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TECH SUPPLIER Jul 2018 - Market Share - Doc # US43266418

Worldwide Procurement Software Market Shares, 2017: The Year Cloud Became the Major Deployment Model

By: Mickey North RizzaProgram Vice President, Enterprise Applications and Digital Commerce, Jordan JewellResearch Manager, Digital Commerce and Enterprise Applications, Kevin PermenterResearch Manager, Enterprise Applications

Abstract

This IDC study discusses the worldwide market for procurement software. This market has grown by 9.9% in the past year, increasing from $4.3 billion in 2016 to $4.7 billion in 2017. The increase is largely due to digital enhancements made by procurement applications vendors in the procure to pay, sourcing, contract management, or supplier relationship management areas. In addition, there is a growing trend to have a suite of intelligent procurement products that work together seamlessly.

"Procurement is a critical component as organizations begin to digitally transform. Automated transactions, continuous sourcing, capabilities sourcing, smart contracts, continuous risk management, and intelligent market analysis are all required capabilities for a procurement organization to be effective, efficient, and value adding in the digital economy," says Mickey North Rizza, program vice president, Enterprise Applications.


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