New York, USA, May 25, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), "Procurement Software Market Information by Deployment, Software Type, Organization, Vertical, Size, and Region - Forecast till 2030”, Procurement Software Market could thrive at a rate of 10.1% between 2020 and 2030. The market size will be reaching around USD 14.10 billion by the end of the year 2030.
Market Synopsis:
Procurement software is a digital tool designed to help companies streamline and automate their procurement processes. It is a type of business software that helps organizations automate their purchasing and supply management activities. Procurement software can assist in the sourcing of goods and services, negotiating prices, managing contracts, tracking orders, and maintaining supplier relationships. It is designed to help organizations save time and money while improving efficiency, compliance, and transparency in procurement operations.
The application of procurement software is widespread across different industries and sectors, including manufacturing, retail, healthcare, construction, government, and education. Procurement software is used by procurement managers, supply chain managers, and purchasing professionals to streamline procurement processes, manage suppliers, and automate purchase requisitions. It can also help organizations make informed procurement decisions by providing real-time data analytics and insights.
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Market Competitive Landscape:
The affluent companies in the Procurement Software industry include.
- Coupa Software Incorporated
- Epicor Software Corporation
- JDA Software Inc.
- Zycus Inc.
- SAP SE
- Mercateo AG
- Oracle Corporation
- Infor Inc.
- IBM Corporation
Procurement Software Market Report Scope:
| Report Metrics | Details |
| Procurement Software Market Size by 2030 | USD 14.10 billion |
| Procurement Software Market CAGR during 2020-2030 | 10.1% |
| Base Year | 2019 |
| Forecast | 2020-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Centralized Procurement Process |
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Latest Industry Updates (May 2021):
Coupa Software, one of the leading players in the procurement software market, announced the acquisition of Lavasoft, a provider of AI-powered supply chain design and planning solutions. This acquisition is expected to enhance Coupa's capabilities in spend management and supply chain visibility, enabling customers to make better decisions and optimize their supply chain operations.
Market USP Covered:
Market Drivers:
The procurement software market is driven by several factors, including the increasing demand for automation and digitization of procurement processes, the need for better visibility and control over procurement spend, and the growing emphasis on supply chain transparency and sustainability. Additionally, the rise of e-commerce and the proliferation of digital marketplaces have increased the need for procurement software that can manage complex procurement operations across different channels and platforms.
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Market Restraints:
The procurement software market also faces several challenges and restraints, such as high implementation and maintenance costs, data security and privacy concerns, and the complexity of integrating procurement software with existing enterprise systems. Moreover, the lack of standardization and interoperability among different procurement software solutions can also hinder the adoption of procurement software among organizations.
COVID 19 Analysis:
The COVID-19 pandemic has had a significant impact on the procurement software market. The pandemic has accelerated the adoption of digital procurement solutions as businesses have had to shift to remote work and adapt to supply chain disruptions. The pandemic has also highlighted the need for greater supply chain resilience and transparency, driving the demand for procurement software that can help businesses manage supplier risk and ensure supply chain continuity.
In the post-COVID scenario, the demand for procurement software is expected to continue to grow, driven by the increasing adoption of digital procurement solutions and the need for greater supply chain transparency and resilience. The market is expected to see a shift towards cloud-based solutions, as businesses continue to adopt remote work and look for cost-effective solutions.
Market Segmentation:
- By Deployment - The Deployments in the market include On-Cloud and On-Premises
- By Software Type - By Software Type, the segment includes Spend Analysis, E-Sourcing, E-Procurement, Contract Management, Supplier Management, and others.
- By Organization Size - By Organization Size, the segment includes Small & Medium Enterprise and Large Enterprises
- By Vertical - By Vertical, the segment includes Retail, Automotive, Travel & Logistics, Electronics, IT & telecommunications, Mining, and others.
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Regional Insights:
North America is the largest market for procurement software, primarily due to the presence of a large number of established vendors in the region and the increasing adoption of cloud-based solutions by businesses of all sizes. The US is the largest market in the region, followed by Canada and Mexico. The region is characterized by a high degree of technological advancement and a well-established procurement infrastructure. Further, Europe is also a significant market for procurement software, with a growing demand for automation and digitization of procurement processes. The market is primarily dominated by countries such as Germany, France, and the UK. The region is characterized by a highly regulated business environment, with strict data protection and privacy regulations.
Additionally, The Asia-Pacific market is expected to grow at a rapid pace in the coming years, driven by factors such as the increasing adoption of digital technologies, the growing awareness of the benefits of procurement software, and the expanding e-commerce industry. China, India, and Japan are the largest markets in the region, and the market is expected to continue to grow in other countries as well. However, the region is also characterized by significant variations in business practices, regulatory frameworks, and cultural norms, which present unique challenges for companies operating in the market.
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