Global Procure-to-Pay Suites Market is Projected to Reach 2,600 million USD by 2025

Author: QYResearch  |   Published Date: 2019-07-03   |   Views: 153

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Author: Wu Xiaomei

Procure-to-pay is a term used in the software industry to designate a specific subdivision of the procurement process. The procure-to-pay systems enable the integration of the purchasing department with the accounts payable (AP) department. Some of the largest players of the software industry agree on a common definition of procure-to-pay, linking the procurement process and financial department. The steps usually included are: Supply management; Cart or requisition; Purchase order; Receiving; Invoice reconciliation; Accounts payable.

A P2P system is a fully integrated and automated end-to-end business process, which starts with suppliers, continues with ordering and receiving, and ends with payment. The process begins with suppliers who offer products and services at negotiated and contracted prices. A business then initiates the automated shopping and ordering process for food, operating supplies and equipment (OS&E), services, and furniture, fixtures and equipment (FF&E). The generation of purchase orders, approvals, receiving, invoicing and payment are processed in the system, which ends with approved to pay invoice vouchers that are integrated into an accounts payable or ERP system.

The Procure-to-Pay Suites industry was 1,430 million USD in 2018 and is projected to reach 2,600 million USD by 2025, at a CAGR of 8.92% between 2019 and 2025. Top three players occupy for over 45.13% market share in 2018.

The market for Procure-to-Pay Suites is concentrated with players such as SAP Ariba, Coupa, Oracle, Baswarem, JAGGAER, GEP, Zycus, BirchStreet Systems, Proactis, Infor, SynerTrade, Comarch, Ivalua, Xeeva, Wax Digital and so on.

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On the basis of type, the Procure-to-Pay Suites market is segmented into Cloud-based and SaaS Based. The Cloud-based segment is expected to account for the larger share of the global market in 2018.

End-users, included in this market are SMEs and Large Enterprises. The Large Enterprises application is expected to account for the largest share of the global market in 2018.

Over the past two decades the procurement process has undergone significant change, transitioning from a paper-based order process to a strategic business function. The tools of procurement have also changed, reflecting the larger acceptance of technology and computerization in B2B relations overall. Beginning with the development of e-purchasing and catalog management, e-procurement tools have matured with integration of e-invoicing and invoice automation, creating whole procure-to-pay (P2P) suites. The software is gaining traction, whether in response to regulation – such as electronic public procurement requirements – or due to industries experiencing high degrees of cost-reduction pressure, like the automotive industry.

Future leaders in the P2P space will capitalize on technological innovations. Cloud-based software and mobile capabilities have changed how and where work is done. Advantages of cloud-delivered tools include fast implementation times, ease of supplier collaboration and onboarding and the ability to introduce improvements and innovations quickly and easily. Mobile integration is now a basic requirement for successful software as the workforce becomes increasingly mobile.

This report focuses on the Procure-to-Pay Suites in global market, especially in North America, Europe, Asia-Pacific, South America, Middle East & Africa. This report categorizes the market based on manufacturers, regions, types and applications.

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