In 2022, it is expected that the market for procure-to-pay solutions will be worth US$6,832.4 million. With a 7.0% CAGR over the forecast period, the market is expected to grow significantly, reaching a value of US$ 13,430.4 million by 2032.

Most businesses use fully integrated solutions called procure-to-pay systems to support their entire operational cycle. This solution handles everything from the creation of requests for goods and services to the uploading of payable files to accounts receivable systems. To increase the effectiveness and efficiency of their overall business process, Procure-to-Pay Solutions assists businesses in developing a planned structure for managing enterprise operations.

Several business operations, including customer relationship management (CRM) and enterprise resource planning (ERP), are carried out using procure-to-pay solutions (CRM). The management of banking finances, shipment information, and multiple supplier statements for payments and goods received are also made easier.

Procure to Pay Solutions Market: Drivers and Challenges

The market for procure-to-pay solutions is experiencing significant growth, and one of the main drivers of this growth is cloud-based unified procure pay solutions. By providing managed services, Procure-to-Pay Solutions vendors provide spend categorization and planning capabilities to enable better planning and strategic sourcing capabilities.

Another important factor that is positively influencing the market growth for procure-to-pay solutions is data-driven sourcing and improved spend analysis. Additionally, it provides strategic sourcing savings to reduce overall enterprise infrastructure costs.

Contract, policy, and regulation compliance are the main obstacles that vendors in the Procure-to-Pay Solutions market must overcome.

Procure to Pay Solutions Market: Key Players

Ariba Inc., ProActis, GEP, Bertelsmann SE & Co., Infosys Limited, SAP SE, Zycus Inc., and Infosys are a few of the leading companies in the Procure-to-Pay Solutions market.

Procure to Pay Solutions Market: Regional Overview

Geographically speaking, the market for procure-to-pay solutions can be divided into seven major areas: North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, Middle East & Africa. Due to widespread adoption of Procure-to-Pay Solutions by BFSI industries, North America is predicted to lead all other regions in the Procure-to-Pay Solutions market during the forecast period. Western Europe and APAC are predicted to come after the North American region.

Due to the modest adoption of Procure-to-Pay Solutions by small and medium-sized businesses for efficient management of overall enterprise operations, the market for these solutions is expanding significantly in Europe and the Asia-Pacific region.

Procure to Pay Solutions Market: Segmentation

Some of the enterprises are adopting managed services while implementing procure to pay solutions

Segmentation of procure to pay solutions on the basis of deployment:

• On-Premise
• SaaS

Segmentation of procure to pay solutions on the basis of Enterprise:

• SMB
• Large Enterprise

Segmentation of procure to pay solutions on the basis of End-use Industry:

• BFSI
• Healthcare
• Oil & Gas
• Telecommunication
• Retail
• Automotive
• Others

Information Source:
https://www.futuremarketinsights.com/reports/procure-to-pay-solutions-market