Global Sourcing Software Market 2017-2021

Global sourcing software market overview

According to Technavio’s sourcing software market forecast report, this industry will grow at a steady rate and register a CAGR of more than 8% during the forecast period. The increasing demand for automation of sourcing processes is one of the primary factors that will drive the global sourcing software market’s growth in the coming years. Some of the major applications of sourcing processes are invoice RFx, supplier-bidding, supplier evaluation, supplier negotiation and supplier selection, and other sourcing related activities. Automating sourcing activities helps prevent loss at various stages of the sourcing process, prevents manual errors in supply chain systems, and helps gain visibility in the end-to-end supply chain management systems.

The upsurge of cloud-based sourcing software is one of the key sourcing software market trends that will drive the growth prospects of the global sourcing software market until the end of 2021. The cloud-based sourcing software involves minimal upfront investments and offers a pay-per-use billing model for IT-related services such as computing power, storage, network bandwidth, security, platforms, and SaaS.

Competitive landscape and key vendors

According to the global sourcing software market analysis, this industry is highly fragmented and competitive owing to the presence of a large number of multinational vendors across the globe. One of the major factors responsible for the growing competition in the market is the increasing demand for sourcing software in industries such as the IT, manufacturing, and retail.

Key vendors in this market are -

• Capgemini
• Coupa Software
• IBM
• SAP
• sciQuest

Other prominent vendors in the market include ClearTrack Information Network, Determine, eBid Systems, ESM Solutions, GEP, Market Dojo, Winddle, Xeeva, and Zycus.

Segmentation by end-user and analysis of the sourcing software market

• Manufacturing
• Retail
• IT and telecom
• Healthcare

The manufacturing sector accounted for the largest sourcing software market share in 2016 and will continue to dominate the market over the next few years. One of the major factors responsible for the growing demand of sourcing software is to reduce supply chain risk and costs through automation of the sourcing process.

Segmentation by geography and analysis of the sourcing software market

• Americas
• APAC
• EMEA

In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market in the forthcoming years. The Americas led the market due to the high need to optimize procurement through accurate sourcing.

Key questions answered in the report include

• What will the sourcing software market size and the growth rate be in 2021?
• What are the key factors driving the global sourcing software market?
• What are the key market trends impacting the growth of the global sourcing software market?
• What are the challenges to the sourcing software market growth?
• Who are the key vendors in the global sourcing software market?
• What are the market opportunities and threats faced by the vendors in the global sourcing software market?
• What are the trending factors influencing the sourcing software market shares of the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global sourcing software market?

Technavio also offers customization on reports based on specific client requirement.

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