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TECH SUPPLIER Jun 2019 - Market Share - Doc # US45183019

Worldwide Procurement Applications Software Market Shares, 2018: Cloud Leads the Way

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

Abstract

This IDC study provides market shares for the procurement applications software market in 2018. This market has grown by 12.3% in the past year, increasing from $4.5 billion in 2017 to $5.1 billion in 2018. The increase is largely due to digital enhancements made by procurement applications vendors in the procure-to-pay, sourcing, contract management, spend analysis, and supplier relationship management areas. In addition, there is a growing trend to have a suite of intelligent procurement technology that works together seamlessly, optimizes across workflows and data sets, enhances outcomes for the organization.

"Businesses want a full view of their entire spend and supply base, demanding more from their procurement applications than ever before, including using the most up-to-date and advanced innovative technologies. Procurement applications (and technology vendors) are now being tasked with digitization of procurement and its partnerships, a far cry from the current semiautomated applications in use today. As technology continues to accelerate, so too will the need for digital procurement applications," says Mickey North Rizza, program vice president, Enterprise Applications and Digital Commerce.


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