Pune, Sept. 28, 2023 (GLOBE NEWSWIRE) -- A global Information Technology and telecommunication research and business consulting firm, Maximize Market Research, has published a market intelligence report on the “Procurement Software Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Procurement Software Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects, the market to grow from USD 6.66 Bn in 2022 to USD 13.65 Bn in 2029 at a CAGR of 10.8 percent.
| Market Size in 2022 | USD 6.66 Bn. |
| Market Size in 2029 | USD 13.65 Bn. |
| CAGR | 10.8 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 275 |
| No. of Tables | 114 |
| No. of Charts and Figures | 111 |
| Segment Covered | Deployment Type and Industry Vertical |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Procurement Software Market Report Scope and Research Methodology
The report offers a comprehensive analysis of data organized into segments, including Deployment Type and Industry Vertical, each further divided into sub-segments. Key Competitors are scrutinized within the report, evaluating their market size and share, as well as tracking mergers, acquisitions, and collaborations within the market. This information equips new and existing players in the Procurement Software Market with valuable insights for shaping their strategies, as outlined in the report. The data underpinning this analysis has been meticulously collected through a combination of primary and secondary research methods. Primary data was sourced from interviews with industry leaders and insights from senior research analysts. Meanwhile, secondary data was extracted from annual reports of organizations and public records. Subsequently, the Procurement Software Market data underwent thorough examination using methodologies such as SWOT analysis, PORTER's five-force model, and PESTLE analysis.
Procurement Software Market Overview
Procurement software is a sophisticated application designed to streamline the processes involved in acquiring supplies and effectively managing inventory. This powerful tool enables users to initiate and authorize purchase orders, match invoices with received items, facilitate online billing, and generate payment verification documents, among other functionalities. When paired with e-procurement, it plays a pivotal role in reducing the overall duration of the procurement life cycle. The comprehensive features offered by procurement software greatly assist businesses in simplifying their operations and maintaining a meticulous record of their inventory.
Procurement software providers leverage these solutions to optimize purchasing and pricing activities, particularly when dealing with large-scale procurement requirements, making it indispensable for enterprises seeking to procure substantial quantities of goods. The procurement software market has experienced remarkable growth, fueled by the growing recognition of procurement's strategic significance in achieving organizational objectives. This software empowers businesses to digitize and automate various aspects of their procurement operations, encompassing sourcing, supplier management, purchase order processing, contract administration, and expenditure analysis.
Procurement Software Market Dynamics
Procurement software offers sophisticated analytics and reporting functions, allowing businesses to gain real-time insights into their procurement operations, track key performance indicators (KPIs), and make informed, data-driven decisions. Effective Supplier Relationship Management (SRM) is critical for mitigating supply chain risks and maintaining a dependable supply of goods and services. Procurement software aids organizations in building and nurturing robust supplier relationships, fostering collaboration and innovation. Regulatory compliance and risk management are paramount concerns for businesses.
Procurement software plays a pivotal role in monitoring and managing compliance with diverse regulations, reducing the risk of legal complications and reputational damage. The integration of procurement software with Enterprise Resource Planning (ERP) systems has become indispensable for achieving seamless procurement operations. The integration of procurement software enhances data consistency and facilitates end-to-end visibility, from procurement through to payment. Furthermore, the incorporation of Artificial Intelligence (AI) and Machine Learning (ML) capabilities into procurement software enables predictive analytics, demand forecasting, and intelligent automation, thereby improving decision-making and reducing manual tasks. The shift towards remote work has accelerated the demand for cloud-based procurement solutions that facilitate collaboration from any location.
Procurement Software Market Regional Insights
Organizations across North America have embarked on ambitious digital transformation initiatives aimed at elevating their procurement processes. Within this context, procurement software solutions have emerged as vital tools, serving to automate manual tasks, streamline workflows, and provide real-time insights into procurement operations. The continuous pursuit of cost optimization and operational efficiency by procurement software companies aligns with the broader objectives of businesses in North America. These software solutions empower organizations with enhanced spend visibility, advanced cost analysis capabilities, and efficient supplier management, thereby facilitating the identification of cost-saving opportunities. The intricate and globally intertwined supply chains prevalent in the region demand sophisticated procurement solutions.
Procurement software proves instrumental in efficiently managing suppliers spanning diverse regions, currencies, and languages, thereby reinforcing the resilience of the supply chain. Compliance with regulatory mandates and prudent risk mitigation are paramount concerns for North American organizations. Here, procurement software emerges as a valuable asset, helping organizations navigate complex regulatory landscapes and effectively manage risks, thereby mitigating the potential for legal entanglements and reputational harm.
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Procurement Software Market Segmentation
By Deployment Type
- On-Premises
- Cloud-Based
- Public Cloud
- Private Cloud
- Hybrid Cloud
Cloud-based procurement software solutions have been observing significant progress and implementation in recent years. Most companies are rapidly moving away from authentic on-premises deployments in terms of cloud-based solutions due to their scalability, flexibility, accessibility, and cost-effectiveness. Hybrid cloud solutions, which combine elements of both public and private clouds, provide a balance between scalability and control, making them a favorable choice for many organizations.
By Industry Vertical
- Manufacturing
- Healthcare
- Retail
- Government
- Financial Services
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Procurement Software Market Key Competitors include:
- SAP Ariba (United States)
- Coupa Software (United States)
- Oracle Corporation (United States)
- GEP (United States)
- Jaggaer (United States)
- Ivalua (United States)
- Determine (United States)
- Zycus (United States)
- Basware (United States)
- Vroozi (United States)
- Basware (Finland)
- SynerTrade (France)
- Proactis (United Kingdom)
- SynerTrade Accelerate (Germany)
- Mercateo (Germany)
- Simfoni (United Kingdom)
- Vroozi Asia Pacific (Singapore)
- SAP Ariba APJ (Asia-Pacific and Japan)
- Ariba Commerce Cloud
Key questions answered in the Procurement Software Market are:
- What is the Procurement Software Market?
- What was the Procurement Software Market size in 2022?
- What is the expected Procurement Software Market size during the forecast period?
- What are the global trends in the Procurement Software Market?
- What are the major restraints for the Procurement Software Market?
- Which segment dominated the Procurement Software Market growth?
- What is the demand pattern for the Procurement Software Market?
- What growth strategies are the players considering to increase their presence in Procurement Software Market?
- What are the upcoming industry applications and trends for the Procurement Software Market?
- Who are the leading companies and what are their portfolios in the Procurement Software Market?
- Which region dominates the largest market share in the Procurement Software Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by Different Segment | 2022−2029
- Market Dynamics – Technology, application, and end-users
- Market Segmentation – A detailed analysis by Deployment Type and Industry Vertical
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
