Soaring Usage of Cloud-based Sourcing Software Fuels Growth of Global Sourcing Software Market


Published Date : Mar 14, 2017

Albany, New York, March 14, 2017: MarketResearchReports.biz now features a research report, titled “Global Sourcing Software Market 2017-2021”. The publication is a comprehensive outlook of the global sourcing software market. It studies the historical events in the global market and compares it to the current market scenario to offer a projection of its trajectory. The research report has been compiled using primary and secondary research methodologies to offer its readers an exact and accurate evaluation of the various factors governing the global sourcing software market. Additionally, the research report also includes comments and recommendations by expert market leaders, which authenticates the information in the document. 

According to the research report, the global sourcing software market is expected to surge at a CAGR of 8.19% between 2017 and 2021. The steady growth of the global market is expected to a result of the tremendous cost reduction in the sourcing processes. The market also stands to benefit from the ongoing modernization of the indirect procurement processes and growing need to incorporate risk management in sourcing. Furthermore, the strengthening demand for automation in sourcing processes is also projected to favor market growth in the near future. 

The need for automation in sourcing processes is expected to intensity due to its uptake in supplier-bidding, invoice RFx, supplier negotiation, supplier evaluation, and other sourcing activities. The usage of automating sourcing has led to several benefits such as quality offering and cost-effective suppliers and prevention of manual errors in supply chain systems. The global sourcing software market will also likely to growth due to the emerging trends of mobile sourcing technology, increasing adoption of sourcing analytics, rise of e-sourcing, and increasing usage of cloud-based sourcing software. 

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Despite the strong market drivers that promise steady growth, the global market is likely to be challenged by a few factors. The analysts have identified challenges such as system integration and dynamic sourcing service requirements as two key restraints in the global market. In addition, the threat of vendors offering open-source sourcing software is also likely to exacerbate the situation. On the basis of geography, the global market is segmented into the Americas, Asia Pacific, the Middle East and Africa, and Europe. The research report assesses the various strengths, weaknesses, opportunities, and threats impacting these segments. 

Some of the prominent players operating in the global sourcing software market are ClearTrack Information Network, Capgemini, IBM, Coupa Software, SAP, Determine, sciQuest, eBid Systems, ESM Solutions, GEP, Market Dojo, Xeeva, Winddle, and Zycus. The research report profiles these players and provides an accurate and exact evaluation of the competitive landscape of the global market. With the help of Porter’s five forces reports, the research report offers an assessment of the intensity of the competitive rivalry present in the market. It also evaluates the financial outlook, research and development activities, expansion plans, and business and marketing strategies of these key players. 

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