Procure-to-Pay (P2P) Suites Market

Market Definition:

The Procure-to-Pay (P2P) Suites Market size was valued at USD XX billion in 2020 and is predicted to reach USD XX billion by 2030 with a CAGR of XX% from 2021-2030.

P2P suites are collections of integrated solutions with "transactional" or "operational" procurement methods. Majority of the organization have automated workflows for requesting, procuring, receiving, and paying for goods and services. P2P suites are fully integrated and implemented by multiple organizations to support the overall operational processes. These suites handle operations including everything from service and goods requisitions to uploading billed files into the systems. The procure-to-pay suites aid in the development of the organization's effectiveness and efficiency by creating a planned structure to control the organization's operations.

Market Dynamics and Trends:

P2P suites assist organizations in automating the process of purchasing materials as well as maintaining a stock of goods. Several end-use industries are implementing procure-to-pay suites solutions in order to collaborate with suppliers, receive alerts, track events, and analyze business intelligence data to gain insights from the entire procurement process, allowing them to plan for the future. The increasing demand for centralized procurement processes, as well as the consolidation of supply chain management across industries, are driving procure to pay market trends.

Furthermore, the expansion of mobile procurement applications will aid industry growth over the forecast period. However, policy and regulations dealing with P2P suites solutions restrain the growth of the market during the forecast period. On the contrary, rising adoption of SaaS-based P2P suites across organizations, and data-driven sourcing and better spend analysis are expected to create ample growth opportunities for the market in the coming years.

Market Segmentations and Scope of the Study:

The procure-to-pay (P2P) suites market is segmented on the basis of component, deployment, organization size, end-user, and geography. On the basis of components, the market is divided into integrated procure to pay (P2P) suites, software, and services. On the basis of the deployment model, the market is classified into cloud and on-premise. On the basis of organization size, the market is categorized into large enterprises and small and medium-sized enterprises. On the basis of end-user, the market is segmented into retail, automotive, banking, financial services, and insurance, telecom and IT, healthcare, energy and utilities, and others. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

North America held the largest revenue share of the global procure-to-pay (P2P) suites market in 2021, and the trend is expected to continue throughout the forecast period. This is mainly attributed to the growing P2P outsourcing activities in government as well as in private sector organizations in North America.

Also, manufacturing companies in the region are gradually implementing outsourcing procurement and technology-driven approaches that allow them to streamline their production procedures and attain substantial cost savings digital distribution of goods using P2P suites the latest innovation thereby driving the growth of the market.

However, the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This is mainly due to the growing demand for procure-to-pay (P2P) suites solutions and services in countries such as China, Japan, India, Australia, and the rest of APAC.

Competitive Landscape:

The procure-to-pay (P2P) suites market is comprising of various market players such as Coupa Software Inc., Orcale Corporation, SAP SE, Ivalua Inc., GEP, Basware Oy, Jaggaer, Zycus Inc., Tradeshift Holdings, Inc., HotWax Systems. These market players are adopting various growth strategies, such as partnerships, and collaborations to further expand their presence in the procure-to-pay (P2P) suites market and broaden their customer base.

For instance, in November 2020, Pagero and Zycus, a leading global provider of an AI-powered source-to-pay suite, had announced a strategic partnership. The partnership offered Pagero and Zycus customers tools to improve supply chain efficiency, expedite invoicing, and stay in compliance with ever-changing e-invoice requirements. Moreover, in October 2021, Ivalua partnered with TransferMate to end friction from cross-border trade. Ivalua will be incorporating TransferMate cross-border payment capabilities into their Ivalua pay solution.

Key Benefits:

• The procure-to-pay (P2P) suites market report provides the quantitative analysis of the current market and estimations through 2021-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the procure-to-pay (P2P) suites market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities and their impact on the procure-to-pay (P2P) suites market is provided in the report.

• The competitive analysis of the market players along with their market share in the procure-to-pay (P2P) suites market.

• The SWOT analysis and Porter's Five Forces model are elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

Key Market Segments:

By Component

• Integrated Procure to Pay (P2P) Suites

• Software

  • Purchase Requisition Software

  • Purchase Order Management Software

  • Invoicing Management Software

  • Contract Management Software

  • Vendor Management Software

• Services

  • Integration & Deployment

  • Consulting

  • Support & Maintenance

By Deployment Model

• Cloud

• On-Premise

By Enterprise Size

• Large Enterprises

• Small and Medium Enterprises (SMEs)

By End User

• Retail and E-Commerce

• Automotive

• Banking, Financial Services, and Insurance

• Telecom and IT

• Healthcare

• Power and Energy

• Other End Users

By Geography

• North America

  • U.S

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Rest of Asia-Pacific

• RoW

  • UAE

  • Saudi Arabia

  • South Africa

  • Brazil

  • Remaining Countries

Key Players:

• Coupa Software Inc.

• Orcale Corporation

• SAP SE

• Ivalua Inc.

• GEP

• Basware Oy

• Jaggaer

• Zycus Inc.

• Tradeshift Holdings, Inc. 

• HotWax Systems

REPORT SCOPE AND SEGMENTATION: