Global Market Study on Procure to Pay (P2P) Solutions: Growing Demand for e-Invoicing Software Propelling Market Growth


Procure To Pay P2-p Solutions  Market
  • Published On : May-2020 |
  • Pages : 300 Pages |
  • Format : Procure To Pay P2-p Solutions  Market Procure To Pay P2-p Solutions  Market Procure To Pay P2-p Solutions  Market Procure To Pay P2-p Solutions  Market

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.

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.

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.

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.

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.

Analysts’ Viewpoint

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 20202030. 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 (P2P) Solutions Market: Report Scope

The research study on the procure to pay (P2P) solutions market offers a close look at the evolving aspects of the market, as well as the dynamics impacting market growth. The research study focuses on key developments that have made their mark in the procure to pay solutions market, and other developments that are on the cards. The report talks about various macro- and micro-economic factors responsible for having an in-depth impact on the growth of the procure to pay solutions market.

A direct market overview provides the growth scenario and market potential with maximum precision, which is adjudged with suitable assumptions. The report features unique and relevant factors that are likely to have a significant impact on the procure to pay solutions market during the forecast period. This report includes a detailed and considerable amount of information, which will help new manufacturers in the most comprehensive manner for better understanding.

Several stakeholders in the procure to pay solutions market can rely on the data offered in this research study and delve into pragmatic decision-making. Moreover, information offered in the P2P solutions market report also helps new market entrants in expanding their bases in the market.

The report elaborates the historical and current trends molding the growth of the procure to pay solutions market. The performance journey of the market has been drawn and analyzed in way that the lucrative side is evident to readers. The competitive landscape presented in the P2P solutions market report gives a detailed outlook of the profiles of key companies operating in the market, along with their differential strategies and key focus areas.

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.

Component

  • Integrated Procure to Pay (P2P) Suites
  •  Software
    • Purchase Requisition Software
    • Purchase Order Management Software
    • Invoicing Management Software
    • Contract Management Software
    • Vendor Management Software
  •  Services
    •  Integration & Deployment
    •  Consulting
    •  Support & Maintenance

Deployment

  • Cloud
  •  On-premise

Enterprise Size

  • Small & Mid-sized Retailers
  • Large Retailers

End User

  • BFSI
  • Automotive 
  • Energy & Utilities
  • IT & Telecom
  • Retail 
  •  Pharmaceuticals 
  • Others (Media & Entertainment, Education)

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

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?

Procure to Pay Solutions Market: Research Methodology

A unique and promising research methodology forms the base of the P2P solutions market during the forecast period. The report has been prepared after a comprehensive analysis of the market happenings, and then, riveting insights have been compiled meticulously. The research methodology of the procure to pay solutions market has been a two-step process that comprises primary and secondary research. Key stakeholders such as include manufacturers, suppliers, and distributors, and experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, GM marketing professionals, and sales professionals have been interviewed.

Secondary sources referred to garner report findings include investor presentations of manufacturers, World Bank, and many other credible sources.

Companies covered in Procure To Pay P2-p Solutions Market Report

  • Coupa Software Inc.
  • Oracle
  • SAP SE
  • Ivalua
  • GEP
  • Basware
  • Jaggaer
  • Zycus
  • Wax Digital
  • Tradeshift
  • Determine
  • Synertrade
  • Proactis

Procure To Pay P2-p Solutions Market

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