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Key Trends Shaping the Future Sourcing Software Market From 2025-2034: AI-Powered Autonomous Sourcing Platforms Transforming The Sourcing Software Market
Key Trends Shaping the Future Sourcing Software
The sourcing software market has expanded rapidly in recent years. It will rise from $10.29 billion in 2024 to $11.7 billion in 2025, at a CAGR of 13.7%. This growth is attributed to the growing adoption of cloud computing, an emphasis on cost reduction and operational efficiency, increasing complexity in global supply chains, demand for real-time data analytics, and regulatory compliance driving digitization needs.
The sourcing software market is set for rapid growth, reaching $19.34 billion by 2029 at a CAGR of 13.4%. This growth is due to the adoption of AI and machine learning, IoT integration in supply chain management, the expansion of e-commerce, a growing focus on sustainability, and blockchain technology for supply chain transparency. Key trends include AI and machine learning adoption, cloud-based solutions, sustainability, supplier collaboration, and blockchain integration.
What Are the Forces Behind the Rapid Growth of the Sourcing Software Market?
The expansion of remote work is anticipated to fuel the growth of the sourcing software market. Remote work, also known as telecommuting, entails performing job responsibilities from locations outside of conventional office environments. The shift towards remote work is influenced by technological advancements, changing workforce preferences, business needs, and societal trends. Sourcing software plays a pivotal role in supporting remote work by equipping teams with essential tools to manage procurement processes, communicate with suppliers, and execute strategic sourcing operations from any location. For example, in September 2023, the Bureau of Labor Statistics, a U.S. Department of Labor agency, reported that the telework rate ranged between 17.9% and 20.0% from October 2022 to August 2023. Therefore, the rise in remote work is driving the growth of the sourcing software market.
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Who Are the Dominant Companies Influencing Sourcing Software Market Trends?
Major companies operating in the sourcing software market are 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
How Is the Sourcing Software Market Evolving?
Leading companies in the sourcing software market are introducing AI-powered autonomous sourcing platforms to strengthen their competitive advantage. An AI-powered autonomous sourcing platform is an advanced software solution that automates procurement and sourcing processes using artificial intelligence. For instance, in February 2024, LTIMindtree Limited, an India-based IT company, launched Navisource.AI, an autonomous sourcing platform powered by GenAI. This platform streamlines procurement by utilizing AI for pricing and negotiation, reducing costs by 10-15%, and optimizing workflows from requisition to risk management. Compatible with major enterprise platforms like Ariba and SAP S/4HANA, it enhances predictability and efficiency, allowing procurement teams to focus on strategic initiatives.
What Are the Different Segmentations in the Sourcing Software Market?
The sourcing software market covered in this report is segmented -
1) By Type: On-premise, Cloud-based
2) By Enterprise Size: Large Enterprise, Small And Medium Enterprises
3) By End-User Industry: Retail, Manufacturing, Transportation And Logistics, Healthcare, Other End-User Industries
Subsegments:
By On-Premise: Enterprise Solutions, Small And Medium Business Solutions
By Cloud-Based: Public Cloud Solutions, Private Cloud Solutions, Hybrid Cloud Solutions
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Which Region Is at the Forefront of the Sourcing Software Market?
North America was the largest region in the sourcing software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sourcing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Sourcing Software Global Market Report?
- Market Size Analysis: Analyze the Sourcing Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Sourcing Software Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Sourcing Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Sourcing Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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