In 2022, it is expected that the market for procure-to-pay solutions will be worth US$6,832.4 million. With a 7.0% CAGR throughout the forecast period, the market is expected to grow significantly, reaching a value of US$ 13,430.4 million by 2032.
Procure-to-pay solutions are advantageous for businesses because they create a clear framework for controlling internal processes. Businesses are increasingly implementing procure-to-pay systems in order to improve the effectiveness and efficiency of their entire business process.
Due to factors including advances in digital technology and the adoption of e-invoicing systems, the market for procure-to-pay solutions is predicted to expand. Moreover, data-driven sourcing, greater expenditure analysis, and growing SaaS-based P2P suite use within enterprises are creating new prospects for the procure-to-pay solutions industry.
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The Procure-To-Pay (P2P) Solutions Market is a rapidly growing segment of the enterprise software industry that encompasses a wide range of software solutions designed to automate and streamline the procurement and payment processes. P2P solutions help organizations optimize their purchasing and payment processes by providing a unified platform for managing procurement, invoicing, and payment processes.
The P2P solutions market includes a variety of software vendors, including large enterprise software companies, such as SAP, Oracle, and IBM, as well as smaller, niche players like Coupa Software, Basware, and Zycus. P2P solutions are typically delivered as cloud-based software-as-a-service (SaaS) offerings, which provide greater flexibility and scalability for organizations of all sizes.
The market for P2P solutions is being driven by several factors, including the need for greater visibility and control over procurement and payment processes, the desire to reduce manual processes and increase automation, and the need to manage compliance with regulatory requirements.
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.
2019 saw the introduction of SynOps by Accenture Plc, a global professional services firm. SynOps is a human-machine operated engine that makes use of data, artificial intelligence, and sophisticated analytics to help organizations carry out smart activities across crucial operations, such as billing and financing, procurement, and advertising.
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Key players:
- SAP SE
- Zycus Inc
- Infosys Limited
- Bertelsmann SE & Co
- Comarch SA
- Ariba Inc
- ProActis
- GEP
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
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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