DUBLIN, Feb 3, 2017 /PRNewswire/ --

Research and Markets has announced the addition of the "Global Procurement Software Market 2017-2021" report to their offering.

The global procurement software market to grow at a CAGR of 10.16% during the period 2017-2021.

Global Procurement Software Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.

One trend in market is increased use of procurement analytics. Analytics is one of the fastest emerging trends in the P2P outsourcing market. Analytical solutions use statistical modeling tools and methodology for the in-depth analysis of procurement process. Advanced analytical tools such as predictive analytics provide insights related to procurement process by clustering many factors anticipated in the SCM systems. The insights provided by the advanced analytical tools help CPOs in their key decision making process. The complexities in the supply chain process are increasing in organizations due to increase in number of suppliers and range of materials that are being procured. There is also rising threat from numerous transactional frauds in the process and errors in the procurement process management systems. Analytical services help organizations to resolve the issues of fraud and errors through automated fraud detection systems embedded with analytical tools. Companies are working to ensure profitability and right vendor selection to purchase goods or services. In addition, some organizations are working with data analytics companies to gain insights about the supplier, market, and category of the procurement process, which helps them to recognize the aspects of cost reduction.

Further, the report states that one challenge in market is lack of skilled professionals. Procurement software is complex, and end-users need extensive training to use it. This slows down the procurement cycle and reduces procurement efficiency. For instance, in 2015, more than 70% of the business in the UK have come across difficulties to hire procurement professionals for this sector over the past 12 months. Developing countries such as China and India are still lagging in terms of adoption of the software, due to the lack of skilled procurement professionals. Even the few that have adopted this software do not have sufficient knowledge on how to use it to its optimum efficiency.

Key vendors:

• Basware
• IBM
• Oracle
• PROACTIS
• SAP
• SciQuest
  

Other prominent vendors:

• BravoSolution
• BuyerQuest
• Coupa Software Inc.
• Elcom
• Epicor
• Infor
• IQNavigator
• Ivalua
• JDA Software
• Manhattan Associates
• OpusCapita
• Tradeshift
• Tungsten Network
• Vinimaya
• Zycus
  

Key Topics Covered:

Part 01: Executive summary

Part 02: Scope of the report

Part 03: Market research methodology

Part 04: Introduction

Part 05: Market description

Part 06: Market landscape

Part 07: Market segmentation by deployment type

Part 08: Geographical segmentation

Part 09: Market drivers

Part 10: Impact of drivers

Part 11: Market challenges

Part 12: Impact of drivers and challenges

Part 13: Market trends

Part 14: Five forces analysis

Part 15: Vendor landscape

Part 16: Key vendor analysis

Part 17: Appendix

For more information about this report visit http://www.researchandmarkets.com/research/57sgc9/global

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SOURCE Research and Markets