- Market Research
- Procure to Pay (P2P) Solutions Market is Segmented by components such as Integrated Procure to Pay (P2P) Suites, Software includes Purchase Requisition Software, Purchase Order Management Software, Invoicing Management Software, Contract Management Software, Vendor Management Software having services such as Integration and Deployment, Consulting, Support and Maintenance with deployment methods such as Cloud, On-premise
Nowadays, organizations have begun adopting cloud-based procure to pay (P2P) solutions, as they automate and manage the source to pay process rapidly. Similar to other solutions allowed on SaaS, there are many online procure to pay software offered by these platforms.
Cloud-based procure to pay solutions are growing in demand because the software gives real-time information, removing the potential for errors and inaccuracies. SaaS-based procurement solutions offer adaptability for small businesses regarding scalability and flexibility, hence driving the growth of the procure to pay solutions market.
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- Coupa Software Inc.
- SAP SE
- Wax Digital
Increasing Adoption of Contract Management Software – Key Market Trend
Contract management software are useful for enterprises in terms of flexibility, enterprise-wide capability, and usability. The most essential feature of contract management software is that it enables employees at multiple locations access contracts at one place.
Traditionally, the contract management process proves to be very time-consuming for a company, which facilitates the need for automated and effective contact management software.
Moreover, this software supplies data from the contract to the transaction system to execute ordering, invoicing, or purchasing transactions correctly in the contract portfolio. As such, rising demand for contract management software is increasing the growth of the procure to pay solutions market.
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Advancements in Digital Technology to Support Market Growth
The biggest advantage of digital technology develops from its ability to optimize supply chain performance by integrating data from distributors, suppliers, and customers in real-time. Digitalizing the procurement process includes digital procurement, requests for quotations, analysis of supplier finance, and e-signature verification.
Digital procurement solutions help organizations generate new insights and strategies to uncover new sources of value, increase efficiency and effectiveness, and deliver assurance of supply and successful risk mitigation.
The adoption of high-quality and time-saving software, such as invoice recording, e-invoicing software, and purchase requisition software solutions contributes to the growth of the P2P solutions market size.
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Regional Analysis of Procure to Pay Solutions Market
In terms of value, the procure to pay solutions market in North America led the global market in 2019. The market in South Asia Pacific is expected to record the highest growth rate over the forecast period and increase its global procure to pay solutions market share, owing to increasing adoption of cloud-based procure to pay solutions and other tools by small enterprises in Asian countries to perform advanced solutions effectively and quickly.
The factor that is contributing to the growth of the market is the rise in the adoption of procure-to-pay solutions in the retail sector in Asian countries. Increasing demand for procure to pay solutions in small and medium enterprises is anticipated to boost market growth considerably in the region.
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Procure to Pay Solutions Market – Competition Landscape
The introduction of technologies and innovations, and partnerships, are key strategies being followed by top players in the procure to pay solutions to increase their business revenue. Some of the leading players operating in the global procure to pay solutions market are Coupa Software Inc., Oracle, SAP, Ivalua, GEP, Basware, Jaggaer, Wax Digital, and Zycus.
In this market study, the global procure to pay solutions market is tracked in terms of market value, and is correlated and adjusted to obtain market revenue estimates for the forecast period of 2020–2030. The global procure to pay solutions market is anticipated to witness an increase in revenue from US$ 5.6 Bn in 2020 to US$ 13.7 Bn by 2030. North America held the highest share of 32% in terms of market value in the global procure to pay solutions market in 2019. The South Asia Pacific region will offer lucrative opportunities to players in the procure to pay solutions market through 2030. However, in the short term, due to the global Covid-19 pandemic, growth of the P2P solutions market will be severely affected, and recovery is expected not before Q1, 2021.
Procure to Pay Solutions Market: Segmentation
PMR’s research study on the global procure to pay solutions market offers an elaborate market segmentation, wherein, key segments have been discussed in detail. The segmentation of the P2P solutions market has been offered on the basis of component, deployment, enterprise size, end user, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
Procure to Pay Solutions Market: Key Questions Answered
The research study on the procure to pay solutions market offers inclusive insights about the growth of the market in the most comprehensible manner for better understanding of the users. Key insights offered in the report answer some of the most salient questions that assist stakeholders in gauging all emerging possibilities.
- How does the rapidly changing business environment turn into a major growth engine for the procure to pay solutions market?
- How is ensuring compliance with industry regulations boosting the P2P solutions market growth?
- What are the key trends constantly shaping the growth of the procure to pay solutions market?
- Which are the prominent regions offering plentiful opportunities for the procure to pay solutions market?
- What are the differential strategies adopted by key players to command a significant chunk of the global market share?
- How is the COVID-19 pandemic impacting the global P2P solutions market?