Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) -- The "Europe Procure-to-Pay Solutions Market Size and Forecast, Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component, Industry, Organization Size, Deployment, and Country" report has been added to ResearchAndMarkets.com's offering.
The European Procure-to-Pay (P2P) Solutions market has demonstrated a robust valuation of US$ 2.16 billion in 2023 and is anticipated to continue its upward trajectory, with expectations to ascend to a remarkable US$ 4.16 billion by the year 2031.
This growth is projected to occur at a compound annual growth rate (CAGR) of 8.5% over the forecast period from 2023 to 2031. Key factors propelling this market advancement include a significant rise in demand for e-invoicing, regulatory developments, the proliferation of mobile procurement options, and an increasing inclination towards cloud-based solutions.
In recent years, Europe has observed a surge in technological innovation, which, alongside automation and seamless integration with enterprise resource planning (ERP) systems, has opened up substantial growth avenues for the P2P Solutions market. Mobile procurement solutions have especially garnered extensive industry attention due to their ability to offer heightened flexibility and enhanced user experiences, invariably boosting the efficacy of procurement operations within modern-day businesses.
Segmentation Insights
The European P2P Solutions landscape can be dissected into a variety of segments including components, deployment, organizational size, and industry verticals. Solutions and services represent the core components, whereas by deployment, cloud and on-premises solutions make up the bifurcation. Furthermore, based on organizational size, the market is categorized into large enterprises and SMEs. Diverse industries such as manufacturing, IT & telecom, healthcare, and retail are at the forefront in adopting these solutions.
Services and Industry Adoption
The services spectrum encompasses software implementation, training, support, and consulting services – all integral to facilitating end-users in integrating P2P with existing systems and extracting the full potential of said solutions. Industries including IT & telecom are increasingly leveraging P2P solutions to induce cost savings and enhance efficiencies within their supply chains and procurement processes. A key part of this effort is the digital transformation initiatives aimed at fostering innovation, slashing operational costs, and amplifying customer satisfaction, all while maintaining an unwavering focus on cybersecurity.
Competitive Landscape
The European market for Procure-to-Pay Solutions features a dynamic competitive framework with prominent players offering comprehensive solutions to cater to diverse industry requisites. These market players are innovatively crafting strategies to meet demands, thereby propelling market growth. Through intensive primary research and extensive secondary research, this analysis delivers a rigorous overview and forecast of the P2P Solutions market and its multifaceted market segments.
The unveiling of the Europe Procure-to-Pay Solutions market forecast is built on the foundation of a meticulous amalgamation of research findings, including substantive data from key company publications, association data, and verified databases. The insights derived from this market analysis are essential for industry participants seeking to navigate the evolving market landscape and harness growth opportunities in the burgeoning European P2P Solutions domain.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 170 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value (USD) in 2023 | $2.16 Billion |
| Forecasted Market Value (USD) by 2031 | $4.16 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Europe |
Companies Featured
- Oracle
- SAP SE
- GEP
- Coupa Software Inc.
- Docaposte Group
- Invalua Inc
- B2BE
- Jaggaer
- Zycus Inc
- Tradeshift Holdings, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/5ihsn7
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