Press release
The Procurement Software Market size was valued at USD 6.77 Bn in 2022, and it is expected to grow at a CAGR of 8 Percent from 2023 to 2029, reaching nearly USD 11.60 Bn.
Procurement Software Market
Procurement Software Market Report Scope and Research Methodology:
The Procurement Software Market report provides a comprehensive analysis of the industry, covering the past and current status, forecasted market size, and trends. It includes a dedicated study of key players, market leaders, followers, and new entrants, presenting PORTER, PESTEL analysis, and potential impact of micro-economic factors.
To understand the Procurement Software Market dynamics, the report analyzes market segments and projects market size. It examines the competitive landscape of key players based on product, price, financial position, product portfolio, growth strategies, and regional presence.
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What are Procurement Software Market Dynamics:
The growing demand for procurement process automation, including buy requisitions, purchase orders, invoice management, vendor management, and contract approval, is driving market growth. Automation enhances productivity, reduces errors, increases expenditure visibility, streamlines coordination between external and internal teams, and eliminates approval bottlenecks. Integrating AI with procurement software is expected to unlock new development opportunities.
The market faces difficulties due to inadequate infrastructure compatible with old and conventional systems in many organizations. Quality issues arising from automation and a shortage of skilled procurement individuals also pose challenges.
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Procurement Software Market Regional Insights:
North America, dominated the market with a 34.3 percent share in 2022, driven by the rising demand for centralized procurement processes and the presence of key market players like IBM Corporation, Oracle Corporation, and Coupa Software Incorporated. Asia-Pacific is expected to grow at a CAGR of 4.5 Percent through the forecast period, with the presence of several logistics firms in emerging economies like India and China driving market growth.
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What is Procurement Software Market Segmentation:
By Deployment:
Cloud
On-Premise
By Industry:
Retail
Manufacturing
Healthcare
Transportation
Others
By Technology:
SAP Ariba
SAP procurement and Strategic Sourcing
Oracle Procurement
Promena
Others
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Who are Procurement Software Market Key Players:
1. Basware
2. IBM
3.Oracle
4. PROACTIS
5. SAP
6. SciQuest
7. BravoSolution
8. BuyerQuest
9. Coupa Software Inc.
10. Elcom
11. Epicor
12. Infor
13. IQNavigator
14. Ivalua
15. JDA Software
16. Manhattan Associates
17. OpusCapita
18. Tradeshift
19. Tungsten Network
20. Vinimaya
21. Zycus
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Table of content for the Procurement Software Market includes:
1. Global Procurement Software: Research Methodology
2. Global Procurement Software Market: Executive Summary
• Market Overview and Definitions
• Introduction to the Global Market
• Summary
• Key Findings
• Recommendations for Investors
• Recommendations for Market Leaders
• Recommendations for New Market Entry
3. Global Procurement Software Market: Competitive Analysis
• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• M&A by region
• Key Developments by Companies
• Market Drivers
• Market Restraints
• Market Opportunities
• Market Challenges
• Market Dynamics
• PORTERS Five Forces Analysis
• PESTLE
• Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
• COVID-19 Impact
4. Global Procurement Software Market Segmentation
• Global Market, by Deployment (2022-2029)
• Global Market, by Industry (2022-2029)
• Global Market, by Technology (2022-2029)
5. Regional Procurement Software Market (2022-2029)
• Regional Market, by Deployment (2022-2029)
• Regional Market, by Industry (2022-2029)
• Regional Market, by Technology (2022-2029)
• Regional Market, by Country (2022-2029)
6. Company Profile: Key players
• Company Overview
• Financial Overview
• Global Presence
• Capacity Portfolio
• Business Strategy
• Recent Developments
Key Offerings:
• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2022-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation - A detailed analysis by Deployment, Industry and Technology
• 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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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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