Worldwide Procurement Applications Forecast, 2018–2022
This IDC study examines the market for procurement software that is growing at a great clip, at a CAGR of 9.1%; it's expected to reach $7.3 billion by 2022. Demand for public cloud (at a CAGR of 16.9%) is clearly outpacing that for on-premises/other software (at a CAGR of -2.3%). However, the on-premises market remains significant as medium-sized and large enterprises are choosing to maintain existing software rather than disrupt the critical integrated processes and data required to procure the needed materials, parts, services, and supplies. Most of the on-premises procurement is part of legacy ERP implementations and will change as organizations digitally transform and ERP is moved to the cloud."Procurement applications continue to be extremely important to the overall business. Organizations recognize a cloud procurement suite that enables the business to do more with less while focusing on cost savings, and reducing supply risk is the way to go. As more intelligence from the supply base, the supply markets, and within the enterprise workflows come forward together, intelligent procurement systems will continue to drive growth in the market," says Mickey North Rizza, program vice president, Enterprise Applications.
Please Note: Extended description available upon request.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook