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 rising need for automation and efficiency in procurement processes is a major factor fueling the growth of the worldwide procurement software market. Businesses from different industries are looking for ways to procurement operations to cut down on manual work, mistakes, and operational expenses. Procurement software automates regular tasks like processing purchase orders, managing vendors, and reconciling invoices, resulting in better precision and quicker processing. By automating these tasks, companies can concentrate on strategic sourcing and spending analysis, thus enhancing their overall procurement effectiveness.
- Advancements in Technologies:
The incorporation of cutting-edge technologies such as AI, ML, and blockchain into procurement systems is a major driver of market expansion. By leveraging AI and ML, businesses can into predictive insights that facilitate demand forecasting, inventory optimization, and cost reduction. Meanwhile, blockchain technology injects transparency and security into procurement transactions, minimizing the risk of fraud and ensuring regulatory adherence. Ultimately, these technological innovations streamline procurement operations, empowering companies gain a strategic advantage in the market.
- Growing Emphasis on Supply Chain Visibility:
A growing need for transparency and risk mitigation in supply chains is fueling the demand for procurement software. The the global economy have created a multitude businesses, including trade tensions, shifting regulations, and unforeseen interruptions. By leveraging procurement software, companies can gain a real-time chain operations, tracking supplier performance, adherence to regulations, and potential vulnerabilities. This heightened visibility enables organizations to take a proactive approach to risk management, identifying and addressing potential problems before they have a significant impact on 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:
A major development in the market is the increasing adoption of cloud-based procurement software, which offers numerous benefits, including adaptability, flexibility, and reduced costs. This shift enables companies of all sizes to access sophisticated procurement significant initial investments in IT infrastructure. Furthermore, there is a growing focus on fostering stronger relationships with suppliers, with procurement software serving as enabler of enhanced communication and their suppliers. Contemporary procurement systems provide features such as dedicated supplier portals, instant messaging, and collaborative tools, facilitating effortless information sharing and collaborative 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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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.
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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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