Press release
Procurement Software Market Size Projected To Reach $16.38 Billion By 2034 With A Cagr Of 13.6%
Procurement Software
What Is the Projected Growth of the Procurement Software Market?
The procurement software market has expanded rapidly in recent years. It is forecast to grow from $8.65 billion in 2024 to $9.85 billion in 2025, with a CAGR of 13.9%. This growth can be attributed to increased accuracy in procurement data, a growing emphasis on sustainable procurement practices, the rising need to automate procurement processes, and the increasing demand for e-procurement solutions.
The procurement software market is expected to expand rapidly, reaching $16.38 billion by 2029, growing at a CAGR of 13.6%. This growth is attributed to the rising need for supply chain management, the demand for automated procurement processes, the move towards centralized procurement, increasing interest in smart procurement management solutions, and the adoption of cloud-based systems. Notable trends include the integration of AI, cutting-edge technologies, integration with new software, online portals, and compatibility with other enterprise systems.
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What Are the Different Procurement Software Market Segments?
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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What Are the Primary Drivers Shaping the Procurement Software Market?
The increasing adoption of cloud-based solutions is expected to accelerate the procurement software market. Cloud-based solutions offer businesses scalable, flexible, and cost-effective software, enhancing procurement processes. In December 2023, Eurostat reported a 4.2 percentage point increase in enterprises purchasing cloud services in the EU, driving the growth of the procurement software market.
Which Companies Are Leading in the Procurement Software Market?
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.
What Trends Are Driving Growth in The Procurement Software Market?
Companies in the procurement software market are focusing on solutions like spend management tools to strengthen their position in the market. These solutions help organizations manage, control, and optimize spending throughout their procurement lifecycle. For instance, in April 2023, Airbase Inc., a US-based software company, launched a guided procurement solution that integrates seamlessly with workflows, streamlining purchasing processes while ensuring compliance with company spending policies.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Procurement Software Market?
2. What is the CAGR expected in the Procurement Software Market?
3. What Are the Key Innovations Transforming the Procurement Software Industry?
4. Which Region Is Leading the Procurement Software Market?
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