New York, US, Oct. 06, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Procurement Software Market Research Report: Information by Organization Size, Deployment, Vertical, Software Type, and Region- Forecast till 2030”, the market is predicted to attain a valuation of approximately USD 14.10 billion by the end of 2030. The report further predicts the market to flourish substantially from 2020 to 2030 at a healthy CAGR of around 10.1% during the assessment era.
Procurement Software Market Overview:
Procurement software allows organizations to buy a group of goods and handle their inventory digitally. The global market for procurement software has been overgrown in the last few years. Automating some operations in the procurement process and consolidating supply chain management is considered the prime aspect supporting market growth. Curbing losses because of inventory control and fluctuating economic situations can help the industry grow over the coming years. Procurement software has many solutions to help organizations regulate their operations and maintain inventory. Procurement software enables companies to raise and allow purchase orders, receive and match invoices and orders, make online debt payments, and select and order products or services. Procurement software tools allow organizations to carry out the best purchasing and pricing activities for their vendors, making it vital for organizations required to attain large quantities of goods.
Procurement Software Market Competitive Analysis
The list of prominent participants across the global market for procurement software includes players such as:
- IBM Corporation (U.S.)
- Coupa Software Incorporated (U.S.)
- SAP SE (Germany)
- Epicor Software Corporation (U.S.)
- Mercateo AG (Germany)
- JDA Software Inc. (U.S.)
- Oracle Corporation (U.S.)
- Zycus Inc. (U.S.)
- Infor Inc. (U.S.)
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Procurement Software Market USP Covered
Market Drivers
The global procurement software market has recently increased owing to the cost-benefit analysis, penetration of digital logistics and support software, adoption of new technologies, and establishment of network infrastructure.
Procurement Software Market Restraints
However, the lack of skilled professionals may restrict the market's growth.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 14.10 billion |
| CAGR during 2022-2030 | 10.1% |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Mobile Procurement Software Applications |
| Key Market Drivers | Centralized Procurement Process |
COVID-19 Impact of Procurement Software Market
The global health crisis in the form of COVID-19 has had a massive impact on most industry areas across the globe. Unlike others, the procurement software market witnessed quite a positive growth during the pandemic. With rapid vaccination rates globally, the global procurement software market is anticipated to grow significantly over the coming years.
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Procurement Software Market Segment Analysis
Among all the deployment modes, the on-premise segment is anticipated to secure the top position across the global market for procurement software over the review timeframe. The primary parameter supporting the segment's growth is the preference for on-premise software installation by companies across the globe. Companies can train their personnel to use the software to purchase and price goods to attain massive volumes at nominal rates.
Among all the software types, the spend analysis software segment is anticipated to ensure the top rank across the global market for procurement software over the review timeframe. The reports by MRFR predict the segment to increase at a healthy CAGR of approximately 10.6%. The capability to highlight buying patterns and chances for cost savings is anticipated to boost the segment's growth over the review era. Conformity with the latest laws and organization of spending data enables organizations to make enlightened decisions, which is another crucial parameter boosting the segment's growth. In addition, the classification of maintenance, repair, and operations (MRO) outlay according to small and medium suppliers can boost the data quality.
Among all the organization sizes, the SME segment is anticipated to secure the top spot across the global market for procurement software over the coming years. the reports by MRFR suggest that the global market flourished substantially during the assessment era at a healthy CAGR of around 10.3%. The segment's growth is credited to the increase in cloud deployments and efforts to boost the demand for the software. Furthermore, the advantages offered by such software, such as improved working capital, reduced invoice errors, new sources of supply, and simplification of contracts, are also likely to boost the segment's growth over the coming years.
Among all the verticals, the retail segment is predicted to hold the leading position across the global market for procurement software over the assessment era. The growing demand for centralized procurement processes and efficient management of the inventory are the crucial parameters supporting the segment's growth. The incorporation of business processes and transparency in supply chains is also predicted to support the segment's growth over the coming years. the utilization of the software for automating tasks and procuring the best rates from the vendor is also likely to catalyze the growth of the segment over the assessment era.
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Procurement Software Market Regional Analysis
The global market for procurement software is analyzed across five major regions: Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa.
According to the research reports by MRFR, the Asia-Pacific region is predicted to secure the top position across the global market for procurement software over the review era. The reports predict the regional market to thrive substantially during the assessment era at a healthy CAGR of approximately 10%. The main parameter supporting the growth of the regional market is the significant number of logistic firms based in India and China. Furthermore, the structure of manufacturing units and investments in the market by global participants is also predicted to influence the growth of the regional market over eth assessment era. Moreover, the growing purchasing capacity of customers across the region is another crucial aspect anticipated to catalyze the growth of the regional procurement software over the coming years. medium-sized organizations across the Asia-Pacific region are likely to control the spending and profit from real-time visibility in the procurement process, which in turn is anticipated to boost the growth of the regional market over the assessment era.
The procurement software market for the North American region is anticipated to grow substantially over the review era. The growing demand for centralized procurement procedures is the prime parameter supporting the regional market's growth during the assessment era.
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The region is known to have the existence of leading market contributors such as Coupa Software Incorporated, Oracle Corporation, and IBM Corporation, which in turn is boosting the growth of the regional market. Moreover, the consolidation of integrated companies is also predicted to catalyze the regional market's growth over the coming years.
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