Procurement Software Market 2024-2032: Global Industry Analysis, Share, Size, Growth 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 demand for automation and efficiency in procurement processes is a major driving force behind the global procurement software market. Organizations spanning diverse sectors are keen on optimizing their procurement activities to cut down on manual tasks, errors, and operational expenses. Procurement software plays a pivotal role in automating routine functions like purchase order processing, vendor management, and invoice reconciliation, resulting in heightened accuracy and quicker processing times. This automation empowers companies to concentrate on strategic sourcing and spend analysis, thereby bolstering overall procurement performance.

• Advancements in Technologies:

The infusion of cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and blockchain into procurement software is a pivotal driver of market expansion. AI and ML empower predictive analytics, aiding in demand forecasting, inventory optimization, and cost-saving identification. Blockchain technology heightens transparency and security in procurement transactions, curbing fraud and ensuring adherence to regulations. These technological strides amplify the efficiency and efficacy of procurement operations, furnishing businesses with a competitive advantage through astute and well-informed decision-making capabilities.

• Growing Emphasis on Supply Chain Visibility:

The procurement software market is propelled by a growing need for supply chain visibility and risk management. In our interconnected global economy, businesses grapple with various supply chain hurdles such as geopolitical tensions, regulatory shifts, and unforeseen disruptions. Procurement software offers real-time insights into supply chains, empowering businesses to track supplier performance, ensure compliance, and gauge risk levels. This visibility is paramount for proactive risk mitigation, equipping companies to address potential issues before they disrupt 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:

The surge towards cloud-based procurement software marks a pivotal trend in the market. Cloud solutions present scalability, flexibility, and cost efficiency, empowering businesses across scales to access advanced procurement features sans hefty initial IT investments. Furthermore, there's a rising focus on supplier collaboration, with procurement software acting as a cornerstone for enhancing communication and cooperation between businesses and suppliers. Contemporary procurement platforms boast features such as supplier portals, real-time chat, and collaboration tools, fostering smooth information exchange and collective issue resolution.

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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