Procurement Software Market Insights | CAGR 12% | 2025-2034 Forecast

According to the report by Expert Market Research (EMR), the global procurement software market size reached a value of approximately USD 7.41 billion in 2024. Aided by the increasing need for efficient procurement processes, the market is projected to grow at a CAGR of 12.0% between 2025 and 2034, reaching a value of around USD 23.01 billion by 2034.

The global procurement software market is witnessing significant growth, driven by the increasing need for efficient procurement processes, the rising adoption of cloud-based solutions, and advancements in artificial intelligence and machine learning. Procurement software refers to specialized solutions designed to automate and streamline the procurement process, encompassing tasks such as supplier management, purchase order management, invoicing, contract management, and sourcing. These solutions help organizations improve efficiency, reduce costs, and gain greater visibility and control over their procurement activities. As businesses strive to enhance their operational efficiency and remain competitive in a rapidly evolving market landscape, the demand for procurement software is on the rise.

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One of the key global procurement software market trends is the growing adoption of cloud-based solutions. Cloud-based procurement software offers several advantages over traditional on-premise systems, including lower upfront costs, scalability, and ease of implementation. With the cloud, organizations can access their procurement data from anywhere, facilitating better collaboration among teams and ensuring real-time updates. Additionally, cloud solutions are typically easier to integrate with other enterprise systems, such as ERP and CRM, providing a more seamless and connected procurement process. The shift towards cloud-based procurement solutions is further accelerated by the increasing focus on digital transformation across industries.

Another significant trend aiding the procurement software market growth is the integration of artificial intelligence (AI) and machine learning (ML) into procurement software. AI and ML technologies are transforming the procurement landscape by enabling more intelligent and data-driven decision-making. For instance, AI-powered analytics can help organizations analyze vast amounts of procurement data to identify patterns, predict future trends, and optimize supplier selection and negotiation strategies. Machine learning algorithms can also automate routine tasks, such as invoice processing and order matching, reducing manual effort and minimizing errors. The use of AI and ML in procurement software is enhancing the overall efficiency and effectiveness of procurement operations, making it a crucial trend in the market.

The increasing emphasis on supplier relationship management is also contributing to the global procurement software market value. In today's globalized and complex supply chains, managing supplier relationships effectively is critical for ensuring supply chain resilience and minimizing risks. Procurement software solutions now offer advanced supplier management capabilities, allowing organizations to assess supplier performance, track compliance, and collaborate more effectively with their suppliers. By fostering stronger supplier relationships, businesses can achieve better negotiation outcomes, secure more favourable terms, and ensure the reliability and quality of their supply base.

Regulatory compliance and risk management are other important factors driving the global procurement software market expansion. Organizations are under increasing pressure to comply with various regulations and standards related to procurement, such as data protection laws, anti-bribery regulations, and sustainability requirements. Procurement software solutions provide tools for managing compliance and mitigating risks, including features for tracking regulatory changes, conducting supplier audits, and ensuring adherence to corporate policies. By leveraging procurement software, organizations can reduce the risk of non-compliance and protect themselves from potential legal and financial repercussions.

The trend towards sustainable and ethical procurement is also gaining momentum in the procurement software market. As consumers and stakeholders become more conscious of environmental and social issues, organizations are increasingly focusing on sustainability in their procurement practices. Procurement software solutions now offer features for tracking and reporting on sustainability metrics, such as carbon footprint, waste management, and labor practices. These tools enable organizations to make more informed and responsible procurement decisions, contributing to their overall sustainability goals and enhancing their corporate reputation.

The global procurement software market is also experiencing a rise in the adoption of mobile procurement solutions. With the increasing use of mobile devices in the workplace, procurement software vendors are developing mobile-friendly applications that allow users to manage procurement tasks on the go. Mobile procurement solutions provide greater flexibility and convenience, enabling procurement professionals to approve purchase orders, track shipments, and communicate with suppliers from their smartphones or tablets. The trend towards mobile procurement is particularly strong among small and medium-sized enterprises (SMEs), which often require more agile and accessible solutions to support their procurement activities.

Market Segmentation

The global procurement software market can be divided based on deployment, end user, and region.

Market Breakup by Deployment

On-Premise
Cloud

Market Breakup by End User

Retail
Manufacturing
Transportation and Logistics
Healthcare
Food and Beverage
Others

Market Breakup by Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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Competitive Landscape

The EMR report looks into the market shares, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global procurement software market. Some of the major players explored in the report by Expert Market Research are as follows:

Fraxion
GEP
Kissflow Procurement Cloud
Epicor Software Corporation
Jaggaer
Basware Inc.
SAP SE
Proactis Holdings Limited.
Procurify Technologies Inc.
Zycus Inc.
Ivalua Inc.
Microsoft Corporation
Others

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