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Procurement Software Market Size, Share & Trends 2024-2033 | Growth & Analysis
Procurement Software Market Size
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According to The Business Research Company's, The procurement software market size has grown rapidly in recent years. It will grow from $7.62 billion in 2023 to $8.65 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to increased accuracy of procurement data, growing emphasis on sustainable procurement among the consumers, growth in requirement to automate procurement, and increased supply process, and growing demand for e-procurement.
The procurement software market size is expected to see rapid growth in the next few years. It will grow to $14.44 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to rising demand for supply chain management, rising need for automated and efficient procurement processes, rising demand for centralized procurement processes, increasing demand for smart procurement management solutions, and increasing use for cloud-based procurement solutions. Major trends in the forecast period include integration of artificial intelligence, technological advancements, integration of cutting-edge technologies, integration with new software, development of online portals, integration with other enterprise systems, and integration with existing systems.
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Market Drivers and Trends:
The increasing adoption of cloud-based solutions is expected to propel the growth of the procurement software market going forward. Cloud-based solutions are software and services hosted on remote servers accessed via the internet, offering users on-demand access to data and applications from anywhere. The increasing adoption of cloud-based solutions can be attributed to scalability and flexibility, which provide businesses with efficient and cost-effective IT infrastructure solutions. Cloud-based solutions significantly enhance procurement software by providing greater flexibility, scalability, and efficiency. They offer cost savings, improved collaboration, advanced security, and seamless integration capabilities, making them an attractive option for organizations looking to optimize their procurement processes. For instance, in December 2023, according to the European Union, a Netherlands-based international organization, the percentage of European Union businesses that bought cloud computing services increased by 4.2 percentage points in 2023 compared to 2021. Furthermore, in December 2021, according to the European Union, a Belgium-based governing body, EU businesses used cloud computing at a rate of 36% in 2021, a significant increase of 6 percentage points from the previous year. Therefore, the increasing adoption of cloud-based solutions is driving the growth of the procurement software market.
Major companies operating in the procurement software market focus on developing innovative solutions, such as spend management solutions, to strengthen their position in the market. Spend management solutions refer to organizations' tools and processes to manage, control, and optimize their spending. These solutions encompass the entire lifecycle of an organization's expenditures, from planning and budgeting to procurement and payment. For instance, in April 2023, Airbase Inc., a US-based software company, introduced a guided procurement solution to streamline the purchasing process. This new solution integrates seamlessly with existing workflows, offering a user-friendly interface that guides users through each procurement step, from requisition to purchase order creation and approval. Its key features include automated policy enforcement, ensuring compliance with company spending policies, and real-time budget visibility, allowing stakeholders to make informed decisions.
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Major Key Players of the Market:
Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Tata Consultancy Services Ltd., HCL Technologies Limited, Infor Inc, GEP Corporation, Epicor Software Corporation, Coupa Software Inc., Zycus Inc., Mercateo AG, Ivalua Inc., Basware Corporation, Jaggaer Inc, Proactis Holdings plc, Tropic Technologies Inc., Simfoni Limited, Enaviya Information Technology Pvt. Ltd, Determine Inc., Ginesys, SunSmart Technologies Pvt. Ltd., GT Nexus, Vroozi Inc.
Procurement Software Market 2024 Key Insights:
• The procurement software market size is expected to see rapid growth in the next few years. It will grow to $14.44 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%.
• Increasing Adoption of Cloud-Based Solutions on Procurement Software
• Airbase Introduces Guided Procurement Solution To Streamline Purchasing Process
• North America was the largest region in the procurement software market in 2023
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