Leading Growth Driver in the Sourcing Software Market in 2025: Rising Remote Work Fuels Growth In The Sourcing Software Market Driver's Influence

Which drivers are expected to have the greatest impact on the over the sourcing software market's growth?
The boom in remote working is predicted to fuel the expansion of the sourcing software market in the future. This refers to carrying out tasks and responsibilities associated with one's job from a non-office location, and is also known as teleworking or telecommuting. The surge in remote work can be accredited to technological progress, a change in labor predilections, business necessities, and societal shifts. Sourcing software plays a pivotal role in supporting this trend of remote work as it equips remote teams with the necessary tools, abilities, and infrastructure to effectively oversee procurement procedures, liaise with suppliers, and spearhead strategic sourcing efforts worldwide. For example, the Bureau of Labor Statistics, a US Department of Labor, reported in September 2023 that the rate of telework (indicating the fraction of the workforce that is paid for working or telecommuting from home) hovered between 17.9% and 20.0% from October 2022 to August 2023. Consequently, the growing predominance of remote work is steering the development of the sourcing software market.

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What is the future CAGR of the sourcing software market, and how will it impact industry expansion?
In the last few years, the size of the sourcing software market has seen accelerated growth. The market, which currently stands at $10.29 billion in 2024, is projected to expand to $11.7 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 13.7%. Several factors have driven this growth in the historic period, including the heightened adoption of cloud computing technology, an increasing focus on reducing costs and improving operational efficiency, the rising complications faced in global supply chains, a growing need for real-time data analytics and insights, as well as stringent regulatory compliance requirements that necessitate digitization.

Anticipated rapid expansion is on the horizon for the sourcing software market in the coming years. Estimated to reach $19.34 billion in 2029 with a robust compound annual growth rate (CAGR) of 13.4%, the market's growth during this forecast period can be tied to a range of factors. These include the quickened uptake of artificial intelligence (AI) and machine learning, the incorporation of the internet of things (IoT) into supply chain management, the growth of e-commerce and virtual marketplaces, an increased emphasis on sustainability and ethical sourcing practices, and the introduction of blockchain technology to enhance supply chain transparency and security. Forecasted trends encompass AI and machine learning adoption, cloud-based service solutions, commitment to sustainability and ethics, supplier cooperation, and the integration of blockchain technology.

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What are the most significant trends transforming the sourcing software market today?
Leading firms in the sourcing software market are innovating with high-tech solutions such as AI-driven autonomous sourcing platforms to maintain their market dominance. These AI-driven autonomous sourcing platforms are highly specialized software solutions created to automate the various elements of the sourcing and procurement process through the application of artificial intelligence. For example, in February 2024, LTIMindtree Limited, an IT company based in India, launched Navisource.AI, an autonomous sourcing platform that operates with GenAI, using artificial intelligence algorithms to simplify the sourcing process. The platform is designed to revolutionize procurement utilizing AI for pricing and negotiation, aiming to reduce procurement costs by 10-15% and enhance workflows from request to risk management. Navisource.AI is compatible with leading enterprise platforms such as Ariba and SAP S/4HANA, providing predictability and efficacy to indirect procurement processes and allowing procurement teams to focus on strategic goals.

Which key market segments comprise the sourcing software market and drive its revenue growth?
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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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.

Who are the leading players fueling growth in the sourcing software market?
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

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What Is Covered In The Sourcing Software Global Market Report?

•Market Size Forecast: Examine the sourcing software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the sourcing software market for a structured understanding.
•Key Players Overview: Analyze major players in the sourcing software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the sourcing software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the sourcing software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the sourcing software market.
•Industry Challenges: Identify potential risks and obstacles affecting the sourcing software market.
•Competitive Landscape: Review strategic developments in the sourcing software market, including expansions, agreements, and new product launches.

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