Worldwide Procurement Software Market Shares, 2016: Year of Additions
This IDC study discusses the worldwide market for procurement software. This market has grown by 9% from $3.9 billion in 2015 to $4.3 billion in 2016. The increase is largely due to functional improvements made by procurement applications vendors in the procure-to-pay, sourcing, or supplier relationship management areas. In addition, there is a growing trend to have a suite of procurement products."Procurement is a critical component for business, with many companies utilizing their on-premises product as part of their ERP system. The most advanced procurement organizations have invested in cloud-based procurement suites because they recognize it isn't just tactical buying or sourcing but also supplier relationship management. These offerings are becoming more sophisticated as they connect to simplify commerce between buyers and sellers and are improving because of the consumer commerce market," says Mickey North Rizza, program vice president, Enterprise Applications.
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