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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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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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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.
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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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.
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.
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The Procure to Pay (P2P) Solutions market is estimated to be worth US$ 14.2 Bn by the year 2031.
The global Procure to Pay (P2P) Solutions market is expected to witness a CAGR of 11% between 2021 and 2031.
The global Procure to Pay (P2P) Solutions market witnessed a CAGR of 9% between 2015 and 2020.
The latest trend is that of demand for cloud-based Procure to Pay (P2P) suites amongst the small- and medium-scale enterprises, that too, inclusive of sourcing, product requisitioning, invoicing, and payments.
Adoption of e-invoicing solutions al cross is driving the demand for Procure to Pay (P2P) Solutions.
The top 5 players like Coupa Software Inc., Oracle, SAP SE, Ivalua, and GEP hold more than 25% of the market share.
The top 5 countries driving demand include the US, UK, India, China, and Australia.
North America holds more than 35% of the market share sue to the US dominating the market.
Europe is expected to register growth at the rate of 8% in the Procure to Pay (P2P) market between 2021 and 2031.
The US is the key provider of Procure to Pay (P2P) solutions.
