Global Procurement Software as a Segment of Global SCM Market
The procurement software is the leading segment of the SCM market, and it accounted for nearly 32% of its market share in 2014. The market for the procurement software is growing which will improve the market share in the upcoming three to four years. The others segments accounting for 68% that include warehouse management services (WMS), transportation management systems (TMS), and supply chain planning (SCP).
Key benefits offered by procurement software:
Source: Technavio Research
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According to the latest Technavio report, the global procurement software market is witnessing a significant growth phase, and it is likely to post a CAGR of over 10% by 2019. The need for controlling and managing all the resources in the supply chain drives the market. Also, the demand for improved visibility in the selection of the resources and suppliers fosters its adoption in organizations.
As a result of the increasing costs in various operations of the supply chain, organizations are increasingly adopting automated procurement systems instead of recruiting procurement professionals.
Key trends inducing growth into the global procurement market
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.
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