Press release
Procurement Software Market to reach USD 13.65 Bn by 2029, emerging at a CAGR of 10.8 percent and forecast 2023-2029
Procurement Software Market
The Global Procurement Software Market, valued at USD 6.66 billion in 2022, is anticipated to surge and reach USD 13.65 billion by 2029. This growth is expected at a robust CAGR of 10.8% over the forecast period.
Maximize Market Research Pvt Ltd has released an extensive market research report on the Procurement Software Market. The report delves into the dynamics, drivers, restraints, and regional insights shaping the market landscape. It provides a comprehensive overview of the market, outlining its current state and projecting its trajectory over the forecast period.
The report employs a rigorous research methodology to ensure accuracy and reliability. In-depth data collection, analysis, and validation contribute to the robustness of the findings, making this report an indispensable resource for industry stakeholders.
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Procurement Software Market Dynamics:
The Procurement Software Market is experiencing substantial growth driven by the imperative for cost optimization and efficiency gains. Organizations, under constant pressure to reduce costs, leverage procurement software to automate processes, streamline workflows, and enhance spend visibility. The globalization of supply chains has further accentuated the need for sophisticated procurement solutions, contributing to market expansion.
Despite the market's positive trajectory, the high initial cost of implementing comprehensive procurement software solutions poses a challenge, particularly for small and medium-sized enterprises (SMEs). Resistance to software adoption, data security concerns, and the shortage of skilled professionals are identified constraints hindering the market's full potential.
Procurement Software Market Regional Insights:
In 2022, North America dominated the Procurement Software Market with a share of 34.3%. The region's dynamic business landscape, emphasis on digital transformation, and complex supply chains have propelled market growth. Meanwhile, Asia-Pacific is poised to grow at a CAGR of 4.5% through the forecast period, driven by the presence of logistics firms in emerging economies such as India and China.
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Procurement Software Market Segmentation:
by Deployment Type
On-Premises
Cloud-Based
Public Cloud
Private Cloud
Hybrid Cloud
by Industry Vertical
Manufacturing
Healthcare
Retail
Government
Financial Services
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Procurement Software Market Key Players:
North America:
1. SAP Ariba (United States)
2. Coupa Software (United States)
3. Oracle Corporation (United States)
4. GEP (United States)
5. Jaggaer (United States)
6. Ivalua (United States)
7. Determine (United States)
8. Zycus (United States)
9. Basware (United States)
10. Vroozi (United States)
11. Basware (Finland)
Europe:
12. SynerTrade (France)
13. Proactis (United Kingdom)
14. SynerTrade Accelerate (Germany)
15. Mercateo (Germany)
16. Simfoni (United Kingdom)
Asia-Pacific:
17. Vroozi Asia Pacific (Singapore)
18. SAP Ariba APJ (Asia-Pacific and Japan)
Latin America:
19. Ariba Commerce Cloud
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Table of content for the Procurement Software Market includes:
1. Global Procurement Software Market: 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 . Company Profile: Key players
Company Overview
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments
Key Offerings:
Past Market Size and Competitive Landscape (2022 to 2029)
Past Pricing and price curve by region (2022 to 2029)
Market Size, Share, Size and Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by growth and trend
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
Contact Maximize Market Research:
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About Maximize Market Research:
Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of the majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.
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