Procurement to Pay Software Market Size was valued at USD 6.8 Billion in 2022. The Procurement to Pay Software market industry is projected to grow from USD 7.4 Billion in 2023 to USD 15.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.50% during the forecast period (2023 - 2032). Increased emerging technologies, rising demand for automation, and growing adoption of cloud-based solutions are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Growing emerging technologies are driving market growth
Market CAGR for procurement to pay is driven by the growing emerging technologies. Procurement to pay software is predicted to undergo a radical transformation thanks to technological developments, including the incorporation of robotic process automation, artificial intelligence, and machine learning. These developments will help companies automate tedious jobs, strengthen their capacity for data analysis, and streamline their purchase decision-making processes.
Additionally, the expansion of procure-to-pay software has been driven by businesses' need to decrease manual data entry, manage data accurately and efficiently, and streamline their financial processes. Furthermore, by providing electronic invoicing, automatic invoice matching, and payment processing, this software facilitates automation in the accounting process. There are a number of advantages to integrating cloud-based solutions with P2P software, including reduced upfront costs, scalability, less IT infrastructure, and reliable solutions. Therefore, the procure-to-pay software market is increasing at a large rate due to the technological advantages of this software for expanding enterprises.
The growing use of cloud-based solutions is driving the market because of their affordability, scalability, and flexibility. Organizations are also looking for process automation and digital transformation to improve their procurement procedures, lower manual errors, and boost overall operational effectiveness. Moreover, there is an increasing emphasis on cost containment, better supplier relationship management, and increased adherence to rules and guidelines. Procurement-to-pay software helps businesses increase market growth by streamlining their procurement procedures, negotiating better pricing with suppliers, and granting regulatory compliance. As a result, it is anticipated that throughout the projection period, demand for procurement-to-pay software will increase due to the rising emerging technologies. Thus, driving the Procurement to Pay Software market revenue.
The Procurement to Pay Software market segmentation, based on deployment, includes on-premise and SaaS. The SaaS segment dominated the market, accounting for the maximum of market revenue due to its many advantages, which include usability, scalability, affordability, and flexibility. SaaS solutions can be accessible at any time and from any location with an internet-connected device. It eliminates the need for upfront capital expenditures as well as ongoing maintenance and enhancements.
The Procurement to Pay Software market segmentation, based on enterprise, includes SMEs and large enterprise. The large enterprise category generated the most income due to the availability of infrastructure, resources, and budget. Additionally, to achieve efficiency, manage risks, save cost, grow supplier relationships, and improve strategic decision-making, large enterprises use procurement-to-pay software.
Figure 1: Procurement to Pay Software Market, by Enterprise, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Procurement to Pay Software market segmentation, based on end user, includes healthcare, oil & gas, telecommunication, retail, automotive, manufacturing, and others. The manufacturing category generated the most income due to businesses progressively implementing technology-driven procurement strategies and outsourcing to optimize production processes and drastically cut expenses.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Procurement Pay Software market area will dominate this market, owing to an increase in the adoption of procure-to-pay software by the BFSI industry. In addition, the growing use of mobile devices and the adoption of 5G technology will boost market growth in this region.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: PROCUREMENT TO PAY SOFTWARE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Procurement to Pay Software market accounts for the second-largest market share due to the availability of resources and equipment within budget. Further, the German Procurement to Pay Software market held the largest market share, and the UK Procurement to Pay Software market was the fastest-growing market in the European region.
The Asia-Pacific Procurement to Pay Software Market is expected to grow at the fastest CAGR from 2023 to 2032 due to growing investment by developing economies for technology transformation. Moreover, China's Procurement to Pay Software market held the largest market share, and the Indian Procurement to Pay Software market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Procurement to Pay Software market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Procurement to Pay Software industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Procurement to Pay Software industry to benefit clients and increase the market sector. In recent years, the Procurement to Pay Software industry has offered some of the most significant advantages to enterprises. Major players in the Procurement to Pay Software market, including Oracle, Coupa Software, Tradeshift, SAP America, BuyerQuest Holdings, Basware, Precoro, Vroozi, ProcurePort, BirchStreet Systems, and others, are attempting to increase market demand by investing in research and development operations.
Coupa Software is an American business spend management technology platform. With offices across Europe, Latin America, and Asia-Pacific, the corporation is based in San Mateo, California. Coupa assists businesses in managing liquidity, streamlining supply chains, and gaining visibility into and control over their financial spending. Software debuted as COUP on the Nasdaq in 2016 after going public. In February 2023, Thoma Bravo took it private. Coupa is revolutionizing the way companies control their spending. Companies are co-creating new and distinctive capabilities with the Business Spend Management (BSM) community to give their partners, clients, and suppliers more visibility, useful insights, and spend management solutions. The company has co-innovated hundreds of new capabilities with its BSM Community in just the last 12 months, leading the industry in innovation and assisting companies in generating tangible, real-world value. In February 2022, Coupa Software, a market leader in Business Spend Management (BSM), announced a suite of next-generation spend management improvements dubbed Community.ai. Coupa transforms business-to-business (B2B) communities and the dynamics between buyers and sellers by fusing the power of data-driven artificial intelligence and interpersonal relationships.
Medius is a major provider of invoice capture, processing, and payment to alleviate the stress and uncertainty associated with AP management. By utilizing artificial intelligence to handle the majority of the labor, Medius goes well beyond simple automation. As a result, bills are coded, accepted, and paid, customers can relax at home, and businesses can rely on budgets and predictions. Medius is passionate about producing, delivering, and improving solutions continuously while creating value. The company is committed to providing the highest quality in everything. The company is striving to inspire each other to produce innovative solutions for customers. We try to bring the future into the present with its talent. In April 2022, Leading accounts payable (AP) automation solutions provider Medius announced the release of Radius, an enhanced and all-inclusive program designed for Independent Software Developers (ISVs). Rydoo, a provider of cost management software, has been selected by Medius as its first official ISV member under the new program name.
Oracle
Tradeshift
BuyerQuest Holdings
Basware
Precoro
Vroozi
ProcurePort
BirchStreet Systems
February 2023: Corcentric, a top supplier of accounts payable, accounts receivable, procurement, and payment solutions to small and mid-market commercial businesses, announced the launch of its revolutionary Intelligent Applications solution. Leaders in finance and procurement may automate and streamline crucial business operations with the help of the applications, which are powered by an Artificial Intelligence (AI) platform that is intended to be integrated into all of Corcentric's products.
February 2023: SAP and Icertis developed a combined product roadmap to deliver company-wide value by integrating contract data to SAP enterprise resource planning (ERP), finance, procurement, sales, and human resources (HR) software. The SAP CPQ solution, which is a component of SAP S/4HANA, and the SAP Ariba and SAP Fieldglass solutions are now more tightly integrated with the Icertis Contact intelligence, facilitating large-scale analytics and automation to assist more strategic decision-making.
February 2022: Oracle announced that in order to digitize and streamline its financial, planning, and supply chain processes, Bharti Airtel (Airtel), the leading supplier of communications solutions in India, has selected Oracle Fusion Cloud Enterprise Resource Planning (ERP) and Oracle Fusion Cloud Supply Chain & management (SCM).
On-Premise
SaaS
SMEs
Large Enterprise
Healthcare
Oil & Gas
Telecommunication
Retail
Automotive
Manufacturing
Others
US
Canada
Germany
France
UK
Italy
Spain
Rest of Europe
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 6.8 Billion |
| Market Size 2023 | USD 7.4 Billion |
| Market Size 2032 | USD 15.3 Billion |
| Compound Annual Growth Rate (CAGR) | 9.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Deployment, Enterprise, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Oracle, Coupa Software, Tradeshift, SAP America, BuyerQuest Holdings, Basware, Precoro, Vroozi, ProcurePort, BirchStreet Systems |
| Key Market Opportunities | Rising need for digitalization |
| Key Market Dynamics | Increasing emerging technologies Rising demand for automation |
Frequently Asked Questions (FAQ) :
The Procurement to Pay Software market size was valued at USD 6.8 Billion in 2022.
The market is projected to grow at a CAGR of 9.50% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Oracle, Coupa Software, Tradeshift, SAP America, BuyerQuest Holdings, Basware, Precoro, Vroozi, ProcurePort, BirchStreet Systems.
The SaaS category dominated the market in 2022.
The large enterprise had the largest share in the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
