Global Procure-to-Pay Suites market will reach 2600 million US$ by the end of 2025

Publisher: QYResearch

Published Date: 2019/7/3

Procure-to-pay is a term used in the software industry to designate a specific subdivision of the procurement process. The procure-to-pay systems enable the integration of the purchasing department with the accounts payable (AP) department. Some of the largest players of the software industry agree on a common definition of procure-to-pay, linking the procurement process and financial department. The steps usually included are: Supply management; Cart or requisition; Purchase order; Receiving; Invoice reconciliation; Accounts payable.

On the basis of type, the Procure-to-Pay Suites market is segmented into Cloud-based and SaaS Based. The Cloud-based segment is expected to account for the larger share of the global market in 2018.

Over the past two decades the procurement process has undergone significant change, transitioning from a paper-based order process to a strategic business function. The tools of procurement have also changed, reflecting the larger acceptance of technology and computerization in B2B relations overall. Beginning with the development of e-purchasing and catalog management, e-procurement tools have matured with integration of e-invoicing and invoice automation, creating whole procure-to-pay (P2P) suites.

In 2018, the global Procure-to-Pay Suites market size was 1430 million US$ and it is expected to reach 2600 million US$ by the end of 2025, with a CAGR of 8.9% during 2019-2025.

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