Source to Pay Market
Growth Factors of Source to Pay Market
The source to pay market size was valued at USD 2.07 billion in 2022, and the market is now projected to grow from USD 3.19 billion in 2023 to USD 70.72 billion by 2030, exhibiting a CAGR of 55.7% during the forecast period of 2023-2030.
The COVID-19 pandemic propelled the source to pay market growth. The enhanced growth has been caused by the rising requirement for maintaining efficient supplier relationships. The pandemic intensely influenced changing trades in navigating their procurement processes. The merger of remote work dynamics and supply chain disruptions amplified the need for source-to-pay (S2P) software to sustain operations. The budget constraints and economic uncertainties shifted the focus toward cost savings and efficient spending has promoted associations and institutions to accept S2P software.
The source to pay market share globally has expanded because of the rising implementation of digital transformation initiatives. Businesses across various sectors are acquainted with the advantages of streamlining their procurement processes, and source-to-pay software increases demand for the system. The digital revolution entails the incorporation of advanced technologies such as computerization, and data-driven decision-making into various aspects of the procurement lifecycle. S2P software supports impeccably with this trail by offering end-to-end automation, efficient data management, and real-time visibility into sourcing actions.
The trend is raising focus on supplier collaboration and relationship management that is amplifying demand for the software. Organizations recognize that building robust and transparent joint ventures with dealers is imperative for achieving effective procurement outcomes. S2P software solutions are evolving to provide advanced features that facilitate faultless communication, cooperation, and engagement between buyers and sellers.
Comprehensive Analysis of Source to Pay Market
The source to pay market and information & communication technology industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the information & communication technology industry. These segmentations are methodically segregated by types of enterprise type and end-user. The enterprise type involves SMEs and large enterprises. The end-users are healthcare and life sciences, IT and telecommunication, consumer goods and retail, manufacturing, BFSI, automotive, energy and utilities, and others.
The North American region is conducive to the global source to pay market, leading to a recall of USD 0.94 billion owing to technological advancements, economic strength, regulatory demands, contractor range, and a strong focus on optimizing procuring activities for cost-savings and strategic advantage.
The top players in the market play a crucial role in the information & communication technology industry assuring industrial prospectus growth and setting market standards. These players are GEP (U.S.), IBM Corporation (U.S.), TATA Consultancy Services (India), Genpact (U.S.), SAP SE (Germany), Coupa Software Inc.(U.S.), Ivalua Inc. (U.S.), Zycus Inc. (U.S.), Corcentric, Inc. (U.S.), and Basware (Finland), Inc. (U.S.), these market players provide a fair-playing competitive landscape.
In April 2023, Delek announced their partnership with Coupa and the Shelby Group to launch an automated source-to-pay solution. The aim of this partnership is to offer benefits to their strategic supply partners such as reduction of paper transition documents, automated payments for invoices submission and greater control over the complete order management process.
Segmentation Table
Global Source to Pay Market Scope
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 55.7% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Enterprise Type
Large Enterprises
Small and Medium Enterprises (SMEs)
By End-user
BFSI
Consumer Goods and Retail
Healthcare and Life Sciences
Manufacturing and Automotive
IT and Telecommunication
Energy and Utilities
Others
By Region
North America (By Enterprise Type, By End-user, and By Country)
Europe (By Enterprise Type, By End-user, and By Country)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
Asia Pacific (By Enterprise Type, By End-user, and By Country)
- China
- Japan
- India
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
Rest of the World (By Enterprise Type, By End-user, and By Region)
- Middle East & Africa
- South America
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