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Sourcing Software Market Analysis and Key Trends 2024
Sourcing Software Market Analysis
According to The Business Research Company's, The sourcing software market size has grown rapidly in recent years. It will grow from $9.08 billion in 2023 to $10.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to increasing adoption of cloud computing technology, growing emphasis on cost reduction and operational efficiency, rising complexity in global supply chains, demand for real-time data analytics and insights, regulatory compliance requirements driving the need for digitization.
The sourcing software market size is expected to see rapid growth in the next few years. It will grow to $17.05 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period can be attributed to accelerated adoption of artificial intelligence and machine learning, integration of internet of things (IoT) in supply chain management, expansion of e-commerce and online marketplaces, growing focus on sustainability and ethical sourcing practices, emergence of blockchain technology for supply chain transparency and security. Major trends in the forecast period include artificial intelligence and machine learning adoption, cloud-based solutions, sustainability and ethics, supplier collaboration, blockchain integration.
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Market Drivers and Trends:
The rise of remote work is expected to propel the growth of the sourcing software market going forward. Remote work, also known as telecommuting or telework, refers to the practice of performing work tasks, job duties, or employment responsibilities from a location outside of a traditional office setting. The rise of remote work is driven by a combination of technological advancements, shifting workforce preferences, business imperatives, and societal changes. Sourcing software is critical to enabling remote work trends because it provides remote teams with the tools, capabilities, and infrastructure they need to efficiently manage procurement processes, communicate with suppliers, and drive strategic sourcing initiatives from anywhere in the world. For instance, in December 2020, according to Upwork Global Inc., a US-based freelancing platform, it was estimated that 36.2 million Americans would be working remotely by 2025, an 87% percent increase from pre-pandemic levels. Therefore, the rise of remote work is driving the growth of the sourcing software market.
Major companies operating in the sourcing software market are developing advanced solutions, such as AI-powered autonomous sourcing platforms, to gain a competitive edge in the market. An AI-powered autonomous sourcing platform is a sophisticated software solution designed to streamline and automate various aspects of the sourcing and procurement process using artificial intelligence (AI) technologies. For instance, in February 2024, LTIMindtree Limited, an India-based information technology company, introduced Navisource.AI, an autonomous sourcing platform powered by GenAI, utilizes artificial intelligence (AI) algorithms to automate and streamline the sourcing process. This platform is designed to transform procurement by leveraging AI for pricing and negotiation, aiming to lower procurement costs by 10-15% and streamline workflows from requisition to risk management. Navisource.AI is compatible with major enterprise platforms such as Ariba and SAP S/4HANA, offering predictability and efficiency to indirect procurement processes and enabling procurement teams to concentrate on strategic objectives.
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Major Key Players of the Market:
International Business Machines Corporation, Oracle Corporation, SAP SE, Workday Inc., GEP Corporation, Coupa Software Incorporated, Zycus Inc., Ivalua Inc., Corcentric Inc., Jaggaer, CBX Software, Determine Inc., Xeeva, Vroozi Revenue, Promena, BirchStreet Systems, Scoutbee Revenue, Proactis Holdings PLC, DealCloud, LevaData Inc., Keelvar Systems Ltd., Aavenir, Market Dojo Ltd., Winddle, Real Sourcing Network LLC
Sourcing Software Market 2024 Key Insights:
• The sourcing software market size is expected to see rapid growth in the next few years. It will grow to $17.05 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%.
• Rising Remote Work Fuels Growth In The Sourcing Software Market
• AI-Powered Autonomous Sourcing Platforms Transforming The Sourcing Software Market
• North America was the largest region in the sourcing software market in 2023
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