About Procure To Pay Solutions
The global Procure To Pay Solutions market is expected to witness high demand in the forecasted period due to increasing demand for Procure To Pay Solutions in various end-user industries. A procure-to-pay system is also known as a purchase-to-pay system. It's a completely integrated solution that supports an end-to-end procedure that starts with requisitioning products and services and concludes with ready-to-play files for upload into an accounts payable system. Procurement, which includes Catalog, Requisition, and Purchase Order Management, Invoicing, which includes Invoice Receiving, Document Matching, Approval Workflow, Inventory Management, which includes Inventory Levels, Track Cycle Counts, Manage Asset Allocation, Dynamic Discounting, and Others, are some of the functions of the Procure To Pay Solutions.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 10.2% |
Procure To Pay Solutions market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Procure To Pay Solutions market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Zycus (United States), Arvato (Germany), GEP (United States), SAP (Germany), Ivalua Inc. (United States), Coupa Software Inc (United States), Tata Consultancy Services Limited. (India), Infosys (India), Bertelsmann SE & Co.(Germany) and ProActis (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Kissflow Inc (United States).
Segmentation Overview
AMA Research has segmented the market of Global Procure To Pay Solutions market by and Region.
On the basis of geography, the market of Procure To Pay Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2022. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Deployment Mode, the sub-segment i.e. Cloud Based will boost the Procure To Pay Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. Large Enterprise will boost the Procure To Pay Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. BFSI will boost the Procure To Pay Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Functions, the sub-segment i.e. Procurement will boost the Procure To Pay Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Integrated Procure to Pay (P2P) Suites will boost the Procure To Pay Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Upsurging Demand for Spend Analysis and Data-Driven Sourcing and High Adoption due to Increasing Need to minimize Total Expenditure Enterprise Infrastructure
Market Growth Drivers:
The Growing use of the Cloud-Based Unified Solutions of the Procure Pay and Rising Demand from Various End User Industries
Challenges:
The Concern Related to Compliance with Contract, Policies, and Regulationss
Restraints:
Lack of Workforce Productivity and Lack of Standardization Associated with Procure To Pay Solutions
Opportunities:
Introduction of Artificial Intelligence in the Procure To Pay Solutions and Growing Demand from the Developing Countries
Market Leaders and their expansionary development strategies
On 26th June 2019, Coupa Software, a leader in Business Spend Management (BSM), has announced new innovations under its Coupa Pay offering as well as a strategic partnership with global payments technology provider TransferMate. These announcements deliver on Coupa’s vision of creating a comprehensive cloud platform for businesses to spend smarter, simpler, and safer at every transactional step of their Business Spend Management strategy.
On 6th June 2019, JAGGAER, the world’s largest independent spend management company has announced a partnership with EdgeVerve Systems, a subsidiary of Infosys, to develop innovative software products for customers in multiple industries including manufacturing, retail, logistics, and higher education. EdgeVerve offers best in class Artificial Intelligence capabilities with Infosys Nia, and Intelligent Automation (RPA) capabilities with AssistEdge. The solutions will be delivered to customers through the JAGGAER ONE spend management solution suite.
Analyst View
In terms of market value, North America dominated the global procure to pay solutions market in 2020, with a 32 percent share. Through 2030, the South Asia Pacific area will provide lucrative prospects for procure to pay solution providers. However, because to the global Covid-19 pandemic, the growth of the P2P solutions market would be substantially hampered in the short future, with no recovery projected until Q1 2021.
Key Target Audience
Procure To Pay Solutions Providers, Government Regulatory Bodies, private Research Organizations, Government Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.