likely to boost the market growth.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Improving Supplier Discovery and Relationship Management
4.2.2 Increasing Adoption of Advanced Retail Sourcing and Procurement Solutions
4.3 Market Challenges
4.3.1 Complexity Regarding Integration with Existing System and Supplier On-boarding
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.5 Assessment of Impact of Covid-19 on the Global Procurement Software Market
5 RELEVANT USED CASES AND CASE STUDIES
6 MARKET SEGMENTATION
6.1 Deployment Type
6.2 End-user Industry
6.2.3 Transportation and Logistics
6.2.5 Other End-user Industries
6.3.1 North America
6.3.4 Rest of the World
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/w48flq
View source version on businesswire.com: https://www.businesswire.com/news/home/20210126005663/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900