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Leading Element Driving Change in the Procurement Software Market in 2025: The Impact Of Cloud-Based Solutions On The Procurement Software Driver
Procurement Software
The widespread adoption of cloud-based solutions is expected to accelerate the growth of the procurement software market. Cloud-based solutions are preferred for their scalability, flexibility, and cost-effectiveness, improving procurement software by offering better collaboration, enhanced security, and seamless integration. In December 2023, Eurostat reported that the use of cloud computing services by enterprises in the EU grew by 4.2 percentage points in 2023 compared to 2021. As a result, the adoption of cloud-based solutions is driving the procurement software market's growth.
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What Is the projected market size and growth rate for the procurement software market?
The procurement software market has seen rapid growth in recent years, and it is expected to increase from $8.65 billion in 2024 to $9.85 billion in 2025, at a CAGR of 13.9%. Factors driving this growth include improved procurement data accuracy, a rising focus on sustainable procurement, the need for automation, and growing demand for e-procurement solutions.
The procurement software market is projected to grow to $16.38 billion by 2029, at a CAGR of 13.6%. Growth drivers include the need for efficient supply chain management, automated procurement processes, centralized procurement, and smart procurement solutions. Trends include AI integration, technological advancements, integration with other enterprise systems, online portals, and cloud-based solutions.
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What new trends are reshaping the procurement software market and its opportunities?
In the procurement software market, companies are focusing on solutions like spend management systems to optimize and manage organizational spending. These tools streamline procurement processes from budgeting to payment. For example, in April 2023, Airbase Inc., a US-based software company, introduced a guided procurement solution. This tool integrates seamlessly with existing workflows, providing an intuitive interface to guide users through each procurement step while ensuring policy compliance and real-time budget visibility.
What major market segments define the scope and growth of the procurement software market?
The procurement software market covered in this report is segmented -
1) By Software Type: Supplier Management, Contract Management, E-Procurement, E-Sourcing, Spend Analysis
2) By Deployment: On-Cloud, On-Premise
3) By Organization Size: Small And Medium Size Enterprises, Large Enterprises
4) By Vertical: Travel And Logistics, Information Technology And Telecommunications, Electronics, Automotive, Retail, Mining, Others Verticals
Subsegments:
1) By Supplier Management: Supplier Performance Management, Supplier Risk Management, Supplier Onboarding
2) By Contract Management: Contract Creation And Negotiation, Contract Lifecycle Management, Contract Compliance Management
3) By E-Procurement: Purchase Order Management, Supplier Catalog Management, Procurement Workflow Automation
4) By E-Sourcing: Reverse Auctions, Request for Proposal (RFP) Management, Supplier Discovery And Evaluation
5) By Spend Analysis: Spend Data Collection And Categorization, Spend Visibility And Reporting, Spend Optimization And Forecasting
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Which region dominates the procurement software market?
North America was the largest region in the procurement software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the procurement software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the procurement software industry growth?
Major companies operating in the procurement software market are 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.
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What Is Covered In The Procurement Software Global Market Report?
•Market Size Forecast: Examine the procurement software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the procurement software market for a structured understanding.
•Key Players Overview: Analyze major players in the procurement software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the procurement software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the procurement software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the procurement software market.
•Industry Challenges: Identify potential risks and obstacles affecting the procurement software market.
•Competitive Landscape: Review strategic developments in the procurement software market, including expansions, agreements, and new product launches.
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