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Global Procurement Software Market 2017-2021

Global Procurement Software Market 2017-2021

About Procurement Software

Procurement software is a program that allows organizations to automate the process of purchasing resources and managing inventory. The software generates and approves purchase orders, selection, and ordering of product or service; matches invoices for materials received; and tracks all payment schedules. It is used for a range of applications, from shopping carts to highly complex SCM applications for global enterprises.

Technavio’s analysts forecast the global procurement software market to grow at a CAGR of 10.16% during the period 2017-2021.

Covered in this report

The 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.

The market is divided into the following segments based on geography:

  • Americas
  • APAC
  • EMEA
Technavio's report, Global Procurement Software Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • Basware
  • IBM
  • Oracle
  • PROACTIS
  • SAP
  • SciQuest
Other prominent vendors
  • BravoSolution
  • BuyerQuest
  • Coupa Software Inc.
  • Elcom
  • Epicor
  • Infor
  • IQNavigator
  • Ivalua
  • JDA Software
  • Manhattan Associates
  • OpusCapita
  • Tradeshift
  • Tungsten Network
  • Vinimaya
  • Zycus
Market driver
  • Need for automation of procurement process.
  • For a full, detailed list, view our report
Market challenge
  • Integration of cross-functional departments.
  • For a full, detailed list, view our report
Market trend
  • Increase in cloud-based procurement services.
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2021 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?


Press Release

Technavio Announces the Publication of its Research Report – Global Procurement Software Market 2017-2021

Technavio recognizes the following companies as 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.

Commenting on the report, an analyst from Technavio’s team said: “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 modeling 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. Analytical services help organizations to resolve the issues of fraud and errors through automated fraud detection systems embedded with analytical tools. Companies are working to ensure profitability and right vendor selection to purchase goods or services. In addition, some organizations are working with data analytics companies to gain insights about the supplier, market, and category of the procurement process, which helps them to recognize the aspects of cost reduction.”

According to the 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. Business-to-business (B2B) standards are evolving, so procurement software vendors need to support many different business processes within a customer’s supply chain. Also, several companies are changing their business strategies, which require inventory planning and software that can support this.

Further, the 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 have come across difficulties to hire procurement professionals for this sector over the past 12 months. Developing countries such as China and India are still lagging in terms of adoption of the software, due to the lack of skilled procurement professionals. Even the few that have adopted this software do not have sufficient knowledge on how to use it to its optimum efficiency.

Companies Mentioned

Basware, IBM, Oracle, PROACTIS, SAP, SciQuest, BravoSolution, BuyerQuest, Coupa Software, Elcom, Epicor, Infor, IQNavigator, Ivalua, JDA Software, Manhattan Associates, OpusCapitam, Tradeshift, Tungsten Network, Vinimaya, Zycus.

  • Executive summary
  • Scope of the report
    • Base year
    • Market segmentation
      • Table Major countries covered
    • Summation errors
    • Top-vendor offerings
      • Table Product offerings
  • Market research methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
      • Table Processes involved in acquiring goods or services
  • Market description
    • Procurement
    • Procurement value chain
      • Table Procurement value chain
    • Methods of procurement
    • Processes involved in procurement
    • Pricing of procurement software
      • Table Pricing of procurement software per user 2016-2021 ($)
    • Types of procurement software
  • Market landscape
    • Market overview
      • Table SCM overview
    • Supply chain network
      • Table Supply chain network
    • Market size and forecast
      • Table Global procurement software market 2016-2021 ($ billions)
  • Market segmentation by deployment type
    • Global procurement software market by deployment type
      • Table Global procurement software market by deployment type 2016 and 2021
      • Table Global on- premise procurement software market 2016-2021 ($ billions)
      • Table Global cloud procurement software market 2016-2021 ($ billions)
      • Table Comparison of cloud and on-premises solutions
  • Geographical segmentation
    • Global procurement software market by geography 2016
      • Table Global procurement software market by geography 2016
    • Global procurement software market by geography 2016-2021
      • Table Global procurement software market by geography 2016-2021
    • Americas
      • Table Global procurement software market in Americas 2017-2021 ($ billions)
    • EMEA
      • Table Global procurement software market in EMEA 2016-2021 ($ billions)
    • APAC
      • Table Global procurement software market in APAC 2016-2021 ($ billions)
  • Market drivers
  • Impact of drivers
    • Table Impact of drivers
  • Market challenges
    • Lack of skilled professionals
    • Integration of cross-functional departments
    • High cost of ownership
    • Uncertain economic conditions
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
  • Five forces analysis
    • Table Five forces analysis
  • Vendor landscape
    • Competitive landscape
    • Vendor matrix
      • Table Deployment model provided by procurement software vendors
      • Table Features provided by procurement software vendors
      • Table End-user support provided by procurement software vendors
      • Table Geographical presence of procurement software vendors
      • Table Customer base of procurement software vendors
    • Comparative chart for technology providers
      • Table Comparative petal chart for procurement software vendors
  • Key vendor analysis
    • Basware
      • Table Basware procurement product and features
      • Table Basware: Recent developments
    • IBM
      • Table IBM procurement product and features
      • Table IBM: Recent developments
    • Oracle
      • Table Oracle procurement products and features
      • Table Oracle: Recent developments
    • PROACTIS
      • Table PROACTIS: Procurement products and features
      • Table PROACTIS: Recent developments
    • SAP
      • Table SAP procurement products and features
      • Table SAP: Recent developments
    • SciQuest
      • Table SciQuest procurement products and features
      • Table SciQuest: Recent developments
    • Other prominent vendors
      • Table Other prominent vendors
  • Appendix
    • List of abbreviations
  • Explore Technavio

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