The procure to pay (P2P) software is projected to grow from $5 billion in 2018 to $9.2 billion by 2026 with a compound annual growth rate of 7.6%, according to data released by market research firm Reports and Data. This projected growth will be driven by the growing need to streamline business processes and the increasing adoption of analytic solutions for process improvement.
The P2P systems are designed to help organizations manage their procurement process or part of it, such as economic accounting, stock management and invoicing. They provide visibility and control over the life cycle of a procurement transaction and offer insights into economic obligations and cash flow situation.
The P2P software value chain consists of catalog management, vendor management, e-Auctioning, e-Tendering, e-Informing and indent management.
According to the report, the P2P software market will grow the fastest in the Asia Pacific region because of the development of digital payment systems and connected devices in China and India.
North America is expected to have the largest market share of 33.06%, while Europe will have a 27.28% share. The manufacturing industry is the sector projected to have the largest market size by 2026. A growing number of manufacturers have started implementing technology-driven approaches and procurement outsourcing strategies. IBM, Wipro, Accenture, Capgemini, Infosys, Proxima, GEP and Genpact are some of the key players in the P2P software market.