Procurement Software Market 2024-2032: Share, Size, Trends, Scope, Analysis and Forecast

IMARC Group's report titled "Procurement Software Market Report by Software Type (Spend Analysis, E-Sourcing, E-Procurement, Contract Management, Supplier Management, and Others), Deployment (Cloud-based, On-premises), Organization Size (Small and Medium-sized Enterprises, Large Enterprise), Vertical (Retail, Automotive, Travel and Logistics, Electronics, IT and Telecommunication, and Others), and Region 2024-2032". The global procurement software market size reached US$ 7.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 16.1 Billion by 2032, exhibiting a growth rate (CAGR) of 8.8% during 2024-2032.

Factors Affecting the Growth of the Global Procurement Software Industry:

• Increasing Demand for Smart Automation and Efficiency:

The surge in the global procurement software market is largely fueled by the growing need for streamlining and enhancing efficiency in procurement operations. Businesses spanning different industries are actively looking for methods to simplify their procurement tasks, aiming to minimize manual labor, errors, and operational expenses. By automating standard procedures like purchase order handling, vendor supervision, and invoice matching, procurement software facilitates increased precision and quicker processing durations. This automation empowers organizations to concentrate on strategic sourcing and expenditure analysis, thereby elevating their overall procurement effectiveness.

• Advancements in Technologies:

The market growth in procurement software is being fueled by the incorporation of cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and blockchain. AI and ML enable predictive analytics for demand forecasting, inventory optimization, and cost-saving identification. Meanwhile, blockchain technology boosts transparency and security in procurement transactions, reducing fraud and ensuring compliance. These technological innovations enhance the efficiency and effectiveness of procurement processes, giving businesses a competitive advantage through smarter decision-making capabilities.

• Growing Emphasis on Supply Chain Visibility:

The procurement software market is being significantly influenced by the growing focus on supply chain transparency and risk mitigation. In the current interconnected world, businesses encounter various supply chain obstacles such as political conflicts, regulatory shifts, and unforeseen interruptions. By offering instantaneous insights into the supply chain, procurement software enables companies to track supplier efficiency, adherence to regulations, and risk exposure. This transparency is vital for preemptive risk management, empowering organizations to address potential challenges before they pose a threat to operations.

Leading Companies Operating in the Global Procurement Software Industry:

• Basware Corporation
• Coupa Software Inc.
• Epicor Software Corporation
• GEP Worldwide
• Infor (Koch Industries Inc.)
• Ivalua Inc.
• Jaggaer
• OpusCapita Solutions Oy
• Proactis Holdings Limited
• SAP SE.
• Tradeshift Holdings Inc.
• Workday Inc.
• Zycus Inc.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/procurement-software-market/requestsample

Procurement Software Market Report Segmentation:

By Software Type: 

• Spend Analysis
• E-Sourcing
• E-Procurement
• Contract Management
• Supplier Management
• Others

E-procurement represented the largest segment as it facilitates the digitalization of the entire procurement process.

By Deployment:

• Cloud-based
• On-premises

Cloud-based accounted for the largest market share as it offers scalability, flexibility, and cost-efficiency, making it highly attractive to organizations of all sizes. 

By Organization Size: 

• Small and Medium-sized Enterprises
• Large Enterprise

Large enterprises represented the largest segment as they require robust and scalable procurement solutions to manage a wide range of suppliers.

By Vertical:

• Retail
• Automotive
• Travel and Logistics
• Electronics
• IT and Telecommunication
• Others

The report has provided a detailed breakup and analysis of the market based on the vertical. This includes retail, automotive, travel and logistics, electronics, IT and telecommunication, and others.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Procurement Software Market Trends:

One of the major market trends is the increasing adoption of cloud-based procurement software. This technology provides scalability, flexibility, and cost savings, enabling businesses to access advanced procurement capabilities without heavy initial IT investments. Additionally, there is a rising focus on enhancing collaboration with suppliers, with procurement software acting as a key facilitator for improved communication and cooperation between companies and their suppliers. Contemporary procurement platforms come equipped with features such as supplier portals, real-time chat functionality, and collaborative tools that promote smooth information sharing and joint troubleshooting efforts.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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