Procurement Software Market Growth Forecast at 10% CAGR to 2019

Nov 02, 2015, 11:45 ET from Sandler Research

PUNE, India, November 2, 2015 /PRNewswire/ --

The procurement software market is witnessing a significant growth phase, and it is likely to post a CAGR of over 10% by 2019 as with the evolution of new technologies, 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.

Complete report on procurement software market spread across 54 pages, analyzing 4 major companies and supported with 23 data exhibits is now available at http://www.sandlerresearch.org/global-procurement-software-market-2015-2019.html.

According to the procurement software market report, global expansion has led to distance between customers and vendors, increasing lead-time and resulting in disruption of product delivery. Analysts say that organizations use advanced sourcing applications to reduce supply chain costs by cutting down expenditure on goods and services, and streamlining procure-to-pay processes. The majority of software vendors are developing features after filtering the common qualifiers, thus maintaining a balance with the reverse action. Users are adopting more of these sourcing applications to evaluate suppliers against preset criteria.

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. Order a copy of Global Procurement Software Market 2015 - 2019 report at http://www.sandlerresearch.org/purchase?rname=45865.

The global procurement software market is expanding, and companies are ready to invest in software applications. In terms of revenue contribution, the Americas continue to hold the largest share of the market. Companies mentioned in this report include Basware, Oracle, SAP (Ariba) and 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. Further, the report states that the inability of departments to co-operate with each other decreases visibility of operations and leads to poor results.

On a related note, analysts forecast the Global Procurement Outsourcing Market to grow at a CAGR of 22.48% to 2018. The Global Procurement Outsourcing Market 2014-2018 report segments the industry into Stand-alone procurement outsourcing and procurement outsourcing as a part of BPO services offered. Companies like Accenture plc, GEP, Genpact Ltd., IBM Corp., Xchanging plc, Aegis Ltd., ATS Group, Capgemini S.A, CGI Group, Corbus LLC, CSC Corp., DSSI, HCL Technologies, Hewlett-Packard Co., Infosys Ltd., Optimum Procurement Group, Proxima, Synise Technologies Ltd., Tata Consultancy Services Ltd., TechMahindra Ltd., Wipro Ltd., WNS Holdings Ltd. and Xerox Corp. are mentioned in this research available at http://www.sandlerresearch.org/global-procurement-outsourcing-market-2014-2018.html .

Explore more reports on Software and Services at http://www.sandlerresearch.org/market-research/information-technology/software-and-services.

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