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.
Procure-to-pay (P2P) solutions refer to the software applications and platforms that help organizations automate and streamline their procurement and payment processes. The P2P process typically includes activities such as requisitioning, purchasing, receiving, invoicing, and payment.
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The global procure-to-pay solutions market is expected to grow significantly in the coming years, driven by the increasing need for organizations to improve their procurement and payment processes, increase efficiency, reduce costs, and enhance visibility and control. Some of the key factors driving the growth of the market include the increasing adoption of cloud-based solutions, the rise in e-commerce activities, and the increasing demand for digital and mobile payment solutions.
The market is segmented by component, deployment mode, organization size, vertical, and region. Based on the component, the market can be segmented into software and services. The software segment can be further segmented into source-to-contract, e-procurement, invoice-to-pay, and others
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.
Key players:
- SAP SE
- Zycus Inc
- Infosys Limited
- Bertelsmann SE & Co
- Comarch SA
- Ariba Inc
- ProActis
- GEP
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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
- 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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