Independent report estimates ePurchasing software market growth to continue at above average rate
12 September, 2008 - Basware Corporation, a leading provider of Enterprise Purchase to Pay solutions, was among the select companies evaluated in the September 2008 Holistic View: The ePurchasing Software Market report, published by Forrester Research Inc.
Overall the ePurchasing market is estimated to continue to grow strongly and Basware was evaluated to be among the five largest ePurchasing vendors globally. With the eProcurement market getting saturated at the largest enterprise level, according to Forrester “opportunity abounds for holistic offerings and specialists in specific products”.
Forrester interviewed more than 100 vendor companies for the report that provides a detailed review of the procurement market. The ePurchasing revenues continue to grow globally by 17% in 2008, at above average growth rate, the report states. Electronic Invoice Presentment and Payment (EIPP) market is estimated to grow even faster, at 26% CAGR.
The report further states that “while products like eProcurement and eSourcing are widely adopted and have slower growth, other products like contract life-cycle management and electronic invoice presentment and processing (EIPP) have more limited adoption and great growth potential”. Forrester evaluates Basware to be largest vendor in the EIPP market.
“We believe in a holistic approach to the purchase to pay process – enabling companies to achieve immediate results and add improvements incrementally. We have recognised that instead of process or functional silos, purchase to pay should be seen as a value chain,” says Jari Tavi, CTO of Basware Corporation.
The Basware Enterprise Purchase to Pay solution suite includes solutions for Invoice Automation, Procurement and supplier integration. While some ePurchasing products are becoming commoditised, Forrester estimates innovation to continue for example in Contract Lifecycle Management (CLM). Basware has recently complemented its Procurement suite with a CLM solution that addresses the needs of companies to gain full control over contracts and leverage them more effectively.
“With the most recent additions to our portfolio, we now offer a full end-to-end solution that is unique in the purchase to pay arena,” continues Tavi.
The independent report is a continuation to Forrester’s “ePurchasing market” series. The series includes the Forrester Wave™: eProcurement Solutions, Q2 2007 report which is available for download at www.basware.com/forrester