Global Procurement Software Market – Industry Trends and Forecast to 2030

Global Procurement Software Market, By Deployment (On- Cloud, On- Premise), Software Type (pend Analysis, E-Sourcing, E-Procurement, Contract Management, Supplier Management and Others), Organization Size (Small and Medium Enterprise, Large Enterprise), Vertical (Retail, Automotive, Travel and Logistics, Electronics, IT and Telecommunication, Mining) – Industry Trends and Forecast to 2030.

Procurement Software Market Analysis and Size

Global procurement software market is segmented on the deployment, software type, organization size, and verticals. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Data Bridge Market Research analyses that the  Global Procurement Software Market which was USD 7158.52 million in 2022, would rocket up to USD 14977.19 million by 2030, and is expected to undergo a CAGR of 9.86% during the forecast period. This indicates the market value. “ On-Cloud, ” dominates the type segment of the Global Procurement Software Market  due to their he increase in the integration of emerging technologies with procurement software, such as Artificial Intelligence (AI) acts the growth of the procurement software market. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Procurement Software Market Scope and Segmentation

Market Definition

Procurement software has a number of solutions that help companies streamline their operations and maintain inventory. Procurement software allows organizations to increase and approve purchase orders, select and order products or services, receive and match invoices and orders, and online debt payments. Procurement software tools enable companies to perform the best purchasing and pricing activities for their tender vendors, making it important for companies that need to acquire large quantities of goods.

Global Procurement Software Market  

Drivers

• Emerging Technologies

The increase in the integration of emerging technologies with procurement software, such as Artificial Intelligence (AI) acts as one of the major factors driving the procurement software market. Also, the software assists in generating high-quality reports and features including maintenance of accuracy during purchasing.

• Adoption of Audit Management Software

The rise in the adoption of procurement software by various SMEs accelerates the market growth. The rise in the need of procurement process automation which reduces the complexity and gives the transparent information has a positive impact on the market growth.

Opportunity

• Increase in partnerships

Requirement to avert the duplication of records extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, increase in partnerships resulting in the adoption of procurement software will further expand the market.

Restraints/Challenges

• Hinderance in quality

Hindrance within the quality due to automation in procurement is expected to obstruct market growth. The lack of infrastructure in many organization to be compatible with traditional and conventional system is projected to challenge the procurement software market.

Recent Developments

• SAP SE created CommBox AI omnichannel solution in December’2021. The development aims at changing the way brands communicate with their customers. This solution offers a robust platform that unify all customer interactions in one smart inbox
• GEP announced that it has partnered with Cheniere Energy Inc. in March’2020 to deliver its GEP SMART procurement software

 Global Procurement Software Market Scope and Market Size

The procurement software market is segmented on the basis of deployment, software type, organization size, and vertical. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Deployment

• On-Cloud
• On-Premise

Software Type

• Pend Analysis
• E-Sourcing
• E-Procurement
• Contract Management
• Supplier Management
• Others

Organization Size

• Small and Medium Enterprise
• Large Enterprise

Vertical

• Retail
• Automotive
• Travel and Logistics
• Electronics
• IT and Telecommunication
• Mining

Global Procurement Software Market Regional Analysis/Insights

The procurement software market is analysed and market size insights and trends are provided by country, deployment, software type, organization size, and vertical as referenced above.

The procurement software market is analysed and market size insights and trends are provided by country, deployment, software type, organization size and vertical as referred above.

The countries covered in the procurement software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America is expected to dominate the procurement software market due to the presence of key market players such as IBM Corporation, Oracle Corporation, and Coupa Software Incorporated. Moreover, developed infrastructure and rising demand for centralized procurement process in the region.

Asia-Pacific (APAC) is expected to witness fastest growth during the forecast period of 2022 to 2029 because of the developing countries such as China and India are still lagging in terms of adoption of the software, because of the lack of skilled procurement professionals.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Semiconductor Infrastructure Growth Installed base and New Technology Penetration

Global procurement software market also provides you with a detailed market analysis for every country’s growth in healthcare expenditure for capital equipment, installed base of different kinds of products for Global Procurement Software market, the impact of technology using life line curves, and changes in healthcare regulatory scenarios and their impact on the Flowmeters market. The data is available for the historic period 2010-2020.

Competitive Landscape and Global Procurement Software Market  Share Analysis

The procurement software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the global procurement software market are: 

Oracle (U.S.), IBM Corporation (U.S.), Coupa Software Inc. (U.S.), Epicor Software Corporation (U.S.), Mercateo (Germany), SAP SE (Germany), Zycus Inc (U.S.), Infor (U.S.), Tungsten Corporation plc. (UK), OpusCapita Solutions Oy (Finland), Ivalua Inc. (U.S.), Epicor Software Corporation (U.S.), Proactis Holdings Plc (UK), JAGGAER (U.S.), Tradeshift (U.S.), Basware (Finaland), BuyerQuest Holdings Inc. (U.S.), JDA Software Group, Inc. (U.S.), and HCL Technologies (India) among others