The Procure-to-Pay (P2P) solutions market trends include the growing demand for cloud-based solutions and digital transformation in the industry.
There is a significant influence of regulatory factors, such as adherence to Pan-European Public Procurement Online (PEPPOL) regulations, in the procure-to-pay (P2P) solutions market in Europe. Businesses in Europe need P2P solutions that interface easily with e-invoicing systems, allowing for efficient and regulated electronic invoicing procedures. The emphasis on sustainability in Europe also influences P2P solutions, with companies seeking purchase-to-pay solutions that integrate advanced technology considerations into their procurement procedures. PEPPOL is not an e-procurement platform; however, it offers a set of technical specifications that can be applied to existing e-business exchange services and e-procurement solutions. By joining the PEPPOL network, organizations can increase the effectiveness of their own P2P process through the automation of the import of documents exchanged in the PEPPOL network into their financial system. PEPPOL was originated by the European public sector and intended to exchange electronic purchasing documents with its suppliers. However, the network has grown in popularity and is no longer used exclusively for exchange with the government. Currently, every organization can exchange documents and invoices with other establishments that are associated with the PEPPOL network.
The Procure-to-Pay (P2P) solutions process encompasses the seamless integration of purchasing and accounts payable systems to optimize operational efficiencies. As an integral part of the broader procurement management framework, P2P involves four critical stages: the selection of goods and services that align with organizational needs and objectives; ensuring compliance and issuing purchase orders to formalize the procurement process; receiving and reconciling the delivered goods or services with the initial orders; and managing the invoicing and payment procedures. This end-to-end process streamlines and enhances the entire procurement lifecycle, allowing businesses to achieve cost savings, mitigate risks, and gain greater control and transparency over their purchasing activities. Organizations can efficiently oversee global purchasing, approvals, compliance, payments, and supplier management by implementing a digitized and automated procure-to-pay process. This streamlined approach enables seamless coordination across international operations, facilitates swift decision-making, ensures adherence to regulatory requirements, and strengthens supplier relationships. Additionally, automation enhances visibility into the entire procure-to-pay cycle, empowering businesses to optimize cash flow, minimize errors, and drive operational agility.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.16 Billion |
| Market Size by 2031 | US$ 4.16 Billion |
| Global CAGR (2023 - 2031) | 8.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
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| Regions and Countries Covered | Europe
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| Market leaders and key company profiles |
Digital transformation initiative is the future trend of the Europe procure-to-pay (P2P) solutions market.
The key players, holding majority shares, in Europe procure-to-pay (P2P) solutions market includes Oracle, SAP SE, GEP, Coupa Software Inc., and Ivalua Inc.
The Europe procure-to-pay (P2P) solutions market was valued at US$ 2.16 billion in 2023; it is expected to grow at a CAGR of 8.5% during 2023–2031.
The Europe procure-to-pay (P2P) solutions market is expected to reach US$ 4.16 billion by 2031.
Factors such as Increasing demand for e-invoicing & regulatory influence and rising use of mobile procurement solutions are the driving the Europe procure-to-pay (P2P) solutions market growth.