Market Trends of Procurement Software Industry
This section covers the major market trends shaping the Procurement Software Market according to our research experts:
Retail Industry is Expected to Hold Significant Market Share
- The retail industry is anticipated to cater to a significant share. The growing competition, falling margins, and diminishing brand loyalty have made retailers look for new ways to remain profitable and competitive. Business leaders at retail enterprises are increasingly turning to their procurement teams to reduce costs, mitigate supply risks, and create more value. This has enabled the adoption of procurement software in the retail industry.
- Procurement software helps retailers to integrate business processes and improve the overall value of businesses. It facilitates transparency in financial supply chains and contract details for generating invoices to complete payments. According to the Retailers Association of India, the retail market size is expected to be around USD 1.7 trillion over the forecast period in India. So, Procurement services have a huge requirement that drives growth over the forecast period.
- Further, procurement software tools enable retail companies to automate procurement tasks and procure the best rates from vendors for their tender, making it essential for retail companies to procure a large volume of goods. With the implementation of procurement software solutions, companies can collaborate with suppliers, track events and get alerts, and analyze business intelligence data to gain insights into the procurement process for forecasting and planning purposes.
- Moreover, this technology simplifies the decision-making process that concerns demand and sales forecast by consolidating the supply chain and facilitating inventory management. Also, it offers advantages such as minimum operational cost, higher operational efficiency, etc., which are presumed to increase the growth pace of the market in the retail industry in the upcoming years.
- For instance, Companies like Ginesy offer user-friendly POS software that supports fast billing features. It also provides a quick and easy approach to billing with continuous data synchronization. It is being used by the top retail companies in India, making it the best POS software in India.
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North America Accounts For the Largest Market Share
- North America dominates globally due to the rising demand for centralized procurement processes. Also, the consolidation of companies incorporated in the region is expected to provide an impetus to market growth in the future. According to Business.org, the top 20 startups of ecosystems are located in North America. For instance, Austin and Texas have more than 5,500 startups and big tech giant firms, like Facebook, Google, and Apple. This enhances the demand for procurement software significantly.
- The United States is rigorously looking to strengthen its manufacturing industry by enhancing its productivity by emphasizing improving activities across the supply chain within the industrial sector in the country. The e-retailers in the North American retail market are rigorously trying to enhance the customer experience by incorporating same-day delivery, which can effectively be achieved through effective supply chain management.
- Moreover, automated document creation and contract writing process that significantly streamlines the contract lifecycle cater to new procurement software trends. For instance, CobbleStone Software released Contract Insight Enterprise 17.6.1. This release brings numerous new and improved features to enhance the leading contract management, vendor management, procurement, and sourcing platform. Contract Insight's drag-and-drop record queue allows users to initiate and manage documents for record creation on their time with expanded control over their AI-based process.
- Further, the presence of the market players involved in providing procurement software services, such as Oracle, Microsoft, and others, are located in North America, boosting the market growth in the region along with their innovations and merger and acquisition.
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