Procurement Software Sourcing and Procurement Report by Top Spending Regions and Market Price Trends - Forecast and Analysis 2022-2026

Procurement Software Sourcing and Procurement Report by Top Spending Regions and Market Price Trends - Forecast and Analysis 2022-2026

  • Published: May 2022
  • Pages: 120
  • SKU: IRCMSTR21730

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Procurement Software Procurement - Sourcing and Intelligence Report on Price Trends and Spend & Growth Analysis

The procurement software procurement category is projected to grow at a CAGR of 9.02% during 2022-2026. The prices are outlined to rise by 5%-7% during the forecast period and suppliers will have high bargaining power in this market. SAP SE, Oracle Corp., and Coupa Software Inc. are a few of the key suppliers in the procurement software market.

Procurement Software Procurement - Sourcing and Intelligence Report on Price Trends and Spend & Growth AnalysisProcurement Software Procurement - Sourcing and Intelligence Report on Price Trends and Spend & Growth Analysis

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Who are the Top Suppliers in the Procurement Software Market?

This report offers detailed insights and analysis of the major cost drivers, volume drivers, and innovations of the procurement software procurement and sourcing market, which the global suppliers have been leveraging to gain a competitive edge across regions. Some of the leading procurement software suppliers profiled extensively in this report include:

Top Suppliers in the Procurement Software Market

Furthermore, this procurement software procurement market report provides a detailed analysis of procurement strategies deployed by major category end-users across several industries while sourcing for procurement software requirements. In addition, the most adopted and high potential pricing models considered by buyers have been analyzed in this report, which will help understand business scopes for revenue expansion. These data will assist buyers to realize cost savings and identify business strategies to improve sales.

What are the Most Suitable Supplier Selection Criteria, Supplier Evaluation Metrics, and SLA that Buyers Should Consider?

The procurement software procurement market report provides a detailed analysis of various supplier selection criteria, RFX questions, supplier evaluation metrics, and the service level agreements that the buyers should consider adopting to achieve significant cost savings, streamline the procurement process, and reduce category TCO while sourcing for procurement software requirements.

Procurement Software Market Supplier Selection Criteria, Supplier Evaluation Metrics, and SLA

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What are the Most Adopted Procurement Strategies by Buyers Across Industries?

The report provides a detailed insight into the most adopted procurement strategies by buyers across industries and an analysis of these strategies with respect to innovation, regulatory compliance, quality, supply, and cost. Adoption of these procurement strategies will enable the buyers to reduce category TCO and achieve cost savings while sourcing for procurement software requirements.

What are the Major Pricing Models Adopted by Buyers in Procurement Software Market?

The report discusses in detail each pricing model and the pros and cons attached to every pricing model prevalent in the market. Also, the report provides insights with respect to the category supply chain and the margins of various suppliers within the supply chain. These market analysis data will enable the buyers to make informed strategic sourcing decisions. Buy the full procurement software procurement market report now to get comprehensive details on pricing models

Price Strategies and Benchmark

Procurement Software Procurement Pricing Model

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To optimize the value of the purchase, it is crucial to keep track of current and future price trends. Price forecasts are beneficial in purchase planning, especially when supplemented by the constant monitoring of price influencing factors. During the forecast period, the market expects an incremental spend of 4.05 $ billion due to various market drivers prevalent across multiple regions. Also, the report speaks about various cost-saving factors through an analysis of the below factors:

  • Identify favorable opportunities in procurement software TCO (total cost of ownership)
  • Expected changes in price forecast and factors driving the current and future price changes
  • Identify pricing models that offer the most rewarding opportunities

What will the Spend Growth and Demand be by Region?

The procurement software market will register an incremental spend of about 4.05 $ billion during the forecast period. However, only a few regions will drive the majority of this growth. Moreover, on the supply side, North America, Europe, and APAC will have the maximum influence owing to the supplier base. The growth is expected to be primarily driven by increasing demand and adoption of the category across those few regions. To get a detailed analysis of the volume drivers that are driving the adoption of the category across regions, buy the full report now!

The drivers and inhibitors that influence these global and regional outlooks are elaborated in detail in this procurement report. Our in-depth growth decomposition analysis covers details on:

  • Factors driving the growth (or lack of it) in individual geographies
  • Regions that hold the most rewarding opportunities for buyers and suppliers
  • Spend growth and regional spend segmentation over the coming years

Procurement Software Procurement Spend Growth Analysis

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What are the Major Category Management Objectives for Procurement Software Sourcing?

A targeted strategic approach to procurement software sourcing will provide several opportunities. However, in the absence of actionable intelligence on procurement software, buyers may end up focusing on a tactical sourcing strategy without any focus on cost-saving opportunities. Hence, this report focuses on category management initiatives such as scalability of inputs, green initiatives, and category innovations, which will assist buyers to formulate a strategic procurement strategy

The report explains the following key category management objectives that should form the base for sourcing strategy.

Category Management Objectives for Procurement Software Sourcing

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In addition to helping buyers identify the strategic goals and initiatives for category management, the report also has detailed insights into the most outsourced category management activities and category enablers which can simplify the procurement process for buyers.

Scope of Procurement Software

Report Specs

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Spend growth (CAGR)

9.02%

Incremental spend

4.05 $ billion

Pricing growth outlook

5%-7%

Pricing models

Subscription-based pricing model, Perpetual license pricing model, and Freemium pricing model

Supplier selection scope

Product catalog, References, partnerships, and clientele, Trial implementation of the software, and Provision of training required to operate the software

Supplier opportunities

Supplier synergies, Reducing total ownership cost, Negotiate on pricing and contractual terms, Manage ad hoc spend, Adoption of automation, Cost of quality impact, Quality management, Conference participation, and Forward integration

Supplier selection criteria

Business needs, Operational requirements, Technical specifications, Security compliance, Regulatory mandates, Legal requirements, Quality control, Change management procedures, Pricing models, Penalty clauses, SLA nuances, Working environment, and Evaluation criteria

Category management scope

Scalability of inputs, Green initiatives, Category innovations, Supply base rationalization, Demand forecasting, and governance, Minimalization of ad hoc purchases, Adherence to regulatory nuances, Cost savings, Customer retention, Reduction of TCO, Supply assurance, and Top-line growth

Top suppliers

SAP SE, Oracle Corp., Coupa Software Inc., GEP Corp., Basware Corp., JAGGAER LLC, Zycus Infotech Pvt. Ltd., Ivalua Inc., Proactis Holdings Ltd., and Ginni Systems Ltd.

Market dynamics

Regional category spend in terms of percentage with respect to North America, South America, Europe, Middle East, and Africa and APAC and global category spend and CAGR in terms of percentage over a span of 5 years.

Customization scope

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Procurement Software Procurement

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Executive Summary

    Market Insights

      Category Pricing Insights

        Cost-saving Opportunities

          Best Practices

            Category Ecosystem

              Category Management Strategy

                Category Management Enablers

                  Suppliers Selection

                    Suppliers under Coverage

                      US Market Insights

                        Category scope

                          Appendix

                            Research Framework

                            SpendEdge presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                            INFORMATION SOURCES

                            Primary sources

                            • Procurement heads
                            • Category managers
                            • Sourcing consortium professionals
                            • Industry experts and thought leaders
                            • Procurement managers
                            • Category heads of suppliers
                            • Client account heads/managers
                            • Client and industry consultants

                            Secondary sources

                            • Industry journals and reports
                            • Periodicals and new articles
                            • Category webinars
                            • Internal categiry playbooks
                            • Industry and government websites on regulations and compliance
                            • Internal databases
                            • Industry blogs/thought leader briefings

                            DATA ANALYSIS

                            Procurement Software Sourcing and Procurement Report by Top Spending Regions and Market Price Trends - Forecast and Analysis 2022-2026
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                            The procurement software procurement market will grow at a CAGR of about 9.86% during 2020-2024.
                            During 2020-2024, the procurement software procurement market will register an incremental spend of about $ 3 billion.
                            SAP SE, Oracle Corp., Coupa Software Inc., GEP, Basware Corp., JAGGAER LLC, Zycus Inc., Ivalua Inc., Tradeshift Inc., and Taulia Inc. are some of the prominent suppliers in procurement software market.
                            Subscription-based model, perpetual license, and freemium model are the widely adopted pricing models in procurement software procurement.
                            During the forecast period, the price for procurement software procurement will increase by 4%-5%.