Brooklyn, New York, Oct. 10, 2022 (GLOBE NEWSWIRE) -- Reports & Insights freshly released a new report entitled as “Procurement Software Market: Opportunity Analysis and Future Assessment 2022-2030”, in which the base year is considered for the study is 2021, the estimated year is 2022, and the forecasted year is considered 2023-2030. The global procurement market in 2022 is estimated for more than US$ 6.6 Bn and expected to reach a value of US$ 13.9 Bn by 2030 with a significant CAGR of 9.8%. The report promises to offer its clients with absolute across-the-board, premium quality primary data about the market prospects and in-depth knowledge of the trends prevailing in the market. The report further aims to provide a quantitative and qualitative synopsis of the theoretical framework and rational approach of the market expatiate using certified research methodologies and proficient expertise.
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Procurement Software Introduction
Procurement software can be perceived as software that offers an organization a bunch of tools to uphold the attainment of goods and services. The present-day procurement software is digital and allows employees to virtually request a purchase from anywhere all across the world. Procurement by and large implies releasing purchase orders as a form of framework and control. Procurement software comprises quite a few solutions that assist companies to rationalize their operations and keep up with the inventory.
Procurement software enables organizations to boost and sanction purchase orders, pick and order products or services, obtain and match orders and invoices, and online debt payments. In addition, the procurement software instruments allow organizations to carry out the ideal purchasing and pricing proceedings for their tender vendors, making it significant for organizations that need to obtain huge quantities of goods. With the carrying out of purchase software solutions, organizations can operate with suppliers, receive alerts, track events, and evaluate business intelligence data to obtain insight into the procurement procedure for forecasting and planning grounds. Owing all such beneficial factors and the growing demand for centralized procurement processes among organizations all across the globe is primarily driving the growth of the global procurement software market.
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Procurement Software Market Segmentation
The global procurement software market is segmented on the basis of deployment, software type, organization size, vertical, and region.
By Deployment
On-cloud
On-premise
By Software Type
Supplier Management
Contract Management
E-procurement
E-sourcing
Spend Analysis
By Organization Size
Small and medium size Enterprises (SME)
Large Enterprises
By Vertical
Travel & Logistics
IT & Telecommunications
Electronics
Automotive
Retail
Mining
Others
By Region
North America
Latin America
Europe
Asia Pacific
Middle East
Africa
Procurement Software Market Key Players
Some of the key participating players in the global procurement software market are Oracle, IBM Corporation, Coupa Software Inc., Epicor Software Corporation, Mercateo, SAP SE, Zycus Inc, Infor, Tungsten Corporation plc., OpusCapita Solutions Oy, Ivalua Inc., Epicor Software Corporation, Proactis Holdings Plc, SAP SE, JAGGAER, Tradeshift, Basware, BuyerQuest Holdings Inc., JDA Software Group, Inc., Emdadat, HCL Technologies
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