Industry Background:
The global Procure-To-Pay Solutions market is expected to witness high demand in the forecasted period due to the increasing usage of Cloud-based unified procure-to-pay solutions. Procure-to-pay is the process of integrating purchasing and accounts payable systems to create greater efficiencies. It exists within the larger procurement management process and involves four key stages: selecting goods and services; enforcing compliance and order; receiving and reconciliation; invoicing and payment.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Accenture (Ireland), Capgemini (France), IBM (United States), Infosys (India), Tata Consultancy Services (India), Genpact (Bermuda), Corbus (United States), HCL Technologies (India), Optimum Procurement (United Kingdom) and Xchanging (United Kingdom) |
According to AMA, the market for Procure-To-Pay Solutions is expected to register a CAGR of 9.4% during the forecast period to 2028. This growth is primarily driven by Procure-to-Pay Solutions vendors offer to spend categorization and planning capabilities in order to facilitate better planning and strategic sourcing capabilities by offering managed services.
Globally, a noticeable market trend is evident High Demand due to SaaS-based procurement solutions offer adaptability for small businesses regarding scalability and flexibility
The Internet Software & Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Accenture (Ireland), Capgemini (France), IBM (United States), Infosys (India), Tata Consultancy Services (India), Genpact (Bermuda), Corbus (United States), HCL Technologies (India), Optimum Procurement (United Kingdom) and Xchanging (United Kingdom), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 3rd December 2020, IBM has announced that it has been contracted by a global technology company, ABB, to help support its procurement digitization journey with the launch of SmartBuy, a newly designed end-to-end employee purchasing program that aims to match the ease of online shopping with the intuitiveness and speed of a search engine.
Influencing Trend:
High Demand due to SaaS-based procurement solutions offer adaptability for small businesses regarding scalability and flexibility and The increased use of the cloud-based unified solutions of the procure pay
Market Growth Drivers:
Procure-to-Pay Solutions vendors offer to spend categorization and planning capabilities in order to facilitate better planning and strategic sourcing capabilities by offering managed services
Challenges:
The concern related to government regulations
Restraints:
The market players are the compliances with the policies, contract, and regulations
Opportunities:
The biggest advantage of digital technology develops from its ability to optimize supply chain performance
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Procure-To-Pay Solutions Market
- Analysis about New Entrants in Procure-To-Pay Solutions Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Procure-To-Pay Solutions Study Sheds Light on
The Procure-To-Pay Solutions Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Procure-To-Pay Solutions industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Procure-To-Pay Solutions industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.