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(Wireless-NewsWire.Com, September 20, 2017 ) The procurement software is the leading segment of the SCM market, and it accounted for nearly 32% of its market share in 2014. The market for the procurement software is growing which will improve the market share in the upcoming three to four years. The others segments accounting for 68% that include warehouse management services (WMS), transportation management systems (TMS), and supply chain planning (SCP).
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According to the latest Publisher report, the global procurement software market is witnessing a significant growth phase, and it is likely to post a CAGR of over 10% by 2019. The need for controlling and managing all the resources in the supply chain drives the market. Also, the demand for improved visibility in the selection of the resources and suppliers fosters its adoption in organizations.
As a result of the increasing costs in various operations of the supply chain, organizations are increasingly adopting automated procurement systems instead of recruiting procurement professionals.
Key trends inducing growth into the global procurement market
It has been observed that medium-sized enterprises, with annual revenues in the range US$100-750 million, are most active in the implementation of procurement software and are inclined toward using the cloud-based procurement software.
Large enterprises continue to invest in procurement applications while the trend suggests that medium-sized enterprises are implementing procurement software for the first time. The increase in the demand for cloud-based procurement software is a positive trend making an impact on the market. One of the growth drivers in the market is the need to consolidate and enhance the purchasing process. Procurement software allows the purchasing department in an organization to better leverage its purchasing power.
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Geographical segmentation of the procurement market
Americas
EMEA
APAC
The global procurement software market is expanding, and companies are ready to invest in software applications. In terms of revenue contribution, the Americas continues to hold the largest share of the market.
Leading market vendors for procurement software
Basware
Oracle
SAP
SciQuest
BirchStreet Systems, Capgemini, Coupa, Elcom, Epicor, jCatalog, JDA, GEP, GT Nexus, HighJump Software, IBM, Infor , Ivalua, Manhattan Associates, Proactis, Puridiom, Verian, and Wax Digital.
With the evolution of new technologies such as mobile, vendors are learning to exploit reverse actions to work with other vendors in the market. The increasing demand for mobile applications has created new opportunities to capture the sourcing opportunities.
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