|[February 01, 2017]
Top 6 Vendors in the Procurement Software Market from 2017 to 2021: Technavio
has announced the top six leading vendors in their recent global
procurement software market report. This research report
also lists 15 other prominent vendors that are expected to impact the
market during the forecast period.
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Technavio has published a new report on the global procurement software market from 2017-2021. (Graphic: Business Wire)
Digitization, cloud computing, and mobile transactions are the major
factors contributing to the market's growth. The improved technology
provided by data solutions for storage, analysis, processing, and
collection of data makes these solutions a necessity. Thus,
organizations use procurement software to analyze things better and
improve visibility. However, due to lack of knowledge and time
constraints, some organizations prefer to outsource procurement
services. The increasing demand for automation in the procurement
function is the key factor that is propelling the growth of the market.
Competitive vendor landscape
Competition has intensified due to the high demand for procurement
software among enterprises. Also, price wars among players have
increased, driven by the need to form high-value partnerships with large
software market offers several growth opportunities for
vendors, irrespective of their size. Large players with established
brand names and proven capabilities are likely to target the major
enterprises, due to their ability to cater to standardized communication
requirements. However, the market has a significant untapped SME segment
that comprises aggressive buyers of advanced technologies," says
Amit Sharma, a lead enterprise
application research analyst from Technavio.
The highly-fragmented nature of the market is affecting the proportion
of target audiences, with vendors striving to build strong business
cases. Also, large players require multiple vendors to mitigate risks,
especially when they wsh to discontinue their business with a specific
vendor. Established vendors will acquire smaller vendors to expand their
product portfolio and increase their market share.
Request a sample report: http://www.technavio.com/request-a-sample?report=56191
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Top six procurement software market vendors
Basware is a software company providing open, secure, and cloud-based
enterprise software for financial processes, purchase-to-pay, financial
management, and e-invoicing solutions. It develops products based on the
Alusta platform that combines cloud, social, mobile, and smart analytics
IBM (News - Alert)
IBM, a global technology and consulting company, offers a wide range of
products like computer hardware, middleware and software, and
custom-designed microchips, along with infrastructure, hosting, and
consulting services ranging from mainframe computers to nanotechnology.
The company operates through five segments: global business services
(GBS), global technology services (GTS), software, systems hardware, and
Oracle (News - Alert)
Oracle, a global computer technology organization, develops and markets
database software and technology, cloud engineered systems, and
enterprise software products with its own database management systems.
It develops and builds tools for ERP software, CRM software, and SCM
PROACTIS is a global provider of spend control and eProcurement
solutions for organizations to transform their procurement,
purchase-to-pay, and accounts payable processes to have a better control
expenditure on goods and services. PROACTIS financial solutions enable
organizations to streamline the purchase-to-pay process, eliminate
labor-intensive manual invoice registration, faster invoice matching and
approvals, and increased control of post-purchase claims.
SAP (News - Alert)
SAP is a multinational software company, which develops enterprise
software for managing business operations and customer relations. The
company's segments include applications, technology and services
segment, and SAP business network segment.
SciQuest is a software company, which provides cloud-based business
automation solutions for spend management. Its offers software in the
categories, namely procurement, spend analysis, supplier, sourcing,
contract and inventory management, and accounts payable software. The
company's supplier management solutions facilitate customer interaction
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is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170201005898/en/
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