Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Global Procurement Software Market is valued at US$ 7.2 billion in 2023 and is expected to grow at a significant CAGR of over 9.9% over the forecast period of 2023-2030, according to the published market report by RationalStat
Market Definition, Market Scope, and Report Overview
Procurement software is primarily is a type of technology solution used by businesses and organizations to streamline and optimize their procurement processes. The software supports businesses in managing their entire procurement cycle, starting from purchasing materials to the payment to vendors.
Procurement software often includes robust analytics and reporting capabilities, allowing organizations to gain insights into their spending patterns, supplier performance, and other critical metrics. Data-driven decision-making is a significant driver of growth in this market.
- According to a deep-dive market assessment by RationalStat, the global procurement software market has been analyzed on the basis of market segments, including enterprise size, offering type, deployment mode, end user and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global procurement software market covers market sizes on the basis of market value (US$/EUR Million) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global procurement software market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Procurement Software Market: Segmental and Market Share Analysis
- On the basis of deployment mode, the cloud is anticipated to dominate the procurement software market, principally due to the cost savings and other benefits offered by the cloud solutions.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 7.2 billion |
| Market Size Forecast | US$ 13.9 billion |
| Growth Rate | 9.9% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global procurement software market include,
- In October 2023, Procurify came into partnership with Olive Technologies. The partnership integrates the offerings of the companies, resulting in enhanced procurement operations intended for clients across the globe.
- In May 2023, SAP expanded its procurement solutions offering by integrating Icertis Contract Intelligence (ICI) in its SAP S/4HANA, enabling the procurement teams to negotiate better, enhance operations, among others.
Some of the prominent players and suppliers operating and contributing significantly to the global procurement software market growth include SAP, Coupa Software Inc., Team Procure, Inc., Procurify Technologies Inc., GEP, Precoro, Inc., Oracle, Ivalua Inc., JAGGAER, Zycus Inc., and Kissflow Inc., among others.
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RationalStat has segmented the global procurement software market based on enterprise size, offering type, deployment mode, end user, and region
- Global Procurement Software Market Value (US$ Million), and Market Share (2019-2030) Analysis by Enterprise Size
- Small & Medium
- Large
- Global Procurement Software Market Value (US$ Million), and Market Share (2019-2030) Analysis by Offering Type
- Point Solutions
- Accounts Payable
- Procure-to-Pay (P2P)
- Source-to-Pay (S2P)
- Purchasing
- Request for Proposal (RFP)
- Others
- Comprehensive Solutions
- Point Solutions
- Global Procurement Software Market Value (US$ Million), and Market Share (2019-2030) Analysis by Deployment Mode
- Cloud
- On-Premise
- Global Procurement Software Market Value (US$ Million), and Market Share (2019-2030) Analysis by End User
- Retail
- E-commerce
- Manufacturing
- BFSI
- IT & Telecom
- Oil & Gas
- Others
- Global Procurement Software Market Value (US$ Million), and Market Share (2019-2030) Analysis by Region
- North America Procurement Software Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Procurement Software Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Procurement Software Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Procurement Software Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Procurement Software Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Procurement Software Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Procurement Software Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Procurement Software Report:
- What will be the market value of the global procurement software market by 2030?
- What is the market size of the global procurement software market?
- What are the market drivers of the global procurement software market?
- What are the key trends in the global procurement software market?
- Which is the leading region in the global procurement software market?
- What are the major companies operating in the global procurement software market?
- What are the market shares by key segments in the global procurement software market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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