Procure-to-Pay Suites Market Scope
Procure-to-Pay suites are a set of integrated solutions that help businesses automate procurement processes such as requisitioning, purchasing, receiving, paying for, and accounting for goods and services. Cloud/SaaS-based P2P suites are becoming popular among organizations due to their scalability, reliability, and accessibility. The market is primarily driven by the growing need for process automation and needs for supplier relationship management. However, rapidly increasing digitalization in the Asia Pacific region is likely to create significant opportunities for the global market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | SAP (Germany), GEP (United States), Ivalua (United States), Basware (Finland), Jaggaer (United States), Coupa (United States), Synertrade (France), Tradeshift (United States), Zycus (United States), Determine, Proactis Holdings Limited (United Kingdom), Oracle (United States), Medius (Sweden), Acads360 India Pvt Ltd. (India), Infor (United States) and Microsoft (United States) |
CAGR | % |
The key players are targeting the innovations of the Solutions with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions in order to maintain their presence in the market. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Procure-to-Pay Suites market throughout the predicted period.
SAP (Germany), GEP (United States), Ivalua (United States), Basware (Finland), Jaggaer (United States), Coupa (United States), Synertrade (France), Tradeshift (United States), Zycus (United States), Determine, Proactis Holdings Limited (United Kingdom), Oracle (United States), Medius (Sweden), Acads360 India Pvt Ltd. (India), Infor (United States) and Microsoft (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Procure-to-Pay Suites market by Type , by Application (Inventory Management, Budget Management, Account Payable Automation, Supplier Information Management, E-Purchasing, Supply Chain Finance and Others) and Region with country level break-up.
On the basis of geography, the market of Procure-to-Pay Suites has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, New Zealand, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Influencing Trend:
Growing Popularity of Cloud/SaaS-Based Procurement Suits Among Small & Medium Enterprises and Integration of Emerging Technologies Such as AI and RPA Bots in Procure-to-Pay Suites
Market Growth Drivers:
Rising Digital Transformation Activities and Demand for Procurement Process Automation and Use of Procure-to-Pay Suites in the Manufacturing Sector to Obtain and Manage Raw Material
Challenges:
Presence of Multiple Players in the Global Market and Organizations With Limited IT Expertise May Face Challenges in the Implementation of Procure-to-Pay Suits
Restraints:
Complexity and Integration Challenges with Existing ERP Systems and Data Accuracy and Security Concerns May Hamper the Market Growth
Opportunities:
Adoption of Advanced Technologies in Developed Countries and Rising Digital Developments in the Asia Pacific Region
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Procure-to-Pay Suites Providers, Software and Cloud/SaaS-Based Solution Providers, Venture Capitalists and Private Equity Firms and Others