TECH SUPPLIER Jun 2020 - Market Share - Doc # US45245620
Worldwide Procurement Applications Software Market Shares, 2019: Year of Digitization and the Cloud
This IDC study provides market shares for the procurement applications software market in 2019. The market was down overall from 11.4% growth in 2018 to 6.6% in 2019. Organizations are digitally enhancing the procurement organizations and partnerships; however, in many cases, the partner is a point solution or a gap filler only for a particular capability such as sourcing, contract management, or supplier relationship management. These solutions round out entire procurement professional workflows. There is also a growing trend to have a suite of intelligent procurement technology that works together seamlessly, optimizes across workflows and data sets, and enhances outcomes for the organization.
"Technology and innovation acceleration have transformed buyers' needs of procurement applications toward digital procurement applications. Organizations can now intelligently select the right suppliers of choice, rely on a completely automated procure-to-pay process, and collaborate with suppliers and coworkers to select the right product or service," says Mickey North Rizza, program vice president, Enterprise Applications and Digital Commerce.
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