Procurement Software Market Size Worth USD 17.90 Billion in 2032 | Emergen Research

The global procurement software market size was USD 6.67 Billion in 2022 and is expected to register a rapid revenue CAGR of 10.4% during the forecast period. A recent market research report reveals a significant uptick in the adoption of cloud-based procurement solutions, driving substantial revenue growth in the global procurement software market. The report, titled "Procurement Software Market: Trends, Growth Drivers, and Forecasts," highlights key factors contributing to the market expansion and provides insights into emerging trends and segment dynamics.

Key Market Drivers:

• Cost Reduction and Operational Efficiency: Automation of procurement processes is leading to reduced manual intervention, optimizing operations, and lowering costs while improving overall efficiency. The imperative to automate procedures, minimize error rates, and enhance data accuracy further fuels market growth.

• Technological Advancements and Platform Offerings: Innovations such as Cirtuo's digital procurement platform are revolutionizing procurement operations by streamlining processes and offering tailored solutions. Platforms encompassing spend analysis, contract management, and supplier management are empowering organizations to optimize their procurement operations efficiently.

• Cloud-Based Procurement Systems: Cloud-based solutions offer benefits like easy deployment, flexibility, scalability, and reduced infrastructure costs. Real-time access to procurement data facilitates informed decision-making, while global accessibility streamlines management across locations.

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Market Restraints:

• High Initial Costs: The significant upfront costs associated with procuring and implementing procurement software, including licensing fees, implementation costs, and training expenses, pose a restraint to market growth.

• Data Security Concerns: Concerns related to data security and privacy also impede market growth, requiring robust solutions to address these apprehensions.
Segment Insights:

• Cloud-Based Dominance: The cloud-based segment holds the largest market share, driven by demand for enhanced transparency, cost-effectiveness, quicker transactions, and wider geographic reach. Cloud-based solutions eliminate the need for on-site installations, offering a subscription-based model for maintenance and updates.

• Moderate Growth for On-Premises Segment: While the on-premises segment is expected to register moderate growth, it offers heightened security and data privacy, appealing to organizations seeking greater control over data access.

• SME Dominance: Small and Medium Enterprises (SMEs) command a significant market share, driven by the need to enhance internal procurement processes and streamline business operations.

• Retail and Healthcare & Pharmaceutical Segments: Retailers are increasingly leveraging procurement software to optimize operations and remain competitive, while the healthcare & pharmaceutical segment leads in revenue share due to the rising demand for medical supplies and medications.

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Procurement Software Top Companies and Competitive Landscape

The global procurement software market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective procurement software products in the market.

Some major players included in the global procurement software market report are:

• SAP SE
• Proactis Holdings PLC
• Epicor Software Corporation
• Coupa Software Inc.
• Zycus Inc.
• Ivalua Inc.
• Microsoft Corporation
• Oracle Corporation
• Basware AS
• Mercateo AG
• GEP Corporation
• JAGGAER LLC
• NB Ventures Inc.
• BirchStreet System Inc.
• SunSmart Technologies Pvt. Ltd.

Procurement Software Latest Industry News

• On 5 December 2022, GEP, a provider of procurement and supply chain services, announced that bpost group, Belgium's top postal and e-commerce logistics provider, had adopted the use of GEP Software for digital transformation throughout the Source-to-Contract (S2C) process, which includes contracts, supplier management, project management, and sourcing management, to increase compliance and efficiency throughout the contracting and tendering process.

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Procurement Software Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global procurement software market on the basis of deployment type, software type, organization size, offering type, end-use, and region:

• Deployment Type Outlook (Revenue, USD Billion; 2019-2032)
o On-Premises
o Cloud-Based
1. Public Cloud
2. Private Cloud
3. Hybrid Cloud
• Software Type Size Outlook (Revenue, USD Billion; 2019-2032)
o Supplier Management
o Contract Management
o E-procurement
o E-sourcing
o Spend Analysis
• Organization Size Outlook (Revenue, USD Billion; 2019-2032)
o Small and Medium size Enterprises (SME)
o Large Enterprises
• Offering Type Outlook (Revenue, USD Billion; 2019-2032)
o Point Solutions
1. Accounts Payable
2. Procure-to-Pay (P2P)
3. Source-to-Pay (S2P)
4. Purchasing
5. Request for Proposal (RFP)
6. Others
o Comprehensive Solutions
• End-use Outlook (Revenue, USD Billion; 2019-2032)
o Travel & Logistics
o Information Technology (IT) & Telecommunications
o Electronics
o Healthcare & Pharmaceutical
o Manufacturing & Automotive
o Banking, Financial Services, and Insurance (BFSI)
o Retail
o Mining
o Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Russia
8. Rest of Europe
o Asia Pacific
1. China
2. Japan
3. South Korea
4. India
5. ASEAN Countries
6. Oceania
7. Rest of APAC
o Latin America
1. Brazil
2. Mexico
3. Rest of LATAM
o Middle East & Africa
1. GCC Countries
2. Israel
3. Turkey
4. South Africa
5. Rest of Middle East & Africa

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