The procure-to-pay solutions are implemented and integrated by various companies in order to support the entire process of operation. These operations are carried out by P2P solutions right from goods and services inventory to uploading of billed files on the system. For improved efficiency and effectiveness of the organization, the P2P solutions help create an organized structure of operation control and smooth performance.
Several companies are implementing e-procurement solutions for the simplification of the procure-to-pay process. This has notably changed the way in which the firms used to transact, sell, or purchase the products. A supplier plays a key role in the successful implementation and adoption of the procure-to-pay solutions for a company. However, what remains as the major challenge for the company is to support the growth of e-commerce in the B2B segment with the suppliers.
There are several others factors contributing to the growth of the global procure-to-pay solutions market within the forecast period. The rising usage of cloud-oriented unified solutions of the e-procurement process is among the key factors behind the market development. The key players operating in the procure-to-pay software help plan categorization and strategy building ability for sourcing and planning through managed services. In addition, data-driven sourcing and better spending analysis are some additional factors contributing to the growth in the global market. Moreover, procure-to-pay solutions help to reduce the overall enterprise infrastructure expenditure. This is another factor encouraging the companies to comply with the market contract, regulations, and policies.
The global procure-to-pay solutions market is majorly divided into end-user, size of the enterprise, deployment, and region. In terms of deployment, the market is bifurcated into on-premise and SaaS. On the basis of the size of the enterprise, the global market is classified as small & medium business and large enterprise. As per the end-user, the market is sub-sectioned into retail, oil & gas, BFSI, automotive, telecommunication, and healthcare.
Based on geography, the global procure-to-pay solutions market is likely to be led by North America within the span of coming years. This is credited to the increased adoption of P2P solutions, especially in the BFSI industry. The region is further trailed by the Asia Pacific and Western Europe. This is attributed to the moderate adoption rate of P2P solutions and advancement in technology in these regions.
Some of the leading players operating in the global procure-to-pay solutions market are Bertelsmann SE & Co., Zycus Inc., GEP, Ariba Inc., SAP SE, Comarch SA, Infosys Limited, ProActis, and so on.
Recently, Esker, a leading cloud platform provider and AI-based automation solutions for customer service and finance functions, partnered with Hexaware Technologies. It is one of the leading IT and digital solution providers and consultancy. The collaboration aims to provide a complete automation service to the customers and help enterprises benefit from order-to-cash and procure-to-pay processes.