Procurement Software Market is to grow at an 10.8 % CAGR, with United States leading the market through 2030

Procurement Software Market to Hit USD 15.13 Bn by 2030

The Procurement Software Market was USD 7.38 Bn in 2023 and is expected to expand at a CAGR of 10.8 % from 2024 to 2030, reaching USD 15.13 Bn by 2030. Procurement software helps organizations insight into supplier performance, price, and inventory, that aids in better expenditure management. Procurement software gives instant access to procurement history, inventory levels, and supplier data, which allows companies to more efficiently manage and monitor supply networks. The software assists businesses in evaluating and reducing supplier risks, including possible interruptions, geopolitical threats, and unstable finances. Procurement solutions allow for better collaboration between businesses and suppliers, which guarantee agreement on objectives, quality requirements, and delivery schedules. This results in stronger collaborations and better relationships. The United States procurement market was valued at approximately USD 2.24 billion.​

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Procurement Software Market Segmentation

By Industry Vertical: The Manufacturing sector represents a significant portion of demand, estimated at 25.4% in 2023. In 2023, the healthcare industry held a 12.5% share of the total procurement software market. Procurement software helps U.S. hospitals and healthcare providers reduce procurement costs by up to15% to 20%. The use of retail procurement software is anticipated to increase at a 9.8% CAGR until 2032. Government organizations account for 15% of the market for procurement software.

Procurement Software Market Regional Analysis

United States: In 2024, the United States procurement market was valued at USD 2.45 billion. In the West Coast California, in particular, is a manufacturing and technological center where businesses are significantly investing in procurement software. SAP SE, Coupa Software Inc., Oracle Corporation, Jaggaer Inc., and GEP Corporation are some of the major players in the U.S. procurement software market.

Germany: The German Procurement Software Market growing at a CAGR of 8-9% during the forecasted period and is expected to reach USD 2.4 billion by 2032. Due to strict European Union requirements, German companies are using procurement software to adhere to a number of criteria, including EU procurement legislation and the General Data Protection Regulation (GDPR).

China: In 2024, the Chinese Procurement Software Market was estimated to be worth USD 1.3 billion. Adoption of procurement software is also significantly influenced by China's expanding retail and e-commerce industries like Alibaba and JD.com. Key players such as SAP Ariba, Oracle Procurement Cloud, and Coupa Software dominate the Chinese market.

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Procurement Software Market Competitive Landscape

SAP Ariba: Procurify, a platform for procurement software that assists small and medium-sized enterprises (SMBs), was purchased by SAP. SAP also acquired SmartOps, a pioneer in inventory management.

Oracle Procurement: Oracle acquired NetSuite a prominent supplier of cloud-based ERP systems for approximately $9.3 billion. Oracle purchased the cloud-based talent management system Taleo.

Coupa Software: In 2021, Coupa purchased Simfoni, an AI-driven analytics and procurement intelligence firm. Also in 2021, Tungsten Network, a global network for electronic invoicing, was purchased by Coupa Software.

Recent Developments:

SAP Ariba and Coupa Software have implemented analytics powered by AI to enhance supplier performance management and expenditure visibility.
The cloud solutions of Coupa Procurement Cloud and Oracle Procurement Cloud have been improved, enabling companies to access procurement tools from any location.
Recent developments in API-driven design have improved the integration of procurement software with other ERP (enterprise resource planning) systems.

Conclusion

Businesses are able to foresee trends, automate repetitive operations, enhance expenditure visibility, and make better procurement decisions thanks to technologies like AI, ML, and RPA.
The Procurement Software Market is evolving from a straightforward automation tool to a strategic tool that aids businesses in controlling their spending, improving their connections with suppliers, and gaining a competitive advantage.

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