In 2022, it is expected that the market for procure-to-pay solutions will be worth US$6,832.4 million. With a 7.0% CAGR over the forecast period, the market is expected to grow significantly, reaching a value of US$ 13,430.4 million by 2032.
Procure-to-pay solutions are advantageous for businesses because they create a clear framework for controlling internal operations. Businesses are increasingly implementing procure-to-pay systems in order to improve the effectiveness and efficiency of their entire business process.
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Due to factors like advances in digital technology and the use of e-invoicing solutions, the market for procure-to-pay solutions is predicted to expand.
The procure-to-pay (P2P) solutions market refers to the industry that provides software solutions for managing the entire procurement process, from requisition to payment. P2P solutions help organizations automate and streamline their procurement operations, reducing manual work and increasing efficiency.
The P2P solutions market has been growing steadily over the years, as more and more organizations look for ways to optimize their procurement processes and reduce costs. P2P solutions are particularly popular among large enterprises, as they help them manage their complex procurement operations more effectively.
What is the Competitive Outlook of the Procure-To-Pay Solutions Market?
Key players in the procure-to-pay solutions market are focusing on partnerships and introducing technology, innovations, and techniques to improve their business revenue. The procure-to-pay solutions market is growing due to increased interest in contract programming.
The P2P solutions market is expected to continue growing in the coming years, driven by factors such as the increasing adoption of cloud-based solutions, the growing trend towards digitization and automation, and the need for organizations to manage their procurement processes more efficiently.
The market is also expected to benefit from the increasing focus on sustainability and ethical sourcing, which is driving the adoption of P2P solutions that can help organizations track and manage their supply chains more effectively.
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Key players:
- SAP SE
- Zycus Inc
- Infosys Limited
- Bertelsmann SE & Co
- Comarch SA
- Ariba Inc
- ProActis
- GEP
Regional Analysis
Due to the growing adoption of cloud-based procure to pay solutions and other tools by small businesses in Asian countries to carry out advanced solutions effectively and quickly.
The procure-to-pay solutions market in South Asia Pacific is anticipated to register the highest growth rate over the forecast period and increase its global procure to pay solutions market share.
Key segments
By Deployment:
- On-Premise
- SaaS
By Enterprise:
- SMB
- Large Enterprise
By End-use Industry:
- BFSI
- Healthcare
- Oil & Gas
- Telecommunication
- Retail
- Automotive
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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