Pune, India, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The global procurement software market size was valued at USD 6.15 billion in 2021. The market is projected to grow from USD 6.67 billion in 2022 to USD 13.80 billion by 2029, exhibiting a CAGR of 10.9% during the forecast period. This information is presented by Fortune Business Insights, in its report titled, “Procurement Software Market Forecast, 2023-2029.”
Key Industry Development:
October 2022: To meet problems such as current integration, automation, and agility for the 5G era, Airtel has implemented Oracle's SCM cloud and Fusion ERP systems. Oracle's cloud fusion solution will assist Airtel in streamlining its financial data, streamlining its supply chain management, and systematizing manual operations.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 10.9% |
| 2029 Value Projection | USD 13.80 Billion |
| Base Year | 2021 |
| Procurement Software Market Size in 2021 | USD 6.15 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Deployment, Enterprise Type, End-user and Geography |
Key Takeaways
- Implementation of cloud services, digitization of platforms and streamlining of the procurement processes across industries will fuel the market growth
- Emerging Trends in Intelligent cloud-based procurement platforms include AI, next-gen analytics with machine learning, cloud services and IoT.
- Healthcare and pharmaceutical segment holds a significant share in the global market
- In South America, around 39% of organizations are planning to invest in cloud computing.
- Procurement Software Market size in North America was USD 2.66 Billion in 2020
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Drivers and Restraints:
- Rising Adoption of AI and Cloud-based Solutions to Act as a Key Trend
- As the use of technologies such as Artificial Intelligence (AI), cloud, Machine Learning (ML), Robotic Process Automation (RPA), and the Internet of Things (IoT) continues to soar in organizations, the rate of change in the procurement process of such businesses has been remarkable.
- Chief Procurement Officers (CPOs) have discovered it vital to stay up to date on the news related to procurement software best practices since digitization has become the norm.
- Intelligent cloud-based procurement solutions will provide more vertically integrated analyses, greater assistance for CPOs, and effective sourcing techniques in the future.
- The CPOs have access to previously inaccessible metrics due to these digital procurement technologies.
Segments:
Cloud Deployment to Gain Traction Owing to Increased Efforts by Organizations to Shift Operations to Cloud
In terms of deployment, the market is classified into cloud and on-premise.
The cloud segment held the largest share in 2021 and is anticipated to grow with a remarkable CAGR during the forecast period.
SMEs to Grow with Maximum CAGR Owing to Rising Funding and Adoption of Cloud-based Solutions
Based on enterprise type, the market is divided into large enterprises and small & medium-sized enterprises. Large enterprises segment is expected to hold the major procurement software market share during the forecast period owing to increasing demand for smart procurement management solutions to manage complex supply chain by reducing the complexity and providing transparent information for the procurement software market growth.
Increased Demand for Sourcing and Procurement Solutions to Witness Significant Market Growth in Healthcare & Pharmaceutical
Based on end-user, the market is divided into retail & e-commerce, healthcare and pharmaceutical, manufacturing & automotive, BFSI, IT & telecom, oil & gas, energy & utilities, and others. The healthcare and pharmaceutical segment held a significant market share during the COVID-19 pandemic as it accelerated the demand for medical equipment, vaccines, medicines, and other pharmaceutical products.
Geographically, the market is divided into five major regions such as North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
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Report Coverage:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market for procurement software. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Regional Insights:
North America to Lead Backed by Surging Presence of Players
The market in the U.S., Canada, and Mexico make up North America. Due to the existence of major market participants in the area and the growing adoption of disruptive technologies by enterprises, the U.S. now holds the largest market share.
During the projected period, Europe is anticipated to account for a sizeable portion of the market since major market players are concentrating on business expansion by providing specialized services to consumers internationally.
During the forecast timeframe, Asia Pacific is expected to see exponential growth. The market is expanding as a result of growing investments being made in digital transformation by emerging economies such as those in South East Asia, Japan, South Korea, Singapore, and India.
Competitive Landscape:
Partnerships among Companies to Secure their Brand Values in the Global Market
Prominent players in the market are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
List of Key Players Mentioned in the Report:
- Basware (Finland)
- SAP SE (Germany)
- Coupa Software Inc. (U.S.)
- Oracle (U.S.)
- Ivalua Inc. (U.S.)
- JAGGAER (U.S.)
- Workday, Inc. (U.S.)
- GEP (U.S.)
- Zycus Inc. (U.S.)
- Infor (U.S.)
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Major Table of Contents:
- Global Procurement Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Small & Medium Enterprise
- Large Enterprises
- By End-user (USD)
- Retail & e-Commerce
- Healthcare and Pharmaceutical
- Manufacturing & Automotive
- BFSI
- IT & Telecom
- Oil & Gas, Energy & Utilities
- Others (Real Estate, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Procurement Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Small & Medium Enterprise
- Large Enterprises
- By End-user (USD)
- Retail & e-Commerce
- Healthcare and Pharmaceutical
- Manufacturing & Automotive
- BFSI
- IT & Telecom
- Oil & Gas, Energy & Utilities
- Others (Real Estate, etc.)
- By Country (USD)
- United States
- Canada
- Mexico
- South America Procurement Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Small & Medium Enterprise
- Large Enterprises
- By End-user (USD)
- Retail & e-Commerce
- Healthcare and Pharmaceutical
- Manufacturing & Automotive
- BFSI
- IT & Telecom
- Oil & Gas, Energy & Utilities
- Others (Real Estate, etc.)
TOC Continued…!
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