Sourcing Software: Introduction
- Sourcing software is also known as e-sourcing or eSourcing software. Strategic sourcing software focuses on the selection and identification of suppliers. Sourcing software has some similar functions as procurement software; or we can say that it is a module which falls under the category of procurement software.
- Sourcing software provides real-time capabilities to its customers. However, the main work of sourcing software is to maintain a high level of collaboration throughout the entire sourcing process. It provides a centralized portal with built-in communication system to customers who want to view bids, quotes, and proposals.
- Sourcing software offers numerous features such as eRFx (electronic request for “X”) management, document management, side-by-side comparison tool, integration (esourcing forum), and reporting to customers
- The global sourcing software market is projected to expand at a rapid pace during the forecast period, due to increase in demand for cloud-based sourcing software among organizations
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Global Sourcing Software Market: Dynamics
Global Sourcing Software Market: Key Drivers and Restraints
- Increase in demand for automation of sourcing processes such as supplier-bidding, invoice RFx, supplier negotiation, supplier evaluation, and supplier selection as well as other sourcing activities, is expected to boost the sourcing software market during the forecast period. This is primarily because automating sourcing process or activities helps customers to avoid loss at many stages of the sourcing process; supports in gaining end-to-end visibility in the supply chain management systems; and remove manual errors in supply chain systems.
- Rise in adoption of cloud-based sourcing software among organizations are expected to boost the demand for sourcing software across the globe. This is primarily because cloud-based sourcing software have lower deployment cost and a pay-per-use billing model for IT-related services.
- Increase in online shopping and significant shifts in consumer buying patterns have pushed the demand to effectively manage inventory and other sourcing processes. This, in turn, is projected to drive the global sourcing software market in the next few years.
- Rise in demand from end-users for simplifying and synchronizing the supply chain management system is estimated to propel the global sourcing software market during the forecast period
- Emergence of digital technologies such as artificial intelligence (AI), cloud computing, and the Internet of Things (IoT) across the globe is anticipated to boost the demand for sourcing software during the forecast period
- However, data security and privacy concern are expected to hamper the sourcing software market during the forecast period
- Increase in dynamic sourcing service requirements is projected to restrain the global sourcing software market in the next few years
Impact of COVID-19 on Global Sourcing Software Market
- Increase in cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Most of the manufacturing or production of goods are temporarily suspended all over the world. Businesses have adverse impact in most of the countries due to partial or full lock down. This, in turn, is projected to indirectly hinder the global sourcing software market in the next few years.
- Lack of industrial activity is expected to result in low cash flows, further impacting the funding of projects. However, companies are collaborated with technology giants to develop industrial digitalization technologies to minimize the negative consequences of COVID-19 pandemic on the supply chain and their businesses.
North America to Hold Major Share of Global Sourcing Software Market
- In terms of region, the global sourcing software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global sourcing software market in 2019, due to the high need to optimize procurement through accurate sourcing process
- The sourcing software market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing foreign player investments in the countries such as India. For instance, GAP Inc., Tesco.com, and Walmart Inc., are sourcing their products from India and planned for establishing their sourcing centers.
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Global Sourcing Software Market: Competition Landscape
Several local, regional, and international players are active in the sourcing software market with a strong presence. Rapid technological advancements have led to opportunities in the global sourcing software market. Sourcing software vendors are focused on inorganic growth strategy such as strategic collaborations and merger and acquisition activities with technology partners to develop innovative and advanced solutions to improve their offerings and market reach.
Key Players Operating in Global Sourcing Software Market
- Ariba Inc.
- Capgemini SE
- Coupa Software Incorporated
- IBM Corporation
- Infor Inc.
- JAGGAER, Inc.
- Microsoft Corporation
- Oracle Corporation
- Zycus Inc.
- SAP SE
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