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Rising Remote Work Fuels Growth In The Sourcing Software Market: The Driving Engine Behind Sourcing Software Market Evolution in 2025
Sourcing Software
How Large Will the Sourcing Software Market Size By 2025?
In recent times, the size of the sourcing software market has experienced swift expansion. The projection is that it will rise from $10.29 billion in 2024 to $11.61 billion in 2025, climbing at a compound annual growth rate (CAGR) of 12.8%. The expansion seen in the historical timeframe is due to the widening acceptance of cloud computing technology, a pronounced focus on cost minimization and operational efficiency, escalated intricacy in global supply chains, the call for immediate data analytics and insights, and regulatory compliance prerequisites propelling the requirement for digitization.
How Big Is the Sourcing Software Market Size Expected to Grow by 2029?
In the foroming years, the sourcing software market is predicted to experience a swift expansion. It is projected to escalate to $18.38 billion in 2029, with a compound annual growth rate (CAGR) of 12.2%. The projected growth can be linked to the fast-paced integration of artificial intelligence and machine learning, the incorporation of the internet of things (IoT) in supply chain processing, the expansion of e-commerce and online marketplaces, an increasing emphasis on sustainability and ethical sourcing methods, and the rise of blockchain technology for secure and clear supply chain management. Key trends of the forecast period encompass the embrace of artificial intelligence and machine learning, cloud-based solutions, an emphasis on sustainability and ethics, supplier collaboration, and blockchain integration.
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Which Key Market Drivers Powering Sourcing Software Market Expansion and Growth?
The growth of the sourcing software market is anticipated to be spurred by the increasing prevalence of remote work. Remote work, also referred to as telecommuting or telework, denotes carrying out work duties or responsibilities from a location other than a conventional office environment. The surge in remote work is fuelled by various factors, including technological breakthroughs, evolving workforce tastes, business needs, and changes in society. Sourcing software plays a vital role in supporting remote work trends as it equips remote teams with the necessary tools, abilities, and systems to effectively administer procurement processes, liaise with suppliers, and orchestrate strategic sourcing initiatives globally. For example, as per the US Bureau of Labor Statistics, a Department of Labor in the US, the telework rate - indicating the portion of workers who teleworked or earned from home - oscillated between 17.9% and 20.0% from October 2022 to August 2023. Thus, the surge in remote work is propelling the expansion of the sourcing software market.
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Which Fast-Growing Trends Are Poised to Disrupt the Sourcing Software Market?
Leading corporations within the sourcing software market are creating advanced solutions like AI-powered autonomous sourcing platforms to achieve a competitive advantage. The AI-powered autonomous sourcing platform represents an elaborate software solution crafted to automate various areas within the sourcing and procurement procedures using artificial intelligence (AI). For example, in February 2024, LTIMindtree Limited, an IT firm from India, launched Navisource.AI, a standalone sourcing platform engineered by GenAI, that leverages AI algorithms to automate the sourcing procedure. This platform's aim is to revolutionize procurement by using AI for pricing and negotiation purposes aiming to reduce procurement expenses by 10-15%, thus simplifying workflows from requisition to risk management. It is compatible with significant enterprise platforms like Ariba and SAP S/4HANA, providing predictability and efficiency to indirect procurement processes and allowing procurement teams to focus on strategic goals.
What Are the Emerging Segments in the Sourcing Software Market?
The sourcing softwaremarket 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, Healare, 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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