9.50% CAGR to Highlight Growth Phase In the Procurement to Pay Software Market

Rising emerging technologies for a radical transformation, such as the incorporation of robotic process automation, artificial intelligence, and machine learning, are expected to drive market expansion in the near future at a CAGR of 9.50% during the forecast period 2023 to 2032.

Market Research Future (MRFR) has published a cooked research report on the "Global Procurement to Pay Software Market" that contains information from 2018 to 2032. The Procurement to Pay Software market is estimated to register a CAGR of 9.50% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Procurement to Pay Software market— Oracle, Coupa Software, Tradeshift, SAP America, BuyerQuets Holdings, Basware, Precoro, Vroozi, ProcurePort, BirchStreet Systems.

Procurement to Pay Software Market Highlights

The global Procurement to Pay Software market is accounted to register a CAGR of 9.50% during the forecast period. It is estimated to reach USD 15.3 billion by 2032.

The growing merging technologies in procurement to pay software is anticipated to undergo a radical transformation, including the incorporation of robotic process automation and machine learning. The high cost of the software and the issues related to data security are restraining the market's growth. Additionally, the move towards digitalization is anticipated to spur the use of Procurement to Pay Software, which is anticipated to promote the growth of the global Procurement to Pay Software market.

Segment Analysis

The global Procurement to Pay Software market has been segmented based on deployment, enterprise, and end user.

On the basis of deployment, the market is segmented into on-premise and SaaS. The SaaS segment was attributed to holding the largest market share in 2022 due to its many advantages, such as usability, scalability, and flexibility.

Based on the enterprise, the global Procurement to Pay Software market has been segmented into SMEs and large enterprise. The large enterprise segment was expected to hold the largest market share in 2022 due to the availability of infrastructure, resources, and budget.

Based on end user, the global Procurement to Pay Software market has been segmented into healthcare, oil & gas, telecommunication, retail, automotive, manufacturing, and others. The manufacturing segment was expected to hold the largest market share in 2022 due to businesses progressively implementing technology-driven procurement strategies.

Regional Analysis

The global Procurement to Pay Software market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Procurement to Pay Software market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Procurement to Pay Software market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Procurement to Pay Software market comprises of Middle East, Africa, and Latin America.

The largest market share for Procurement to Pay Software was maintained by the North American regional sector. This increase is attributed to an increase in the adoption of procure-to-pay software by the BFSI in the area. Additional factors promoting market growth include increased investor investments, government support, and the viability of the technology in the area. The implementation of stringent rules, the growing use of mobile devices, and the considerable presence of significant technology providers and major production companies all have an impact on the US market.

Moreover, the Europe market has been persistently growing over the forecast period. The demand for Procurement to Pay Software is driven by the rising availability of resources and equipment within budget.

Additionally, due to the increasing emphasis placed on investment in technology transformation, Asia Pacific is anticipated to experience the quickest growth over the forecast period.

Furthermore, the rest of the world's Procurement to Pay Software market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising use of cloud-based solutions and growing research and development. Government support, a rise in investor interest, and the viability of technology in the sector are all contributing factors to the expansion of the market.

Key Findings of the Study

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  The global Procurement to Pay Software market is expected to reach USD 15.3 billion by 2032, at a CAGR of 9.50% during the forecast period.

  
  


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  The Asia-Pacific region accounted for the fastest-growing global market due to the increasing emphasis placed on growing investment by developing economies on technology transformation.

  
  


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  Based on deployment, the SaaS segment was attributed to holding the largest market in 2022, with an approximate market share of X–X%.

  
  


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  Oracle, Coupa Software, Tradeshift, SAP America, BuyerQuest Holdings, Basware, Precoro, Vroozi, ProcurePort, BirchStreet Systems.