LONDON--(EON: Enhanced Online News)--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.
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 enterprises.
“The procurement 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 wish to discontinue their business with a specific vendor. Established vendors will acquire smaller vendors to expand their product portfolio and increase their market share.
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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 technologies.
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 global financing.
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 software.
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 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 with suppliers.
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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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