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Rising Acceptance of Cloud-based Software Impels Growth of Global Sourcing Software Market

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Published on : Jun 08, 2017

Albany, New York, June 08, 2017: The report sheds light on the key aspects of the global market for sourcing software such as catalysts, deterrents, recent developments, and key trends, alongside market projections, figures, graphs, and charts. 

The major market players are assessed in terms of their product portfolios, market shares, and key business strategies. The report analyzes the leading market segments based on application, product type, and geography. The impact of technological advancements on the growth of the global sourcing software market has also been discussed.  

The rising demand for industrial automation across numerous applications over the globe has been a key catalyst of the global sourcing software market. IT, telecommunication, manufacturing, healthcare, and retail have been adopting sourcing software to a great degree. One of the key trends in the market is the escalating demand for sourcing software from the manufacturing industry. The risk associated with the supply chain can be lowered via the integration of sourcing software. Moreover, the cost of manufacturing can also be cut down by automating the sourcing process. 

By end user or application, the global sourcing software market has been broadly segmented into logistics companies and storage companies. By type, the global market for sourcing software has been segmented into cloud-based and premise-based software. 

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The cloud-based software segment promises substantial growth, driven by the need for high productivity and reduction in expenditure offered by this software. It is witnessing widespread adoption across multiple domains worldwide. It offers critical IT-based services including network bandwidth, computing power, security, SaaS, and storage.  Consequently, the cloud-based software segment might represent a considerable portion of the global sourcing software market by the end of 2022. Premise-based software, on the other hand, may witness moderate growth. 

By geography, the global sourcing software market can be segmented into Europe, Southeast Asia, Japan, India, and China. Europe is likely to represent a key portion of the global sourcing software market, triggered by the increasing adoption of sourcing software in the U.K., Germany, Greece, the Netherlands, Switzerland, Italy, and France. 

India, powered by its flourishing information technology (IT) sector, is expected to contribute a massive share to the overall market revenue. China might lead the global market for sourcing software by the end of the forecast period, owing to high deployment of sourcing software by its vast manufacturing industry. 

The leading market players have been establishing mergers, partnerships, and collaborations to strengthen their foothold in the global sourcing software market. Coupa Software, ESM Solutions, ClearTrack Information Network, Capgemini, Zycus, GEP, EBid Systems, IBM, Determine, Xeeva, Market Dojo, SciQuest, and Winddle are some leading companies operating in the global sourcing software market. 

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