The procurement software market has expanded rapidly, growing from $7.62 billion in 2023 to $8.65 billion in 2024, reflecting a CAGR of 13.4%. This growth is driven by the increasing need for procurement automation, improved data accuracy, and sustainable procurement practices. The market is expected to reach $14.44 billion by 2028, with a CAGR of 13.7%. Key drivers include rising demand for centralized procurement solutions and smart procurement management tools. Major trends include the integration of artificial intelligence, advancements in technology, and enhanced collaboration across enterprise systems.
Major Driver In The Procurement Software Market
The procurement software market is anticipated to grow due to the increasing adoption of cloud-based solutions. Cloud solutions offer scalable and flexible IT infrastructure, significantly enhancing procurement software capabilities through improved collaboration, security, and integration. The European Union noted that the percentage of EU businesses purchasing cloud computing services increased by 4.2 percentage points in 2023 compared to 2021, with usage rising from 36% in 2021 to 42% in 2023. Thus, the growing adoption of cloud-based solutions is driving the expansion of the procurement software market.
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Procurement Software Market Competitive Landscape
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.
Key Procurement Software Market Trend
In the procurement software market, companies are investing in innovative solutions like spend management tools to optimize organizational expenditures. In April 2023, Airbase Inc. launched a guided procurement solution that integrates seamlessly with existing workflows. This solution streamlines the purchasing process, ensuring compliance with spending policies and providing real-time budget visibility, ultimately empowering stakeholders to make informed decisions.
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Procurement Software Market Segmentation
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
By Geography:The regions covered in the procurement software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the procurement software market in 2023.
The Procurement Software Global Market Report 2024 furnishes information about the global procurement software market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
