Procure To Pay Software Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032

  • Report ID: ME_00131830
  • Format: Electronic (PDF)
  • Publish Type: Publish
  • Number of Pages: 250
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Market Snapshot

CAGR:6.42
2023
2032

Source: Market Expertz

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Study Period 2019-2032
Base Year 2023
Forcast Year 2023-2032
CAGR 6.42
Information & Technology-companies
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Report Overview

The Procure To Pay (P2P) Software Market is poised for substantial growth, with an estimated Compound Annual Growth Rate (CAGR) of 6.82% between 2022 and 2032. The market size is projected to expand by USD 8,975.73 million during this period. The driving forces behind this growth include the increasing adoption of digital procurement solutions, the need for streamlined and efficient procurement processes, and the demand for transparency and compliance in purchasing activities.

Procure To Pay Software Market Overview:

Drivers:

One of the primary factors propelling the growth of the P2P software market is the rising demand for digitization in procurement processes. Organizations across various industries are recognizing the benefits of digital solutions in enhancing procurement efficiency, reducing manual errors, and enabling seamless collaboration between procurement stakeholders.

Furthermore, the need for optimized procurement operations and cost savings is encouraging businesses to adopt P2P software to automate and standardize purchasing processes. By leveraging technology to manage procurement workflows, companies can achieve better control over spend, negotiate favorable terms with suppliers, and improve overall procurement performance.

Trends:

The integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies into P2P software is a key trend shaping the market growth. AI-powered P2P systems can analyze historical procurement data to identify patterns, predict future demand, and optimize inventory levels. Additionally, AI-driven algorithms can enhance supplier selection, risk assessment, and contract management, contributing to more informed procurement decisions.

The increasing demand for end-to-end visibility in procurement activities is also driving the adoption of blockchain technology within P2P software. Blockchain's ability to provide secure and tamper-proof transaction records enhances transparency and trust in supply chain processes, reducing the likelihood of fraud and errors.

Restraints:

Despite the promising growth prospects, challenges persist in the P2P software market. Integration complexities with existing enterprise resource planning (ERP) systems and legacy procurement tools can hinder the seamless adoption of new P2P solutions. Ensuring data synchronization and compatibility across different software platforms remains a critical hurdle for many organizations.

Moreover, resistance to change and lack of awareness about the benefits of P2P software among traditional procurement professionals can slow down the adoption rate. The transition from manual to automated processes requires investment in training and change management strategies.

Procure To Pay Software Market Segmentation By Application: The adoption of P2P software is particularly significant in the manufacturing sector, where efficient procurement processes are essential to ensure uninterrupted production. P2P software solutions can help manufacturers streamline supplier management, optimize inventory levels, and reduce procurement cycle times. Additionally, the software's analytics capabilities can provide insights into supplier performance, enabling manufacturers to make data-driven decisions for supplier collaboration and negotiation.

Procure To Pay Software Market Segmentation By Type: Among the various types of P2P software, the demand for cloud-based solutions is on the rise. Cloud-based P2P software offers scalability, flexibility, and remote accessibility, making it an attractive choice for businesses of all sizes. The ability to access procurement data and manage purchasing activities from anywhere contributes to the growing adoption of cloud-based P2P solutions.

Regional Overview:


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North America is expected to dominate the P2P software market, accounting for a significant share of the global revenue. The region's advanced technological infrastructure, mature procurement practices, and increasing awareness about the benefits of digital procurement solutions are driving the adoption of P2P software among businesses.

Europe also holds a substantial market share due to the presence of established industries with complex procurement requirements. The emphasis on compliance and risk management in procurement processes further fuels the adoption of P2P software in this region.

Procure To Pay Software Market Customer Landscape: The P2P software market report delves into the customer adoption journey, ranging from early adopters to those who are slower to embrace new technologies. It highlights the factors influencing purchase decisions and the varying levels of price sensitivity among different customer segments. This understanding helps companies tailor their marketing and sales strategies to effectively target and engage potential customers.

Major Procure To Pay Software Market Companies: Industry players are employing diverse strategies such as partnerships, acquisitions, geographic expansion, and product/service innovation to strengthen their market presence.

  • SAP SE: Offers SAP Ariba, a comprehensive P2P software suite that enables businesses to streamline procurement processes, manage supplier relationships, and enhance spend visibility.
  • Coupa Software Inc.: Provides a cloud-based P2P platform that covers procurement, expenses, and supplier collaboration, empowering organizations to achieve greater control and savings across their procurement operations.
  • Oracle Corporation: Offers Oracle Procurement Cloud, a suite of applications that facilitates seamless procurement transactions, supplier management, and sourcing optimization.

The competitive landscape analysis includes insights into the strategies and strengths of key players in the P2P software market:

  • Jaggaer
  • Ivalua Inc.
  • GEP Worldwide
  • Basware Corporation
  • Zycus Inc.
  • Proactis Holdings Plc
  • BravoSolution SPA
  • SciQuest Inc.
  • Tradeshift Holdings Inc.
  • BirchStreet Systems Inc.

Segment Overview:

The P2P software market report provides a detailed revenue forecast at global, regional, and country levels, accompanied by analyses of emerging trends and growth opportunities from 2019 to 2032.

  • Application Outlook (USD Million, 2019 - 2032):
    • Manufacturing
    • Healthcare
    • Retail
    • IT & Telecom
    • Others
  • Type Outlook (USD Million, 2019 - 2032):
    • On-Premises
    • Cloud-based
  • Geography Outlook (USD Million, 2019 - 2032):
    • North America
      • United States
      • Canada
    • Europe
      • United Kingdom
      • Germany
      • France
      • Rest of Europe
    • Asia-Pacific
      • China
      • India
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa
      • Saudi Arabia
      • South Africa

TABLE OF CONTENTS: GLOBAL PROCURE TO PAY SOFTWARE MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. PROCURE TO PAY SOFTWARE MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Procure To Pay Software Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

    4.5.1. Power Of Suppliers

    4.5.2. Power Of Buyers

    4.5.3. Threat Of Substitutes

    4.5.4. Threat Of New Entrants

    4.5.5. Competitive Rivalry

Chapter 5. PROCURE TO PAY SOFTWARE MARKET BY End user Industry INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. Large Organization

    5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. Small and Medium-Sized Enterprises

    5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. PROCURE TO PAY SOFTWARE MARKET BY Size of Organization INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. Banking

    6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. Telecommunication

    6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.4. Healthcare

    6.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.5. Retail & ecommerce

    6.5.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.5.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.6. Manufacturing

    6.6.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.6.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. PROCURE TO PAY SOFTWARE MARKET REGIONAL OUTLOOK

7.1. Procure To Pay Software Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

    7.2.1. North America Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.2. North America Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.3. North America Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.4. North America Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

    7.2.5.1. U.S. Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.5.2. U.S. Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.5.3. U.S. Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.5.4. U.S. Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

    7.2.6.1. Canada Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.6.2. Canada Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.6.3. Canada Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.6.4. Canada Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

    7.3.1. Europe Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.2. Europe Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.3. Europe Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.4. Europe Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

    7.3.5.1. Germany Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.5.2. Germany Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.5.3. Germany Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.5.4. Germany Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

    7.3.6.1. France Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.6.2. France Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.6.3. France Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.6.4. France Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

    7.3.7.1. U.K. Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.7.2. U.K. Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.7.3. U.K. Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.7.4. U.K. Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

    7.4.1. Asia Pacific Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.2. Asia Pacific Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.3. Asia Pacific Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.4. Asia Pacific Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

 7.4.5. CHINA

     7.4.5.1. China Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.5.2. China Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.5.3. China Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.5.4. China Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

     7.4.6.1. India Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.6.2. India Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.6.3. India Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.6.4. India Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

     7.4.7.1. Japan Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.7.2. Japan Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.7.3. Japan Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.7.4. Japan Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

    7.4.8.1. Australia Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.8.2. Australia Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.8.3. Australia Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.8.4. Australia Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

    7.5.1. Mea Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.5.2. Mea Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.5.3. Mea Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.5.4. Mea Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

     7.6.1. Latin America Procure To Pay Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.6.2. Latin America Procure To Pay Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.6.3. Latin America Procure To Pay Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.6.4. Latin America Procure To Pay Software Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

    7.6.5. Latin America Procure To Pay Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

    8.2.1. New Product Launches

    8.2.2. Investment & Expansion

    8.2.3. Acquisitions

    8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

     8.3.1. North American Suppliers

     8.3.2. European Suppliers

     8.3.3. Asia-Pacific Suppliers

     8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. Accenture

    9.1.1. Company Overview

    9.1.2. Financial Performance

    9.1.3. Product Insights

    9.1.4. Strategic Initiatives

9.2. Infosys

    9.2.1. Company Overview

    9.2.2. Financial Performance

    9.2.3. Product Insights

    9.2.4. Strategic Initiatives

9.3. GEP

    9.3.1. Company Overview

    9.3.2. Financial Performance

    9.3.3. Product Insights

    9.3.4. Strategic Initiatives

9.4. Genpact

    9.4.1. Company Overview

    9.4.2. Financial Performance

    9.4.3. Product Insights

    9.4.4. Strategic Initiatives

9.5. Proxima

    9.5.1. Company Overview

    9.5.2. Financial Performance

    9.5.3. Product Insights

    9.5.4. Strategic Initiatives

9.6. WNS

    9.6.1. Company Overview

    9.6.2. Financial Performance

    9.6.3. Product Insights

    9.6.4. Strategic Initiatives

9.7. Capgemini

    9.7.1. Company Overview

    9.7.2. Financial Performance

    9.7.3. Product Insights

    9.7.4. Strategic Initiatives

9.8. IBM

    9.8.1. Company Overview

    9.8.2. Financial Performance

    9.8.3. Product Insights

    9.8.4. Strategic Initiatives

9.9. Wipro

    9.9.1. Company Overview

    9.9.2. Financial Performance

    9.9.3. Product Insights

    9.9.4. Strategic Initiatives

9.10. HCL

    9.10.1. Company Overview

    9.10.2. Financial Performance

    9.10.3. Product Insights

    9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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