Procurement Software Market size was valued at USD 7.38 Bn in 2023 and is expected to reach USD 15.13 Bn by 2030, at a CAGR of 10.8 % over the forecast period.
What is Procurement Software Market scope?
The Procurement Software Market encompasses a wide range of solutions designed to automate and optimize procurement processes within organizations. These solutions cover various functions such as purchase order management, invoice matching, payment verification, and inventory management. The market includes software products that integrate with Enterprise Resource Planning (ERP) systems to enhance data consistency and provide end-to-end visibility across procurement operations.
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The scope also extends to advanced features such as artificial intelligence (AI), machine learning (ML), and cloud-based solutions that support remote collaboration and streamline procurement activities. The market analysis includes evaluating how these technologies contribute to operational efficiency and cost reduction in diverse industry sectors.
Procurement Software Market Trends:
One prominent trend in the Procurement Software Market is the increasing integration of AI and ML technologies. These advanced capabilities enable predictive analytics, demand forecasting, and intelligent automation, enhancing decision-making and reducing manual tasks. Another significant trend is the shift towards cloud-based solutions, driven by the growing need for remote work capabilities and collaborative features. As businesses continue to adopt digital procurement solutions, there is also a heightened focus on cybersecurity to protect sensitive procurement data. Additionally, organizations are prioritizing supplier diversity and inclusion, with procurement software offering tools to track and promote diverse supplier networks, reflecting broader social responsibility trends.
What are Procurement Software Market Dynamics?
The growth of the Procurement Software Market is primarily driven by the need for cost optimization and increased efficiency. Organizations are leveraging procurement software to automate manual processes, streamline workflows, and gain real-time insights into procurement operations, which helps in identifying cost-saving opportunities and optimizing procurement strategies. The globalization of supply chains adds complexity to procurement processes, and software solutions offer tools for managing suppliers across different regions, currencies, and languages, thereby enhancing supply chain resilience. However, the rise of cybersecurity threats presents a challenge, necessitating robust security features in procurement software to safeguard sensitive data and transactions.
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How is the North America Procurement Software Market Expected to grow?
With a 34.3% market share in 2023, the USA led the procurement software market and is predicted to continue to retain the biggest share during the forecast period. North America’s market has grown significantly in recent years due to a number of reasons that are indicative of the region’s dynamic business environment. To improve their procurement procedures, organizations all around North America are embracing digital transformation efforts. In order to automate tedious activities, streamline workflows, and provide real-time insights into procurement operations, procurement software solutions are essential.
What is the expected growth of Procurement Software Market by Deployment Type segmentation?
The market is divided into two segments based on the kind of deployment: cloud-based and on-premises. In 2023, the market was dominated by the on-premises deployment model segment, with a 54.10 percent share. However, due to the increasing adoption of cloud procurement software solutions by enterprises due to its cost-effectiveness, agility, and flexibility, the market is expected to contract throughout the projected period. Furthermore, the need for significant upfront and recurring expenditures on servers, hardware, software upgrades, and the recruitment of qualified personnel for on-premises implementation will increase demand for cloud procurement software solutions. Procurement software that is installed on-site is extensively tailored to the unique requirements and operational procedures of the company. This degree of personalization is helpful for businesses with complicated or distinctive procurement procedures.
What is Procurement Software Market Segmentation?
by Deployment Type
On-Premises
Cloud-Based
Public Cloud
Private Cloud
Hybrid Cloud
by Industry Vertical
Manufacturing
Healthcare
Retail
Government
Financial Services
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What are the key Players for Procurement Software Market?
North America:
1. SAP Ariba (United States)
2. Coupa Software (United States)
3. Oracle Corporation (United States)
4. GEP (United States)
5. Jaggaer (United States)
6. Ivalua (United States)
7. Determine (United States)
8. Zycus (United States)
9. Basware (United States)
10. Vroozi (United States)
11. Basware (Finland)
Europe:
12. SynerTrade (France)
13. Proactis (United Kingdom)
14. SynerTrade Accelerate (Germany)
15. Mercateo (Germany)
16. Simfoni (United Kingdom)
Asia-Pacific:
17. Vroozi Asia Pacific (Singapore)
18. SAP Ariba APJ (Asia-Pacific and Japan)
Latin America:
19. Ariba Commerce Cloud
Key Offerings:
- Past Market Size and Competitive Landscape
- Procurement Software Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Procurement Software Market Segmentation – A detailed analysis by Product
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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