2025 Sourcing Software Industry Trends Report: Long-Term Outlook Through 2034

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How Large Will the Sourcing Software Market Size By 2025?
The market size for sourcing software has experienced fast-paced growth in the last few years. Its size is projected to increase from $10.29 billion in 2024 to $11.7 billion in 2025, boasting a Compound Annual Growth Rate (CAGR) of 13.7%. The historic period growth is owing to the growing acceptance of cloud computing technology, the increasing focus on cutting costs and enhancing operational efficiency, the rising intricacy in global supply chains, the need for data analytics and insights in real-time, and regulatory compliance requirements necessitating digitization.

How Big Is the Sourcing Software Market Size Expected to Grow by 2029?
The market size for sourcing software is anticipated to experience a swift escalation in the succeeding years, with projections indicating a rise to $19.34 billion in 2029 with a 13.4% compound annual growth rate (CAGR). The predicted expansion during this timeframe is credited to factors such as the swift embrace of artificial intelligence and machine learning, the incorporation of internet of things (IoT) into supply chain management, the proliferation of e-commerce and online marketplaces, an increasing emphasis on sustainable and ethically responsible sourcing practices, and the introduction of blockchain technology for increased supply chain transparency and security. Key trends expected during this forecast period encompass the continued uptake of artificial intelligence and machine learning, the shift towards cloud-based solutions, sustainability and ethical focus, supplier collaboration, and the integration of blockchain.

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Which Key Market Drivers Powering Sourcing Software Market Expansion and Growth?
The proliferation of remote work practices is likely to catalyze the expansion of the sourcing software market in the future. Remote work, also identified as telecommuting or teleworking, involves fulfilling professional tasks, roles, or obligations from a non-traditional office space. The recognition of remote work has increased due to a blend of technological innovation, evolving preferences among the workforce, business urgencies, along with societal shifts. Sourcing software plays a crucial part in promoting remote work trends, providing remote teams with necessary tools, competencies, and infrastructure to effectively oversee procurement operations, maintain supplier communication, and implement strategic sourcing efforts anywhere globally. For example, as per the Bureau of Labor Statistics in September 2023, a department of Labor based in the US, the telework rate that signifies the proportion of workers telecommuting or working from home, fluctuated between 17.9% and 20.0% from October 2022 through August 2023. Therefore, the emergence of remote work is significantly contributing to the sourcing software market's growth.

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Which Fast-Growing Trends Are Poised to Disrupt the Sourcing Software Market?
Leading businesses in the sourcing software market are creating innovative solutions like AI-driven autonomous sourcing platforms to set themselves apart. Such platforms are comprehensive software solutions designed to automate and simplify several aspects of the sourcing and procurement process using AI technology. For example, LTIMindtree Limited, an IT organization based in India, launched Navisource.AI, an autonomous sourcing platform fuelled by GenAI, which leverages AI algorithms to automate and streamline the sourcing process in February 2024. This platform aims to revolutionize procurement by harnessing AI for pricing and negotiation strategies, with the intent to reduce procurement expenses by 10-15% and streamline operations from order requests to risk management. Navisource.AI, compatible with key enterprise platforms like Ariba and SAP S/4HANA, provides predictability and efficiency to indirect procurement operations, allowing procurement teams to focus on their strategic goals.

What Are the Emerging Segments in the Sourcing Software Market?
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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Sourcing Software Industry?
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.

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