LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global sourcing software market is expected to grow at a CAGR of more than 8% during the forecast period.
This research report titled ‘Global Sourcing Software Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Ishmeet Kaur, a lead analyst at Technavio for enterprise application research, “Cost reduction is one of the important reasons behind the adoption of sourcing software in organizations. Procurement managers are facing challenges in the effective management of sourcing processes due to increasing complexities and manual errors in supply chain systems.”
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The market research analysis categorizes the global sourcing software market into five major end-user segments, of which the top three are discussed in detail below. They are:
- Manufacturing
- Retail
- IT and telecom
- Healthcare
- Others
Manufacturing
The manufacturing sector accounted for close to 28% of the global sourcing software market in 2016. The manufacturing sector has one the most complex procurement processes due to the unorganized and scattered distribution systems in international markets.
Sourcing software is helping organizations to reduce their supply chain risk and cost through automation in the sourcing process. Analytics is playing an important role in increasing the accuracy in the end-to-end planning of the procurement process. Predictive analytical solutions help to forecast the exact amount of raw materials required to manufacture a certain product. Accenture has launched a predictive analytical tool known as Warranty Analytics that will help manufacturers detect fraudulent activities in the warranty management solutions.
Retail
The retail sector accounted for 21% of the global sourcing software market in 2016. The sourcing department for retail companies is required to maintain an appealing store outlet to attract new customers and keep them coming back for their shopping needs.
The sourcing software offers time-saving practices and increased capabilities for bid collection and analysis. The software helps the sourcing team to configure different bid items for each location based on the services required by each store. This gives the suppliers greater visibility on bids from each location. The e-sourcing feature of the sourcing software speeds up the supplier proposal evaluation and package offers.
IT and telecom
The IT and telecom sector accounted for over 18% of the global sourcing software market in 2016. The software helps IT firms to reimplement a standard enterprise resource planning (ERP) footprint for all its businesses worldwide, bring significant suppliers for processes, technology, and solutions, and effectively manage sourcing processes in a cost-effective way to deliver measurable and sustainable benefits.
“The software also helps to maintain the internal demand, supplier relationships, governance and compliance, and benchmark IT spend,” says Ishmeet.
The telecom sector has adopted sourcing software to support Industry 4.0 revolution. The sourcing process has been simplified to connect buyers and sellers in the B2B procurement process. The procurement strategies across the telecom verticals are shifting to increase revenue and supplier networking in the business.
The top vendors highlighted by Technavio’s ICT market research analysts in this report are:
- Capgemini
- Coupa Software
- IBM
- SAP
- sciQuest
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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