Press release
Procurement Software Market Trends and Segments Fuel Projected Growth to 2031 | SAP SE, Proactis Holdings PLC, Coupa Software Inc.,
The global procurement software market held a market value of USD 5,635.6 Million in 2020 and is forecasted to reach USD 9,654.8 Million by the year 2026. The market is anticipated to register a CAGR of 9.4% over the projected period.Procurement software is business software that helps in automating the organizational purchasing functions. Increasing demand for automating the procurement processes and integration between e procurement applications and ERP solutions is anticipated to boost the market growth.
Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=ARS155
Furthermore, rising demand for improving the relationship management and supplier discovery is also expected to fuel the market growth. Despite the driving factors, cybersecurity and data protection risks are expected to restrain the market growth. Also, the complexity regarding integration with existing system and supplier onboarding is estimated to negatively hamper the market growth.
Growth Influencers:
Increasing demand to automate the procurement processes
Procurement processes are automated for maximizing efficiency and reduce the time. It also accelerates the process by freeing up employees from the redundant and time consuming tasks. The demand for automating the procurement processes is increasing, especially in processes such as, purchase requisition, purchase order, invoice management, vendor management, and contract approval. Automation of these processes increases the productivity, eliminates manual errors, provides visibility into the expenditures, acts as a central repository, improves collaboration between external and internal teams, and removes approval bottlenecks. All these benefits are increasing the demand for automating procurement processes, hence fueling the market growth.
Integration between E Procurement applications and ERP solutions
E-procurement software assist in integration and automation of the entire procurement cycle in an organization. When e procurement applications are integrated with ERP solutions, ERP helps in easing supplier management by smoothening the procurement processes and providing more time to focus on other areas and enable a more efficient business. ERP solutions also help in enhancing business reporting, better customer service, improved inventory costs, boosted cash flow, cost savings, better data & cloud security, business process improvements, and supply chain management, among others. These factors boost the market growth.
Segments Overview:
The global procurement software market is segmented the deployment, software, and industry.
By Deployment,
Cloud Based
On Premise
The cloud based segment is expected to hold the largest market share and is also estimated to grow at the fastest rate during the forecast period. This is owing to the high preference for cloud based model over the on-premise model.
Download Free Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=ARS155
By Software,
Spend Analysis
E-Sourcing
E-Procurement
The e-procurement segment is anticipated to hold the largest market share of about 59%. The e-sourcing segment is estimated to witness the fastest growth rate of about 10.2% owing to its features such as valuable pricing and non-pricing information.
By Industry,
Retail
Manufacturing
Transportation & Logistics
Healthcare
BFSI
Others
The transportation & logistics segment is expected to hold around 11% of the total market share owing to increasing adoption of procurement software in the sector. The BFSI segment is anticipated to surpass a market size of around USD 200 million by 2024.
Regional Overview
Based on region, the global Procurement software market is divided into Europe, North America, Asia, Middle East & Africa, and South America.
The North America region is expected to hold the largest market share of around 40% owing to the growing demand for centralized procurement processes. Furthermore, growing initiatives by government as well as non government organizations for strengthening the manufacturing industry in the United States is also expected to contribute to the market growth.
The Asia Pacific region is expected to grow at the fastest rate of about 11.9% owing to a presence of a number of logistics firms in emerging economies such as India and China.
To Get More Business Strategies For Request Sample Report:- https://reportocean.com/industry-verticals/sample-request?report_id=ARS155
Competitive Landscape
Key players operating in the global procurement software market include SAP SE, Proactis Holdings PLC, Coupa Software Inc., Microsoft Corporation, Oracle Corporation, Epicor Software Corporation, Ginesys, Zycus, Inc., Ivalua Inc., Infor Inc., Jaggaer, and Tangoe, Inc., among others.
The approximate market share of the top 9 players is near about 60%. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in August 2021, Oracle launched the Oracle Verrazzano Enterprise Container platform for multicloud and hybrid cloud scenarios. This expanded Oracle's product portfolio.
The global Procurement software market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Procurement software market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Procurement software market report answers questions such as:
What is the market size and forecast of the Global Procurement software Market?
What are the inhibiting factors and impact of COVID-19 on the Global Procurement software Market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the Global Procurement software Market?
What is the competitive strategic window for opportunities in the Global Procurement software Market?
What are the technology trends and regulatory frameworks in the Global Procurement software Market?
What is the market share of the leading players in the Global Procurement software Market?
What modes and strategic moves are considered favorable for entering the Global Procurement software Market?
Request Full Report- https://reportocean.com/industry-verticals/sample-request?report_id=ARS155
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean is the world's leading research company, known for its informative research reports. We are committed to providing our clients with both quantitative and qualitative research results. As a part of our global network and comprehensive industry coverage, we offer in-depth knowledge, allowing informed and strategic business conclusions to report. We utilize the most recent technology and analysis tools along with our own unique research models and years of expertise, which assist us to create necessary details and facts that exceed expectations.
Get in Touch with Us:
Report Ocean:
Email: sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 - UNITED STATES
Tel:+1 888 212 3539 (US - TOLL FREE)
Website: https://reportocean.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Procurement Software Market Trends and Segments Fuel Projected Growth to 2031 | SAP SE, Proactis Holdings PLC, Coupa Software Inc., here
News-ID: 3004255 • Views: …
More Releases from Report Ocean

Japan Internet Advertising Market CAGR of 24.9%, Behind the Scenes Techniques fo …
The Japan Internet Advertising Market has demonstrated remarkable growth, reaching a valuation of USD 29.49 Billion in 2021. With the digital landscape continually evolving, it is forecasted to soar to an impressive USD 112.04 Billion by 2027. This surge represents an anticipated compound annual growth rate (CAGR) of 24.9% over the projected period, highlighting the dynamic and rapidly expanding nature of the digital advertising sector in Japan.
Internet Advertising are set…

Location Analytics Market Through the Looking Glass Techniques for a Profound Un …
This comprehensive market research report offers an in-depth analysis of the global location analytics market from 2019 to 2026. Valued at USD 10,813.6 million in 2019, the market is forecasted to surge to USD 29,878.5 million by 2026, demonstrating a robust Compound Annual Growth Rate (CAGR) of 15.6% throughout the projection period. This report delves into the key drivers, restraints, opportunities, and challenges that are shaping the market, providing stakeholders…

Affiliate Marketing Platform Market Eyes Wide Open Maximizing the Value of Obser …
The Global Affiliate Marketing Platform Market, valued at USD 19,217.4 million in 2021, is projected to witness significant growth over the next decade, reaching an estimated value of USD 36,902.1 million by 2030.
This report provides an in-depth analysis of the market dynamics, growth drivers, challenges, and opportunities that will influence the affiliate marketing landscape over the forecast period of 2021-2030. With a Compound Annual Growth Rate (CAGR) of 7.7%,…

Global Clear Brine Fluids Market Growth Forecast and Trends (2022-2030)
The global clear brine fluids market was valued at US$ 0.95 billion in 2021. It is anticipated to experience growth, reaching a valuation of US$ 1.39 billion by 2030. This growth trajectory translates to a compound annual growth rate (CAGR) of 3.1% during the forecast period from 2022 to 2030. Clear brine fluids, crucial in the oil and gas industry for drilling and completion processes, are poised for increased demand,…
More Releases for Procurement
Aftermarket Tire Market 2022 Procurement Outlook, Procurement Intelligence, Supp …
Astute Analytica has released new research on the worldwide Aftermarket Tire Market that provides a thorough explanation of a number of market analysis techniques, including SWOT analysis and five-point analysis. The market report also includes an in-depth analysis of several growth plans and initiatives to broaden the business's horizons on a regional and international scale. It gives readers a thorough explanation of all the market difficulties and development prospects related…
Philippines Petroleum Market 2022 Procurement Outlook, Procurement Intelligence, …
Astute Analytica published a new report titled, Global Philippines Petroleum Market Analysis, Trends, Drivers and Growth Forecast to 2027.
The Global Philippines Petroleum Market size will grow from US$ 13317.2 million in 2021 to US$ 17,292.1 million by 2027. The Global Philippines Petroleum Market will record a tremendous compound annual growth rate (CAGR) of 4.4% during the forecast period 2022 to 2027.
The research provides in-depth details on the major…
Automotive Paint Market 2022 Procurement Outlook, Procurement Intelligence, Supp …
Astute Analytica published a new report on the global Automotive paint market. The global market report has extensive information about the market size, drivers, threats, opportunities, and growth factors. In addition, the research report contains COVID-19 impact, regional insight, competitors' analysis, and segmentation.
Astute Analytica's report on the global Automotive Paint Market foresees exponential growth in terms of revenue and growth rate. The Automotive Paint Market is projected to grow from…
Fan Data Analytics Market 2022 Procurement Outlook, Procurement Intelligence, Su …
The comprehensive analyses of the most recent trends, growth prospects, and market growth drivers are offered to readers of the global market research reports. The COVID-19 effects on the Fan Data Analytics Market are also discussed in detail in the research, along with the market's predicted compound annual growth rate (CAGR) from 2022 to 2030.
The Fan Data Analytics market revenue was $$ Million USD in 2016, grew to $$ Million…
New procurement painkiller released at Digital Procurement World 2019
Amsterdam, NETHERLANDS. (September 19, 2019) - Today on the first day of Digital Procurement World Conference, a long-awaited procurement transformation software ProcurementFlow.com is publicly released.
“When talking about digital procurement transformation, startups ought to be part of the conversation. I’m happy that this event is the global epicenter of procurement industry know-how and innovation launchpad” said Matthias Gutzmann, organiser of DPW 2019 Conference.
Procurement strikes back
“Procurement is often regarded as only…
Procurement Goes Digital
POOL4TOOL will hold the first Digital Procurement Day in Vienna
Vienna | Munich | Stuttgart, February 10, 2017 - POOL4TOOL is holding the first Digital Procurement Day on March 30, 2017, in Vienna. In talks, discussions and presentations, participants from the worlds of Procurement and Logistics will learn how they can use the positive effects of digitization to benefit their own companies. They will be joined by experts from KPMG, riskmethods…