According to research released today by Market Research Future, the global market for procurement software is expected to reach US$9.96bn by 2023, growing at a CAGR of 9.6% from the $5.88bn reported market worth at the close of 2017.
Adoption of procurement software is expected to achieve deeper penetration across various industry verticals, like IT & communications, retail, and automotive. According to the report, the rising inclination being observed towards the adoption of a centralized procurement process is poised to catapult the market on upward trajectory.
Industry leaders in the procurement software solutions space, such as Oracle Corporation, IBM Corporation, Coupa Software Incorporated, Epicor Software Corporation, JDA Software Inc., Mercateo AG, SAP SE, Zycus Inc and Infor Inc are expected to remain major players in the field.
According to Industry News Center, “the Procurement Software Market is a wide field for players, offering gigantic entryways for advancement. The overall Procurement Software Market is the establishment of the all-inclusive enhancement perspectives and prospects, as the headway of a specific thought requires diverse mechanically supported considerations, theories, and techniques.”