Procurement Software Market Industry Size, Statistics, Regional, Demand, Development Status, Opportunities Forecast 2021 to 2030

In a recently published report, Kenneth Research has updated the market report for Procurement Software Market for 2021 till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan, and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain take the worst hit, and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Procurement Software Market products.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

The procurement software is primarily used for the execution of the online ordering process and matching the invoices of the materials obtained by the orders. It helps to pay the bills electronically. Procurement software automates the whole process starting from the purchasing to the management of the inventory. It approves the online orders, match the invoice and track all the scheduled payments. It generates electronic requests for the proposal and it also enables the electronic requests for the information and quotation. It applies the integrate business solutions in order to improve the overall business.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

The advantage of using the procurement software is that it reduces the external cost associated with the process and also enhances the process efficiencies.

Market Size and Forecast

The global procurement software market is observing vibrant growth on the account of increasing demand from the various organizations in order to enhance the sales channel. The suppliers are enhancing the various delivery models in order to increase the sales channels. Additionally, the application of the procurement software improves the transparency in the generation of the invoices and automates the procurement activities.

Procurement software market is anticipated to record a CAGR of 8.5% over the forecast period. The procurement software market is anticipated to showcase a vibrant growth by the end of the forecast period. The global procurement software market is segmented on the basis of deployment and end-use. On the basis of deployment, it is sub-segmented into on-premises and cloud. On-premise is anticipated to be the largest sub-segment during the forecast period. The large installations of the procurement software on the on-premise is anticipated to be the major reason fostering the growth of the sub-segment. However, the cloud based procurement software is anticipated to record the highest CAGR during the forecast period. On the basis of end-user, it is sub-segmented into defense industry, telecom industry, manufacturing plants and others.

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Key Players

Tungsten Corporation plc
Zycus Inc.
Ivalua Inc.

Growth Drivers

Enhancement of the supply chain

The increasing need for the improving the supply chain is anticipated to be the major driver for the overall procurement software market. The complexity involved in the demand supply management is major concern for the various businesses. The suppliers are increasingly focusing on improving the business operations by the integration of the technology. The automation process improves the transparency and enables the customer to get the detail invoice of the product.

Technological development provides opportunities to key players

The growing technological development and increasing advancement in the technology provides key opportunities for the market players in order to establish themselves in the procurement software market. The key players are anticipated to garner opportunities related to the procurement software. This is anticipated to boost the growth of the overall procurement software market during the forecast period.

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About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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