10% CAGR for global procurement software market into 2019

The need for controlling and managing all the resources in an organisation’s supply chain is driving Technavio’s estimates that the global procurement software market will grow at a CAGR of about 10% between 2015 and 2019, with the market worth US$5 billion by 2019.

Navin Rajendra, Lead Analyst, IT Services, Technavio Research, noted that e-procurement technology - which includes web-based enterprise resource planning (ERP), e-informing, e-sourcing, e-reversing, e-market sites, e-maintenance, repair and operations (MRO) and e-tendering - automates the supply process, simplifies the labour-intensive tasks and reduces procurement life cycles by 40%.

The key vendors mentioned for global procurement software are Basware, Oracle, SAP, and SciQuest. More startups and large firms are expected to enter the market during the forecast period.

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