What Is The Scope Of The Global Procurement Software Market?
Procurement software is an integrated application suite that enables organizations to manage the entire procurement lifecycle from requisition to payment. It automates purchasing processes, facilitates supplier collaboration, ensures compliance with procurement policies, and provides analytics for informed decision-making.
Procurement Software Global Market Report 2024 provides data on the global procurement software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The procurement software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Procurement Software Market?
The procurement software market has expanded rapidly in recent years. It will grow from $7.62 billion in 2023 to $8.65 billion in 2024, at a CAGR of 13.4%. The historic growth is driven by increased procurement data accuracy, the growing emphasis on sustainable procurement, automation requirements, and the rise of e-procurement. The market is projected to grow to $14.44 billion by 2028, at a CAGR of 13.7%. This is driven by the rising demand for efficient supply chain management, centralized procurement processes, smart procurement management solutions, and the increasing adoption of cloud-based solutions. Trends include AI integration, technological advancements, new software integration, development of online portals, and better integration with existing enterprise systems.
What Are The Core Factors Supporting Growth In The Procurement Software Market?
The growing adoption of cloud-based solutions is expected to propel the procurement software market. Cloud-based solutions provide businesses with scalable, flexible, and cost-effective IT infrastructure, improving efficiency and security. These solutions enhance procurement software by offering advanced collaboration, seamless integration, and cost savings. In 2023, the European Union reported a 4.2 percentage point increase in businesses using cloud computing compared to 2021. The increasing adoption of cloud technologies is propelling the growth of the procurement software market.
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What Are The Major Segments Within The Global Procurement Software Market?
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
Which Trends Are Expected To Transform The Procurement Software Market?
In the procurement software market, businesses are introducing innovative solutions such as spend management tools to reinforce their market position. These solutions help organizations manage expenditures throughout their lifecycle, from budgeting to payment. For instance, in April 2023, Airbase Inc. launched a guided procurement solution that integrates seamlessly with workflows. This tool streamlines purchasing processes, enforces spending policies, and offers real-time budget visibility, empowering informed decision-making.
What Is The Fastest Growing Region In The Procurement Software Market?
North America was the largest region in the procurement software market in 2023. 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.
