World Procurement Software Market (10.16% CAGR) to 2021

ReportsnReports.com adds Global Procurement Software Market 2017-2021 latest research report; the analysts forecast global procurement software market to grow at a CAGR of 10.16% during the period 2017-2021.

January 31, 2017 /MarketersMedia/ —

The global procurement software market analyst says one trend in market is increased use of procurement analytics. Analytics is one of the fastest emerging trends in the P2P outsourcing market. Analytical solutions use statistical modelling tools and methodology for the in-depth analysis of procurement process. Advanced analytical tools such as predictive analytics provide insights related to procurement process by clustering many factors anticipated in the SCM systems. The insights provided by the advanced analytical tools help CPOs in their key decision making process. The complexities in the supply chain process are increasing in organizations due to increase in number of suppliers and range of materials that are being procured. There is also rising threat from numerous transactional frauds in the process and errors in the procurement process management systems.

Complete report on procurement software market spread across 75 pages, analyzing 6 major companies and providing 39 data exhibits are now available at http://www.reportsnreports.com/reports/832189-global-procurement-software-market-2017-2021.html

According to the procurement software market report, one driver in market is consolidation of SCM process. Since 2012, supply chains have become complex. Many suppliers cater to different industries globally, making it necessary for them to reduce the complexity of their supply chains. Procurement software helps users integrate business processes and improve the value of businesses. Chief procurement officers prefer this solution for ensuring transparency in financial supply chains and contract details and for generating invoices to complete payments. This is done by integrating e-sourcing and procurement software, where the software works with the finance department of an organization to improve the balance sheet as well as offer early payment discounts to suppliers, thus reducing supply risk. This helps the organization improve the visibility of resources of the supply chain.

The following companies are the key players in the global procurement software market: Basware, IBM, Oracle, PROACTIS, SAP, and SciQuest. Other prominent vendors in the market are: BravoSolution, BuyerQuest, Coupa Software, Elcom, Epicor, Infor, IQNavigator, Ivalua, JDA Software, Manhattan Associates, OpusCapitam, Tradeshift, Tungsten Network, Vinimaya, and Zycus. Order a copy of Global Procurement Software Market 2017-2021 report @ http://www.reportsnreports.com/purchase.aspx?name=832189

The global procurement software market was valued at over USD 4 billion in 2016 and is expected to surpass USD 6 billion by 2021. Vendors are offering software solutions that help organizations to automate procurement activities which in turn increase the demand for products in the global market. These activities include automation of invoice management systems, electronic requisitioning process, order management process, and other procurement related activities.

Global Procurement Software Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global procurement software market for 2017-2021. To calculate the market size, the report considers the revenue generated from software subscriptions, installations, updates, licenses, maintenance costs, and professional services to calculate the market size.
Further, the procurement software market report states that one challenge in market is lack of skilled professionals. Procurement software is complex, and end-users need extensive training to use it. This slows down the procurement cycle and reduces procurement efficiency. For instance, in 2015, more than 70% of the business in the UK has come across difficulties to hire procurement professionals for this sector over the past 12 months.

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Release ID: 165689