According to the current analysis of Reports and Data, the global Procure To Pay Software Market was valued at USD 5.0 Billion in 2018 and is expected to reach USD 9,2 Billion by year 2026, at a CAGR of 7.6%.

Procure To Pay (P2P) is the method of capture, purchase, receive, pay and account for products and services. It takes its name from the ordered sequence of procurement and monetary procedures, beginning with the first steps to the final steps engaged in paying for it. Procure To Pay software market is specifically intended to manage the entire procurement process or its parts, such as invoicing, or associated procedures, such as stock management and economic accounting. Procure To Pay software market includes, a purchase orders which begins the ordering process during which a purchase order (PO) is generated. On receiving the goods common documents are produced that include an Advanced Notice of Shipping (ASN) and order confirmation. At the last stage the actual payment, that typically involves creating an invoice, arranging to pay vendors and recording an accounting system transaction. The receipt of goods is compared to the order of purchase to validate if the two match. The customer can contact the vendor and file a complaint if there are any discrepancies. Final checks are carried out if the products are suitable for use or not, if all the some of the products do not comply with the ordered specifications the gods are returned back.

P2Psystems are intended to give organizations control and visibility throughout a transaction's life cycle, offering complete insight into cash flow and economic obligations. Most businesses that use these schemes are looking for their procurement department to be centralized or to set up a shared service organization for the same purpose. The value chain of P2P software consists of indent management, e-Informing, e-Tendering, e-Auctioning, vendor management, catalogue management, Purchase Order Integration, Order Status, Ship Notice, e-invoicing, e-payment, and contract management. Implementing an e-procurement scheme advantages an organisation at all levels. E-procurement systems provide enhanced visibility and control of expenditure and assist finance officers match purchases with purchases, receipts and work tickets. An P2P system also manages tenders via a website.

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Further key findings from the report suggest:
Procure To Pay software market is fastest growing at a CAGR of 2% in Asia Pacific owing to increasing number of connected devices and digital payments in developing countries such as India and China
Strategic Sourcing segment is accounted to be the leading segment which is valued at USD 1.33 Billion in 2019,
North America is the largest region with a share of 33.06% in the Procure To Pay software market due to the higher adoption of 5G technologies and digital payments and growing mobile penetration in Canada
Large Organization segment is the fastest growing at a CAGR of 8.4% due to the availability of better resources, infrastructure and budgets
Europe is expected to account for the 27.28% of the global Procure To Pay software market due to the increasing demand for e-procurement in European countries such as U.K., France, Japan, and Germany
Manufacturing end user to account for the largest market size during the forecast period. Manufacturing companies 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 the latest innovation in the global Procure To Pay software market.
Some of the key players in the Procure To Pay software market are Accenture, Infosys, GEP, Genpact, Proxima, WNS, Capgemini, IBM, Wipro, and

Market Overview:
Increasing adoption of technologically upgrade and advanced devices among users and rising penetration of internet has led to generation of massive amount of data across various industries and sectors. Growing demand for enhanced data security and privacy has contributed to the revenue growth of the market. In addition, rising application of the Internet of Things (IoT) and usage of business intelligence have further fueled market growth. Developments across various segments such as internet, wireless networks, computers, software, social networking, and other services have impacted the growth of the information and communication technologies market.

ICTs refer to the amalgamation of media technology with computer networks through cables or link systems. Key emerging trends such as use of IoT, media systems, and information and communication technologies in different sectors such as agriculture, financial services, and meteorological data collection, among others have also boosted revenue growth. The advent of artificial intelligence and robotics have further brought evolution in the ICT industry.

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Report Overview:
The report further segments the global Procure To Pay Software market based on

Solutions (Revenue, USD Million; 2016–2026)
Strategic Sourcing
Spend Management
Category Management
Process Management
Contract Management
Transactions Management

Size of Organization (Revenue, USD Million; 2016–2026)
Large Organization
Small and Medium-Sized Enterprises

End Users (Revenue, USD Million; 2016–2026)
Banking
Telecommunication
Healthcare
Retail & ecommerce
Manufacturing
Others

Key players dominating the global Procure To Pay Software market are focusing on development and advancement in software and security technologies to cater to the growing consumer demand. Factors such as rapid economic growth, shifting consumer preference, and rapidly changing market dynamics have also accelerated market revenue growth. The report sheds lights on the key strategic initiatives such as mergers and acquisitions, collaborations, partnerships, product launches, corporate deals, and agreements undertaken by the key companies. The report also offers insights into market share, market size, and revenue growth in key regions of the globe.

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Regional analysis covers:
North America
U.S.
Canada
Mexico
Europe
Russia
U.K.
Germany
France
BENELUX
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
Israel
Rest of MEA

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