In 2022, the market for procure-to-pay solutions is expected to 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 fully integrated solutions which are adopted by most enterprises in order to support end-to-end operational processes. This solution performs end-to-end activities from goods and services requisitions to uploading payable files at accounts receivable systems. Procure-to-Pay Solutions helps enterprises to create a planned structure for controlling enterprise operation in order to improve the efficiency and effectiveness of their enterprise’s overall process.
Procure-to-Pay Solutions is used for performing several functionalities of the enterprise such as enterprise resource planning (ERP), and customer relationship management (CRM). It also helps to manage banking financials, shipments data, and multiple supplier statements to payments and goods received.
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Procure to Pay Solutions Market: Drivers and Challenges
Cloud based unified procure pay solutions are turning to be the major factor responsible for significant growth of Procure-to-Pay Solutions market. Procure-to-Pay Solutions vendors offers spend categorization and planning capabilities in order to facilitate better planning and strategic sourcing capabilities by offering managed services.
Data- driven sourcing and better spend analysis are another major factors that are driving the growth of Procure-to-Pay Solutions market in positive manner. Moreover, it also offers strategic sourcing saving for minimizing total expenditure enterprise infrastructure.
Compliance with contract, policies and regulations are the major restraints faced by the vendors dealing in Procure-to-Pay Solutions market.
Procure to Pay Solutions Market: Key Players
Some of the key players of Procure-to-Pay Solutions market are: SAP SE, Zycus Inc., Infosys Limited, Bertelsmann SE & Co., Comarch SA, Ariba Inc., ProActis, and GEP.
Procure to Pay Solutions Market: Regional Overview
On the basis of geography, Procure-to-Pay Solutions market can be segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East & Africa. Among various regions, Procure-to-Pay Solutions market in North America is expected to dominate during the forecast period owing tolarge adoption of Procure-to-Pay Solutions by BFSI industries. North America region is expected to be followed by Western Europe and APAC.
In Europe and Asia pacific region, the market of Procure-to-Pay Solutions is growing significantly owing to moderate adoption of Procure-to-Pay Solutions by small and medium enterprises for effectively managing overall enterprise operations.
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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
- Middle East and Africa (MEA)
- Europe
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