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 global procurement software market is significantly driven by the increasing demand for automation and efficiency in procurement processes. Organizations across various sectors are seeking ways to streamline their procurement activities to reduce manual efforts, errors, and operational costs. Procurement software automates routine tasks, such as purchase order processing, vendor management, and invoice reconciliation, leading to improved accuracy and faster processing times. This automation also enables companies to focus on strategic sourcing and spend analysis, enhancing overall procurement performance.
- Advancements in Technologies:
The integration of advanced technologies like artificial intelligence (AI), machine learning (ML), and blockchain into procurement software is another key factor driving market growth. AI and ML offer predictive analytics, which helps in forecasting demand, optimizing inventory levels, and identifying potential cost savings. Blockchain technology enhances transparency and security in procurement transactions, reducing fraud and ensuring compliance. These technological advancements improve the efficiency and effectiveness of procurement processes and also provide a competitive edge to businesses by enabling smarter and more informed decision-making.
- Growing Emphasis on Supply Chain Visibility:
The increasing emphasis on supply chain visibility and risk management is a crucial driver for the procurement software market. In today's global economy, businesses face numerous supply chain challenges, including geopolitical tensions, regulatory changes, and unexpected disruptions. Procurement software provides real-time visibility into the supply chain, allowing businesses to monitor supplier performance, compliance, and risk levels. This visibility is essential for proactive risk management, enabling companies to mitigate potential issues before they impact the business.
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:
The shift toward cloud-based procurement software is one of the most significant trends in the market. Cloud solutions offer scalability, flexibility, and cost-effectiveness, allowing businesses of all sizes to leverage advanced procurement functionalities without the need for substantial upfront investments in IT infrastructure. Besides, there is a growing emphasis on supplier collaboration, with procurement software playing a pivotal role in facilitating better communication and cooperation between businesses and their suppliers. Modern procurement platforms offer features like supplier portals, real-time chat, and collaboration tools, enabling seamless information exchange and joint problem-solving.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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