Press release
The Impact Of Cloud-Based Solutions On The Procurement Software Emerges as a Core Driver of the Procurement Software Market in 2025
Procurement Software
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Procurement Software Market Size Growth Forecast: What to Expect by 2025?_x000D_
There has been a fast-paced expansion in the procurement software market in the past years. Its growth is predicted to increase from $8.65 billion in 2024 to $9.81 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 13.5%. Several factors have contributed to this growth during the historical period, such as improved procurement data accuracy, a rising focus on sustainable procurement among consumers, an increased need for procurement automation, expansion in the supply process, and an escalating demand for e-procurement._x000D_
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How Will the Procurement Software Market Size Evolve and Grow by 2029?_x000D_
In the coming years, the market size for procurement software is anticipated to witness swift expansion, increasing to $15.91 billion in 2029, with a compound annual growth rate (CAGR) of 12.9%. This dramatic increase for the forecast period is due in part to a surge in demand for supply chain management and a heightened requirement for streamlined, automated procurement practices. There is also a rising appeal for centralized procurement processes, a growing need for astute procurement management solutions, and more frequent use of cloud-based procurement solutions. Additionally, prominent trends within this projected period consist of the integration of artificial intelligence, technological progression, the fusion of state-of-the-art technologies, the blending with novel software, the creation of online portals, consolidation with other enterprise systems, and integration with pre-existing systems._x000D_
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What Drivers Are Propelling the Growth of Procurement Software Market Forward?_x000D_
The propensity towards cloud-based solutions is being perceived as a driving force for the procurement software market's expansion. These solutions refer to services and software that are hosted remotely and accessed via the internet, providing real-time access to data and applications no matter the location. The growing popularity of these cloud-based solutions is due to their scalable and flexible nature, affording businesses with a cost-effective and proficient IT infrastructure. They add value to procurement software by enhancing flexibility, scalability, and efficiency. They bring forth cost efficiencies, improved teamwork, elevated security, and the potential for seamless integration, making them a desirable choice for firms aiming to streamline their procurement procedures. To illustrate, in December 2023, the Eurostat, a Luxembourg-based intergovernmental organization, reported that in the EU, there was a 4.2 percentage point increase in enterprises seeking cloud computing services in 2023 compared to 2021. Consequently, the prevalence of cloud-based solutions is boosting the growth of the procurement software market._x000D_
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Which Emerging Trends Are Transforming the Procurement Software Market in 2025?_x000D_
Prominent corporations in the procurement software sector strive to create innovative solutions such as spend management tools with an aim to solidify their standing in the marketplace. The term spend management solutions denotes the suite of tools and methodologies employed by organizations to oversee, regulate, and enhance their spending habits. These solutions encapsulate the full lifecycle of a company's expenses, ranging from planning and budgeting to procurement and eventual payment. To illustrate, Airbase Inc., a software firm based in the US, debuted a guided procurement solution in April of 2023 to simplify purchasing processes. This fresh solution effortlessly aligns with existing workflows, providing an intuitive interface that navigates users through every procurement stage, from requisition to the generation and approval of purchase orders. The solution's primary attributes include automated implementation of policy, ensuring adherence to corporate spending policies, and real-time budget transparency, enabling stakeholders to make educated decisions._x000D_
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What Are the Key Segments in the Procurement Software Market?_x000D_
The procurement softwaremarket covered in this report is segmented - _x000D_
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1) By Software Type: Supplier Management, Contract Management, E-Procurement, E-Sourcing, Spend Analysis_x000D_
2) By Deployment: On-Cloud, On-Premise_x000D_
3) By Organization Size: Small And Medium Size Enterprises, Large Enterprises_x000D_
4) By Vertical: Travel And Logistics, Information Technology And Telecommunications, Electronics, Automotive, Retail, Mining, Others Verticals_x000D_
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Subsegments:_x000D_
1) By Supplier Management: Supplier Performance Management, Supplier Risk Management, Supplier Onboarding _x000D_
2) By Contract Management: Contract Creation And Negotiation, Contract Lifecycle Management, Contract Compliance Management _x000D_
3) By E-Procurement: Purchase Order Management, Supplier Catalog Management, Procurement Workflow Automation _x000D_
4) By E-Sourcing: Reverse Auctions, Request for Proposal (RFP) Management, Supplier Discovery And Evaluation _x000D_
5) By Spend Analysis: Spend Data Collection And Categorization, Spend Visibility And Reporting, Spend Optimization And Forecasting_x000D_
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Who Are the Key Players Shaping the Procurement Software Market's Competitive Landscape?_x000D_
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._x000D_
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What Geographic Markets Are Powering Growth in the Procurement Software Market?_x000D_
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._x000D_
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2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning._x000D_
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks._x000D_
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work._x000D_
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