The procurement software market is anticipated to grow rapidly at a CAGR of 9.6% during the forecast period 2018 to 2023. The global procurement software market is driven by growing adoption of AI and supply chain processes. These factors have helped shape the procurement software market and are expected to boost the growth. Companies in the procurement software market could also face challenges such as lack of centralized procurement process in many countries. The details covered in the procurement software market report cover all the aspects of the industry. procurement software market analysts have also shared growth projections in the report and have suggested procurement software market players to plan growth strategies accordingly.
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The global procurement software market has been segmented based on deployment, software type, organization size, and vertical. On the basis of deployment, the market for procurement software is segmented based on on-cloud and on-premise. Additionally, the market on the basis of software type, is segmented into spend analysis, supplier management, e-procurement, e-sourcing, contract management, and others. The global market for procurement software is also covered based on organization size segment which is further split into small and medium enterprise (SMEs) and large enterprises. On the basis of verticals, the market for procurement software market is segmented based on automotive, retail, electronics, travel and logistics, mining, IT and telecommunications, and others.
Factors like rising demand for centralized procurement processes and adoption of AI and blockchain support the procurement software market growth. The performance of the procurement software market has also been studied for the past and current years. Additionally, the procurement software market report provides analysis of these segments. The procurement software market segmental analysis provided in the report offers major details about the procurement software market performance and future.
The procurement software market is supported by rising demand for supply chain processes and E-procurement. The population growth around the world and increasing demand of procurement software market based services and products also support the market growth. However, the procurement software market growth can be affected due to inefficiency in the existing digital ecosystem. The report covers all such details which will help companies in the procurement software market to strengthen their business plan and improve their product portfolio. The procurement software market research report also provides company profiles of major companies. The company profile of organizations operating in the procurement software market discusses strategies, growth plans, size, revenue, and mergers and acquisition details of top companies in the procurement software market. New entrants and established players can plan their strategies based on this data provided in the procurement software market research report.
Companies in the procurement software market are spread across the world. The procurement software market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American procurement software market has many companies across the United States, Canada, and Mexico. Europe has companies in the procurement software market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the procurement software market across India, China, and Japan in the Asia-Pacific region is also presented in the report. The procurement software market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the procurement software market can be found in the market research report.
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QAD has today signed a strategic partnership for the acquisition of Allocation Network, the best-in-class strategic supply solution provider and supplier management headquartered in Munich, Germany as one of the multinational manufacturing company's leading providers for adaptive cloud based market applications and services. The acquisition, scheduled to be completed by the end of 2020, would have no immediate, major effect on the financial performance of QAD.
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