QKS Group Reports Procure-to-Pay Market Set to Grow at a 9% CAGR by 2028
This growth is largely driven by organizations shifting from manual processes to digital solutions and increasing their focus on automating key P2P activities—such as procurement requests, purchasing, and invoicing. Companies are investing heavily in advanced technologies, including artificial intelligence (AI), machine learning (ML), blockchain, natural language processing (NLP), and robotic process automation (RPA), to enhance efficiency and ensure supplier compliance.
P2P solution providers are responding by streamlining and digitizing processes like approval workflows, invoice reconciliation, and supplier/employee evaluations. Many are upgrading their platforms with advanced integration features that support real-time visibility into procurement activities and spending. Additionally, there's growing interest in AI-powered guided buying tools, which offer an intuitive interface to help users make informed purchasing decisions.
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Key Questions Addressed in This Study:
What is the current competitive landscape of the Procure-to-Pay (P2P) market?
Which vendors hold significant market share?
What are the major competitive trends in global and regional P2P markets?
Who are the leading vendors globally and regionally?
Are there vendors that focus on specific industry verticals?
How do vendor offerings differ in terms of cloud-based versus on-premises solutions?
What factors influence vendor positioning in the market?
What are the strengths and weaknesses of the top vendors?
How do vendors cater to different customer segments, including SMBs and large enterprises?
Strategic Market Insights
A Procure-to-Pay platform supports the full procurement lifecycle—from requisitioning and purchasing to payment processing and financial accounting. By integrating with departments such as procurement, inventory, finance, and accounts payable, a P2P system serves as a centralized platform for managing supplier interactions and procurement performance. These systems offer real-time insights into spend, supplier pricing, and purchasing patterns, enabling organizations to improve operational efficiency, strengthen supplier relationships, reduce procurement costs, and ensure compliance with regulatory requirements and performance KPIs.
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Vendors covered in this Study:
Coupa, SAP (Ariba), GEP, Ivalua, Zycus, Jaggaer, Basware, Synertrade, Elcom, Oracle, OpusCapita, Corcentric, Medius, Proactis, Esker, BirchStreet Systems, and Varis.
Also Read:
https://qksgroup.com/market-research/market-forecast-procure-to-pay-p2p-2024-2028-middle-east-and-africa-4571

https://qksgroup.com/market-research/market-forecast-procure-to-pay-p2p-2024-2028-canada-4566

https://qksgroup.com/market-research/market-forecast-procure-to-pay-p2p-2024-2028-western-europe-4573

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##DigitalProcurement #DigitalTransformation
#SourceToPay #S2P #SpendManagement #Automation