The Impact Of Cloud-Based Solutions On The Procurement Software: Transformative Forces Shaping the Procurement Software Market Landscape in 2025

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What Will the Procurement Software Industry Market Size Be by 2025?
The market size for procurement software has seen significant expansion in the past few years. This market will escalate from a value of $8.65 billion in 2024 to a projected value of $9.85 billion in 2025, boasting a compound annual growth rate (CAGR) of 13.9%. This substantial growth during the historic period is due to enhanced precision of procurement data, heightened focus on sustainable procurement by consumers, rising demand for automated procurement, an increase in supply process, and surging demand for e-procurement.

What's the Long-Term Growth Forecast for the Procurement Software Market Size Through 2029?
The market size of procurement software is set to experience notable expansion in the forthcoming years. The market is projected to reach $16.38 billion in 2029 with a compound annual growth rate (CAGR) of 13.6%. Factors contributing to the growth during the predicted period include an increase in demand for supply chain management, the necessity for automated and efficient procurement processes, a rise in demand for centralizing procurement processes, a growing need for intelligent procurement management solutions, and a rise in the adoption of cloud-based procurement solutions. Key trends for the forecast period are artificial intelligence integration, technological progress, inclusion of advanced technologies and new software, development of online portals, incorporation with other enterprise systems, and compatibility with existing systems.

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What Are the Key Growth Drivers Fueling the Procurement Software Market Expansion?
The procurement software market is predicted to flourish due to the growing embrace of cloud-based solutions. These are software and services stationed on remote servers that can be accessed via the internet, granting immediate access to data and applications from any location. The rise in the use of cloud-based solutions can be linked to their scalability and flexibility, offering efficient and cost-effective IT infrastructure solutions for businesses. They enhance procurement software by offering enhanced flexibility, scalability, and efficiency. This can result in cost reductions, better collaboration, advanced security, and seamless integration capabilities, thus presenting themselves as an appealing alternative for organizations desiring to enhance their procurement procedures. As an example, Eurostat, a Luxembourg-based intergovernmental organization, reported in December 2023 that there was a 4.2 percentage point increase in companies purchasing cloud computing services in the EU in 2023 relative to 2021. As a result, the procurement software market is experiencing growth due to the growing embrace of cloud-based solutions.

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What Are the Key Trends Driving Procurement Software Market Growth?
Major organizations in the procurement software market prioritize the creation of innovative tools like spend management solutions to solidify their market standing. The term 'spend management solutions' alludes to the strategies and resources employed by firms to regulate, oversee, and enhance their expenditure. It covers the entire span of a firm's expenses, from planning and budgeting to procurement and payment processes. For instance, in April 2023, the US software company, Airbase Inc., launched an innovative procurement solution to simplify the purchasing procedure. This new solution synchronizes well with prevailing workflows and provides a user-friendly interface that navigates users through all procurement stages, from requisition to creating and approving purchase orders. Crucial features of this solution include automated policy compliance, guaranteeing adherence to corporate spending policies, alongside real-time budget visibility that facilitates stakeholders in making informed decisions.

How Is the Procurement Software Market Segmented?
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 Companies Are Leading the Charge in Procurement Software Market Innovation?
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.

Which Regions Are Leading the Global Procurement Software Market in Revenue?
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.

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