Pune, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Procurement Software Market Size Analysis:
“According to the SNS Insider Research, The Procurement Software Market size was valued at USD 7.71 Billion in 2023 & is projected to reach USD 18.76 Billion by 2032, with an increasing CAGR of 10.40% Over the Forecast Period of 2024-2032.”
Market Analysis
The rising adoption of procurement software across industries where there is a need for hassle-free, simplified, and fast-moving goods purchasing in order to make the process more efficient. It has solutions intended to fix inefficiencies and maintain control over inventory. This solution allows businesses to generate and approve purchase orders, request products or services for procurement, receive matching invoices, and process online payments. Procurement software empowers companies to perform optimal purchasing and pricing activities, essential for enterprises procuring large quantities of goods. This allows companies to work with suppliers, manage events, and reports, and analyze business intelligence data for predictive and planning purposes.
Procurement software is in higher demand because of the benefits it offers, such as better efficiency and transparency with the goal to support standardized production supply at optimum prices. Cirtuo in 2022, announced its introduction of digital procurement platform which includes spend analysis and contract management. Developments in e-procurement technology and growing emphasis towards automation expected to open new growth opportunities. For example, Bidvest International Logistics is one of the companies that has gone all digital with their procurement functions using Zycus ' solution as early as August 2023. Over 70% of the businesses are using procurement software to save time and manual errors.
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Major Players Analysis Listed in this Report are:
- JAGGAER
- Basware
- SAP SE
- Oracle
- Ivalua Inc.
- Workday, Inc.
- GEP
- Zycus Inc.
- Coupa Software Inc.
- Infor
- Other Players
Procurement Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 7.71 Bn |
| Market Size by 2032 | US$ 18.76 Bn |
| CAGR | CAGR of 10.40% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
Segment Analysis
By Enterprise Type
The large enterprises held highest share and accounted revenue share of more than 65% share in the procurement software market. This dominance can be attributed to the rising requirement for emerging actuate procurement management solutions, which automate intricate supply chains and offer complete information required facilitate business expansion. Enterprises with large subscriptions have grown to be more greatly benefitted due to the huge investment made in cloud solutions that are within their reach and now also targeting small business as well for them grow business opportunities fully globally.
By End User
Procurement software market dominated by retail sector with highest revenue share 21.6%. Retailers must overcome challenges such as heightened competition, reduce margins and diminished brand loyalty. Retailers use procurement software to align their business processes, giving them a more precise understanding of finance and enabling the buy-side processing capability for contract management solutions. Demand for procurement services increases with the Indian retail market estimated to reach USD 1.0 trillion by 2025, fostering growth in this sector as well. The adoption of e-procurement solutions by retailers is growing as such solutions help optimize the procurement process, source competitive rates from vendors, and execute large numbers of goods efficiently.
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Procurement Software Market Key Segmentation:
By Deployment
- Cloud
- On-premise
By Enterprise Type
- SMEs
- Large Enterprises
By End-user
- Retail & e-Commerce
- Healthcare and Pharmaceutical
- Energy & Utilities
- Manufacturing & Automotive
- BFSI
- IT & Telecom
- Oil & Gas
- Others
Regional Analysis
High penetration of centralized procurement processes in North America makes it the largest contributor to the revenue generated by procurement software market. The market is likely to be driven by the regional consolidation of companies. Time taken for approval on purchase orders is decreased by 45-55% with automated Workflows in the US Procurement software systems. About 62% of US businesses use procurement software, according to Procurement Industry Trends. Same-day deliveries to boost online shopping -Efficient Supply Chain Management for Customer Satisfaction The procurement software landscape is rapidly evolving with the advent of innovative technologies such as AI, ML, predictive analytics and robotic process automation (RPA) that are enabling vendors to provide cost savings for procurement teams across different industries.
Europe is projected to hold significant revenue over the forecast period. Top regional enterprises extend their business through offering customized services to customers in different countries. This is the place where demand for procurement solutions increased after-covid19 period businesses began to invest in technologies that make it easy for them to handle all kind of procurement activity and international import-export activities. The region's focus on digital transformation and supply chain optimization is driving the adoption of procurement software.
Recent Developments
- In February 2024 Microsoft added new AI-powered features to its Dynamics 365 procurement solutions with the goal of providing better decisions and an enhanced user experience throughout workstreams.
- Coupa Software AI as a procurement partner, Coupa Software introduced machine learning into their application in January 2024 to predict supplier risks and uncover valuable cost-saving opportunities.
- October 2023, GEP introduced GEP Quantum, which is an AI-powered low-code platform that supports the management of procurement and supply chain. This tool harnesses powerful generative AI and storied advanced data management technologies, providing a no/low-code development framework built specifically for non-technical users.
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Key Takeaways
- By incorporating AI and ML technologies, procurement processes are being disrupted with the help of predictive analytics driving automated decision-making.
- Cloud-based procurement solutions are gaining traction, offering scalability and cost-effectiveness for businesses of all sizes.
- Procurement software is one of the most important applications in retail, these services help manage and acquire any material that could be needed for a project from consuming organizations.
- Major regions such as North America and Europe are expected to drive market growth based on digital transformation and efficiency in supply chains.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Procurement Software Market Segmentation, by Deployment
8. Procurement Software Market Segmentation, by Enterprise Type
9. Procurement Software Market Segmentation, by End User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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