Europe Procure-to-Pay (P2P) Solutions Market is expected to reach US$ 4.16 billion by 2031

Growing Digitization to Fuel Europe Procure-to-Pay (P2P) Solutions Market Growth

According to our latest study on “Europe Procure-to-Pay (P2P) Solutions Market Size and Forecast (2021–2031), Regional Share, Trend, and Growth Opportunity Analysis – by Component, Industry, Organization Size, Deployment, and Country,” the market was valued at US$ 2.16 billion in 2023 and is expected to reach US$ 4.16 billion by 2031; it is estimated to record a CAGR of 8.5% from 2023 to 2031.

The report includes growth prospects in light of current Europe procure-to-pay (P2P) solutions market trends and driving factors influencing the market development.  

Europe Procure-to-Pay (P2P) Solutions Market – by Country

Source: The Insight Partners Analysis

The demand for cloud-based Procure-to-Pay (P2P) Solutions suites in Europe is on the rise, particularly among small- and medium-scale enterprises. This demand encompasses various aspects of the procurement process, including sourcing, product requisitioning, invoicing, and payments, indicating a notable shift toward cloud-based solutions in the region. Integrating accounts and purchase payable systems within procure-to-pay solutions enhances the efficiency of online purchase processes. This process, which is part of broader procurement management and planning, includes the selection of goods and services; order enforcement and compliance; goods receipt; and reconciliation, payment, and invoicing. The growing prominence of cloud-based solutions in the P2P landscape empowers organizations to operate with greater agility. The increasing popularity of cloud-based procure-to-pay solutions is attributed to the significant benefits they offer to end users.

According to an article published by Eurostat, in 2023, 45.2% of enterprises in the European Union (EU) purchased cloud computing services, which marks a 4.2% increase compared with 2021. The most purchased cloud computing service in 2023 was e-mail service (82.7%), followed by storage services for files (68.0%), office software (66.3%), security software applications (61.0%), finance or accounting software applications (51.6%), and hosting for the enterprise's database (43.0%). This data highlights the growth of cloud-based P2P solutions and their integral role in shaping the procurement solutions landscape in Europe.

Based on country, the Europe procure-to-pay (P2P) solutions market is segmented into France, Spain, Italy, Portugal, and the Rest of Europe. France accounted for the significant Europe procure-to-pay (P2P) solutions market share in 2023. In December 2023, Pivot, a consumer-grade procurement software company, announced a significant funding round to accelerate its growth in the France Procure-to-Pay (P2P) Solutions solutions market. The company secured a US$ 21 million (EUR 20 million) funding round from its long-standing backers, including Visionaries, Emblem, Anamcara, and Oliver Samwer, who have renewed their trust in the company. The company's rapid scaling and ability to secure significant funding in a challenging investment environment highlight the value and potential of its modern spend management solution. Pivot's unique response to the current environment, where companies are looking for ways to cut costs, positions it as a key player in the France Procure-to-Pay (P2P) Solutions solutions market. The procurement industry in France is witnessing significant innovation and transformation, with various companies providing cloud-based spend management solutions to help organizations drive their businesses forward. Companies such as Medius, Basware, Zycus, and Tradeshift offer unique solutions to simplify operations and enable smarter spending. Pivot's recent funding round and its consumer-grade procurement software represent a significant development in the France Procure-to-Pay (P2P) Solutions solutions market, indicating strong investor confidence and the potential for further growth and expansion in the region.

Europe Procure-to-Pay (P2P) Solutions Market Report Segmentation and Scope:

The Europe procure-to-pay (P2P) solutions market analysis has been carried out by considering the following segments: component, industry, organization size, deployment, and country. By organization size, the market is divided into large enterprises and small and medium enterprises (SMEs). The large enterprises segment held a larger Europe procure-to-pay (P2P) solutions market share in 2023. Large enterprises include companies with more than 250 employees. Large enterprises need to manage a much larger number of equipment and stakeholders and require more complex technology to manage the business process efficiently, compared to SMEs. These factors drive the adoption of P2P solutions among large enterprises. P2P solutions easily integrate with the existing procurement management process, helping customers streamline procurement activities, control costs, and ensure efficient supplier management. Large enterprises need more customization options that are aligned with their particular process requirements, and P2P solutions can easily integrate with existing system enterprise resource planning (ERP) and customer relationship management (CRM) systems. Easy integration of P2P solutions in existing systems propels the Europe procure-to-pay (P2P) solutions market growth for the large enterprises segment.

Oracle; SAP SE; GEP; Coupa Software Inc.; Docaposte Group; Invalua Inc; B2BE; Jaggaer; Zycus Inc; Tradeshift Holdings, Inc.; Basware Corporation; Synertrade Inc; Infor Inc; Precoro, Inc; and Pipefy Inc. are among the prominent players profiled in the Europe Procure-to-Pay (P2P) Solutions market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem.

Europe Procure-to-Pay (P2P) Solutions Market Recent Developments: 

Companies operating in the market highly adopt inorganic and organic strategies such as mergers and acquisitions. The Europe Procure-to-Pay (P2P) Solutions market forecast can help stakeholders plan their growth strategies. As per the company press releases, below are a few recent key developments:

• In 2023, Pipefy, the global industry leader in no-code process automation, announced the upcoming release of Pipefy AI, a first-of-its-kind technology that combines artificial intelligence with Pipefy's no-code process management and automation platform. Pipefy AI enhances process management efforts by delivering crucial data insights and accelerating the speed at which processes can be built. The result is better decision-making and greater operational efficiency throughout the enterprise. Pipefy AI harnesses the power of OpenAI and GPT-4 to enhance data analysis and help teams model and optimize any type of process.
• In 2023, Payhawk introduced a 3-way match Purchase Orders system, enabling businesses to automate their procure-to-pay process further to increase the efficiency and control of business purchases. The solution streamlines procurement operations by integrating purchase requests, approvals, purchase order creation, three-way matching, and the ability to pay for local or cross-border transfers in one seamless platform.

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