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Global Procure to Pay Solutions Market- By Solutions (Strategic Sourcing, Spend Management, Category Management, Process Management, Contract Management, Transactions Management), By End-User (Banking, Telecommunication, Healthcare, Retail & ecommerce, Manufacturing, Others), By Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), and By Region (North America, Europe, Asia Pacific, South America, and Middle East, & Africa)- Global forecast from 2020-2027.
Description
Global Procure to Pay Solutions Market Overview:
Procure-to-Pay solutions require presenting suppliers’ products to users and then digitizing, automating, and magnifying procurement and financial processes. It helps to incorporate control, verification, validation, and document management activities, thereby permitting companies to apply significant control over their purchases and enhance their efficiency.Global Procure to Pay Solutions Market Insights
The global procure to pay solutions market expected to increase market value by USD 11.56 billion, with spurring CAGR in the forecast period from 2020-2027. The main growth driver that drives the size of the procure to pay solutions market is emerging need to reduce costs in the procurement process, modernizing complicated procurement processes, managing risk, and automation are fueling market demand. The procurement to payment function covers strategic purchase, contract management, and order placement (including supplier-managed web content, contactless e-commerce payment and settlement, reconciliation, reporting, control, and audit, as well as the entire procurement to the payment process analysis. Besides, built-in authorization control ensures proper payment amount and usage. These features analyze the spending details, help evaluate purchase order compliance, and value price differences for the same product against volume discounts and global price benchmarks. The rise in domestic labor costs has continued to impact the traditional procurement organization and procurement business, continually subverting the traditional procurement business model. The procurement solutions can help companies purchase goods and services promptly at an appropriate cost. It has the following features, which provide easy-to-use features that save valuable time for employees, direct procurement to approved suppliers, and use pre-agreed contracts to reduce costs. It presents real-time information about company expenditures and supplier performance information to improve visibility.Growth Driver
Technology Adoption
The technology adoption among millennials and middle-age populations drives the market share for procure to pay market. The prevalence of internet access and smartphones are providing accessibility to the user towards digitization. Moreover, with easy access, less risk, and eliminating error in the procurement process is changing the payment scenario in many developed countries. Therefore, the procure to pay solutions are bits of help in streamlining the finance function in companies and increasing profitability.Emerging Technology and BPO sector
With the emerging technology, the paper-based documentation is getting decreased, which reduces the confusion, chaos, and error chances during the time of extraction of financial indexing. Also, the bolstering BPO sectors are the primary reason for bolstering the market of procuring to pay outsourcing technology around the world. Besides, almost every organization invests a significant amount of capital in the procurement of procure-to-pay outsourcing to increase productivity by optimizing the procurement process.By Solutions Segmental Analysis
Based on the solutions, the global procures to pay solutions market segmented into Strategic Sourcing, Spend Management, Category Management, Process Management, Contract Management, Transactions Management. The strategic sourcing segment is dominating with maximum share in the global procure to pay the solutions market in the forecast period. The need for strategic sourcing is increasingly essential for procurement professionals to leverage technology and tools that can intensify production, competence, and profitability in the most cost-effective method. Moreover, the increasing use of procurement to pay solutions were adopted by companies to reduce the deficiency and provide flexibility. This strong collaborative toolset helps in managing the entire procurement function.By End-User Segmental Analysis
Based on the end-user, the global procurement to pay solutions market classified into Banking, Telecommunication, Healthcare, Retail & eCommerce, Manufacturing, and Others. The manufacturing companies segment dominates the market share for the global procure to pay solutions market. It is mainly due to the increase in the adoption of technology-driven approaches that helps the companies in streamlining the production procedure and enhance cost-effectiveness. Also, the procure to pay solutions to keep the process transparent and reduces error and fraud risk. Also, it manages the inventory by optimizing the functions effectively and streamlined contract management. Thus, the manufacturing companies getting benefited with the use of procurement solutions.Organization size Segmental Analysis
Based on the organization size, the global procure to pay solutions market is bifurcated into Large Enterprises, Small, and Medium-sized Enterprises (SMEs). The large enterprises’ segment helps fuel the market share for the global procure to pay solutions market. The large enterprises’ needs procure to pay process to connect the procurement and finance functions. Its primary responsibilities are to find an ideal service provider, negotiate contracts, minimize spending, and identify scopes to automate the purchasing cycle. It mainly owes to reduce operational costs and increase efficiency and focus on automation. The large enterprises are working to provide easy access to the clients to provide mobility and flexibility.By Region Segmental Analysis
Based on geography, the global procures to pay solutions market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is the world’s fastest-growing global procure to pay solutions market, accounting for the largest share. It is mainly due to the increasing adoption of 5G technology, and the growing use of digital payment platforms is fueling the market share of the North American market.Competitor Analysis
Companies such as SAP SE, Zycus Inc., Infosys Limited, Bertelsmann SE & Co., Comarch SA, Ariba Inc., ProActis, GEP and others are key players for global procure to pay solutions market.Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global Procure to Pay Solutions service companies
- Research organizations and consulting companies procure to pay solutions
- Regulatory bodies
Recent Developments
- In July 2021, Ivalua announced an extension of its Procure-to-Pay solution with a new Inventory Collaboration capability.
- In June 2021, Eskar announced the availability of new functionalities within its Procure-to-Pay solution to fight against bank transfer fraud by adopting the technologies of fintech Sis ID.
- In June 2021, Procurement Partners announced the acquisition of New York-based On. Care.
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Solutions- Strategic Sourcing
- Spend Management
- Category Management
- Process Management
- Contract Management
- Transactions Management
- Banking
- Telecommunication
- Healthcare
- Retail & ecommerce
- Manufacturing
- Others
- Large organization
- Small and Medium-sized Enterprises (SMEs)
- Europe
- North America
- Asia Pacific
- South America
- Middle East & Africa
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Table Of Contents
Global Procure to Pay Solutions Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Competitors & Product Analysis
- Regulatory Framework
- Company market share analysis, 2019
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Economic Factor Analysis
- Global Procure to Pay Solutions Market Overview
- Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Market Share & Forecast, 2016-2027
- By Solutions
- Strategic Sourcing
- Spend Management
- Category Management
- Process Management
- Contract Management
- Transactions Management
- By End-User
- Banking
- Telecommunication
- Healthcare
- Retail & ecommerce
- Manufacturing
- Others
- By Organization Size
- Large organization
- Small and Medium-sized Enterprises (SMEs)
- By Region
- Europe
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Solutions
- Demand
- Market Size & Forecast, 2016-2027
- Europe Procure to Pay Solutions Market Overview
- Europe Procure to Pay Solutions Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Europe Procure to Pay Solutions Market Share & Forecast, 2016-2027
- By Solutions
- Strategic Sourcing
- Spend Management
- Category Management
- Process Management
- Contract Management
- Transactions Management
- By End-User
- Banking
- Telecommunication
- Healthcare
- Retail & ecommerce
- Manufacturing
- Others
- By Organization Size
- Large organization
- Small and Medium-sized Enterprises (SMEs)
- By Country
- Germany
- UK
- France
- Italy
- Rest of Europe
- Company Market Share (Top 3-5)
- Economic Impact Study on Europe Procure to Pay Solutions Market
- By Solutions
- Demand
- Europe Procure to Pay Solutions Market Size & Forecast, 2016-2027
- North America Procure to Pay Solutions Market Overview
- North America Procure to Pay Solutions Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- North America Procure to Pay Solutions Market Share & Forecast, 2016-2027
- By Solutions
- Strategic Sourcing
- Spend Management
- Category Management
- Process Management
- Contract Management
- Transactions Management
- By End-User
- Banking
- Telecommunication
- Healthcare
- Retail & ecommerce
- Manufacturing
- Others
- By Organization Size
- Large organization
- Small and Medium-sized Enterprises (SMEs)
- By Country
- US
- Canada
- Mexico
- Company Market Share (Top 3-5)
- Economic Impact Study on North America Procure to Pay Solutions Market
- By Solutions
- Demand
- North America Procure to Pay Solutions Market Size & Forecast, 2016-2027
- Asia Pacific Procure to Pay Solutions Market Overview
- Asia Pacific Procure to Pay Solutions Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Asia Pacific Procure to Pay Solutions Market Share & Forecast, 2016-2027
- By Solutions
- Strategic Sourcing
- Spend Management
- Category Management
- Process Management
- Contract Management
- Transactions Management
- By End-User
- Banking
- Telecommunication
- Healthcare
- Retail & ecommerce
- Manufacturing
- Others
- By Organization Size
- Large organization
- Small and Medium-sized Enterprises (SMEs)
- By Country
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Company Market Share (Top 3-5)
- Economic Procure to Pay Solutions Market Overview
- By Solutions
- South America Procure to Pay Solutions Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- South America Procure to Pay Solutions Market Share & Forecast, 2016-2027
- By Solutions
- Strategic Sourcing
- Spend Management
- Category Management
- Process Management
- Contract Management
- Transactions Management
- By End-User
- Banking
- Telecommunication
- Healthcare
- Retail & ecommerce
- Manufacturing
- Others
- By Organization Size
- Large organization
- Small and Medium-sized Enterprises (SMEs)
- By Country
- Brazil
- Argentina
- Rest of South America
- Company Market Share (Top 3-5)
- Economic Impact Study on South America Procure to Pay Solutions Market
- By Solutions
- Demand
- Demand
- Asia Pacific Procure to Pay Solutions Market Size & Forecast, 2016-2027
- Middle East & Africa Procure to Pay Solutions Market Overview
- Middle East & Africa Procure to Pay Solutions Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Middle East & Africa Procure to Pay Solutions Market Share & Forecast, 2016-2027
- By Solutions
- Strategic Sourcing
- Spend Management
- Category Management
- Process Management
- Contract Management
- Transactions Management
- By End-User
- Banking
- Telecommunication
- Healthcare
- Retail & ecommerce
- Manufacturing
- Others
- By Organization Size
- Large organization
- Small and Medium-sized Enterprises (SMEs)
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Company Market Share (Top 3-5)
- Economic Impact Study on Middle East & Africa Procure to Pay Solutions Market
- By Solutions
- Demand
- Middle East & Africa Procure to Pay Solutions Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- SAP SE
- Zycus Inc.
- Infosys Limited
- Bertelsmann SE & Co.
- Comarch SA
- Ariba Inc.
- ProActis
- GEP
- Other players
Methodology
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Frequently Asked Questions (FAQ):
A purchase-to-payment system is a fully integrated solution designed to support an end-to-end process that begins with the demand for goods and services. Accounts end up with files ready to pay for uploading the payable system.
Procure-to-pay software integrates purchase requirements, purchase orders, goods receipts and invoices into a single interface.
The global procure-to-pay solutions market will increase to value by USD 11.56 billion in the forecast period from 2021-2027.
Technology Adoption, Emerging Technology and the BPO sector are the growth drivers of Procure to Pay Solutions Market.
Banking, Telecommunication, Healthcare, Retail & eCommerce, Manufacturing are the end-users industries of the Procure to Pay Solutions products.
