Procurement Software Market Size and Forecast 2029

Summary

Report Description

Forecast Period	2025-2029
Market Size (2023)	USD 6.81 Billion
Market Size (2029)	USD 12.39 Billion
CAGR (2024-2029)	10.33%
Fastest Growing Segment	Small & Medium Enterprise
Largest Market	North America

Market Overview

The Global Procurement Software Market was valued at USD 6.81 Billion in 2023 and is predicted to experience robust growth in the forecast period with a CAGR of 10.33%. The Global Procurement Software Market is experiencing robust growth and transformation, driven by the relentless pursuit of operational efficiency, digitalization, and strategic procurement practices across diverse industries. Organizations worldwide are increasingly adopting procurement software solutions to streamline and automate their procurement processes, from sourcing and requisition to invoicing and supplier management. Key drivers fueling market expansion include the demand for cost savings, the complexity of global supply chains, and the imperative of compliance and risk management. Cloud-based deployment models are dominating, offering unparalleled scalability, accessibility, and cost-effectiveness. E-Procurement stands out as the dominant software type, providing end-to-end automation and contributing to significant cost reductions and spend management. Large enterprises play a central role in shaping the market dynamics, leveraging advanced procurement software to manage complex supply chains, adhere to regulatory standards, and drive strategic decision-making. As the market continues to evolve, a strong emphasis on supplier collaboration, innovation, and sustainability is reshaping procurement practices globally. The Global Procurement Software Market is poised for further growth as businesses recognize the transformative impact of these solutions in fostering efficiency, transparency, and resilience in their procurement operations.

Key Market Drivers

Digital Transformation and Automation

A significant driver propelling the Global Procurement Software market is the ongoing wave of digital transformation and the increasing emphasis on automation in procurement processes. As organizations across industries embrace digital technologies to enhance efficiency and agility, procurement is no exception. Procurement software plays a pivotal role in this transformation by automating manual and time-consuming tasks such as purchase requisitions, approvals, and supplier management. Automation not only streamlines processes but also minimizes errors, reduces cycle times, and allows procurement professionals to focus on strategic activities. The pursuit of operational excellence through digital transformation acts as a powerful driver, prompting businesses to invest in advanced procurement software solutions that offer automation capabilities to optimize their end-to-end procurement workflows.

Demand for Cost Savings and Efficiency

The relentless pursuit of cost savings and operational efficiency is a fundamental driver fueling the Global Procurement Software market. Organizations are under constant pressure to optimize their procurement processes, negotiate better deals with suppliers, and drive cost savings across the supply chain. Procurement software provides a comprehensive solution to achieve these objectives by offering tools for spend analysis, strategic sourcing, and contract management. These capabilities enable businesses to identify cost-saving opportunities, negotiate favorable terms with suppliers, and enhance overall procurement efficiency. As global competition intensifies and profit margins come under scrutiny, the demand for procurement software that delivers tangible cost benefits becomes a compelling driver shaping the market landscape.

Increasing Complexity of Supply Chains

The growing complexity of global supply chains is a key driver influencing the adoption of sophisticated Procurement Software solutions. In an era where supply chains span multiple regions, involve numerous stakeholders, and face disruptions from various sources, organizations recognize the need for advanced tools to navigate this complexity. Procurement software provides visibility into supply chain processes, enhances collaboration with suppliers, and mitigates risks associated with global sourcing. Features like real-time tracking, demand forecasting, and supplier performance management are critical drivers in addressing the intricacies of modern supply chains. As the global business environment becomes more interconnected and dynamic, the demand for Procurement Software equipped to handle supply chain complexity continues to drive market growth.

Emphasis on Strategic Procurement

The evolving role of procurement from a transactional function to a strategic business partner is a significant driver shaping the Global Procurement Software market. Organizations recognize the strategic value that effective procurement can bring to the overall business strategy. Procurement software with advanced analytics, market intelligence, and strategic sourcing capabilities empowers procurement professionals to make informed decisions that align with broader business objectives. The emphasis on strategic procurement includes factors such as sustainable sourcing, supplier diversity, and risk management, driving the adoption of comprehensive procurement software solutions. As procurement evolves into a strategic function that contributes to organizational resilience and competitiveness, the demand for software supporting these strategic imperatives becomes a driving force in the market.

Focus on Supplier Collaboration and Innovation

A compelling driver in the Global Procurement Software market is the increasing emphasis on fostering collaboration and innovation with suppliers. Recognizing the critical role that suppliers play in the success of the overall value chain, organizations are seeking Procurement Software solutions that facilitate closer collaboration. These solutions enable real-time communication, data sharing, and joint decision-making with suppliers, fostering a more agile and responsive supply chain. The demand for supplier collaboration is further amplified by the need for innovation. Procurement software that supports innovation in product development, sustainability initiatives, and risk management strengthens the overall supplier relationship. As organizations aim to create more transparent and mutually beneficial partnerships with suppliers, the focus on collaboration and innovation acts as a driving force in shaping the procurement software landscape.

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Key Market Challenges

Integration Complexity and Interoperability Issues

One of the prominent challenges facing the Global Procurement Software market is the complexity associated with integrating procurement solutions into existing enterprise ecosystems and ensuring interoperability with diverse systems. Organizations often grapple with the need to seamlessly connect procurement software with other enterprise resource planning (ERP) systems, financial applications, and supply chain management tools. The diversity of technology stacks across different departments and the evolving nature of software solutions exacerbate integration challenges. This complexity can result in data silos, inefficient processes, and hindered collaboration between various departments involved in the procurement lifecycle. As organizations seek comprehensive and interconnected solutions, addressing integration complexities remains a significant hurdle in the successful deployment and utilization of procurement software.

Data Security and Privacy Concerns

Data security and privacy concerns pose a critical challenge in the Global Procurement Software market. As procurement processes involve handling sensitive information such as supplier details, contract terms, and financial transactions, ensuring the confidentiality, integrity, and availability of data becomes paramount. The increasing frequency and sophistication of cyber threats add to the urgency of implementing robust security measures. Compliance with data protection regulations, such as GDPR and CCPA, further complicates the landscape, requiring organizations to adopt stringent security protocols. Procurement software providers face the challenge of instilling confidence in users regarding the protection of their data throughout the procurement lifecycle. Failure to address these concerns can lead to reputational damage, legal consequences, and reluctance from organizations to embrace procurement software solutions.

Customization and User Adoption

Customization and user adoption represent significant challenges in the Global Procurement Software market. While procurement software solutions offer a range of features to cater to diverse organizational needs, the challenge lies in tailoring these solutions to specific workflows and requirements. Organizations often have unique procurement processes, industry-specific regulations, and varying user preferences, making customization essential for maximizing the benefits of procurement software. Balancing the need for customization with the goal of maintaining a standardized and cohesive software environment presents a delicate challenge. Moreover, ensuring widespread user adoption is crucial for the success of procurement software implementations. Overcoming resistance to change, providing adequate training, and creating intuitive user interfaces are ongoing challenges that organizations and software providers face to ensure the seamless adoption of procurement solutions across diverse user groups.

Supplier Onboarding and Relationship Management

Effectively onboarding and managing relationships with suppliers pose significant challenges in the Global Procurement Software market. Supplier networks can be extensive, comprising a diverse range of vendors with varying capabilities, compliance standards, and geographical locations. The challenge lies in efficiently onboarding new suppliers, ensuring compliance with regulatory requirements, and managing the relationships to foster collaboration and transparency. Inconsistent supplier data, changing regulations, and the need for real-time visibility into supplier performance contribute to the complexity of supplier management. Procurement software solutions need to address these challenges by providing robust supplier onboarding tools, comprehensive supplier databases, and features that facilitate ongoing relationship management, risk mitigation, and performance evaluation.

Regulatory Compliance and Globalization

Navigating regulatory compliance, especially in the context of globalized supply chains, presents a formidable challenge in the Global Procurement Software market. Organizations conducting business across multiple jurisdictions must contend with diverse regulatory frameworks, trade policies, and compliance requirements. Procurement software needs to be adaptable to these variations while ensuring that organizations adhere to international standards and industry-specific regulations. The dynamic nature of regulatory landscapes and the continuous evolution of compliance standards further intensify the challenge. Balancing the need for flexibility to accommodate regional variations with the imperative of maintaining a standardized and compliant procurement process poses a complex challenge for both organizations and software providers operating in the global procurement space.

Key Market Trends

Rise of Cloud-Based Procurement Solutions

The Global Procurement Software market is witnessing a significant trend with the widespread adoption of cloud-based solutions. Cloud procurement software offers businesses the flexibility to access and manage procurement processes from anywhere, promoting collaboration among teams and enabling real-time updates. This trend is driven by the advantages of scalability, cost-effectiveness, and ease of implementation that cloud-based solutions provide. Organizations are increasingly recognizing the value of cloud procurement in streamlining operations, reducing infrastructure costs, and ensuring seamless integration with other enterprise systems. As digital transformation becomes a strategic imperative, the move towards cloud-based procurement solutions is reshaping the procurement landscape, offering enhanced agility and accessibility for businesses of all sizes.

Integration of Artificial Intelligence (AI) in Procurement

Artificial Intelligence (AI) is playing a pivotal role in shaping the future of the Global Procurement Software market. The integration of AI technologies, such as machine learning and natural language processing, is enhancing the capabilities of procurement solutions. AI-driven procurement software can analyze vast datasets to provide actionable insights, automate routine tasks, and facilitate data-driven decision-making. Predictive analytics and intelligent forecasting empower organizations to optimize procurement strategies, manage risks, and identify cost-saving opportunities. As businesses seek to improve efficiency and responsiveness in their procurement processes, the incorporation of AI technologies is becoming a transformative trend, unlocking new levels of intelligence and automation in the procurement software landscape.

Focus on Supplier Relationship Management (SRM)

A key trend in the Global Procurement Software market is the increasing emphasis on Supplier Relationship Management (SRM). Recognizing the strategic importance of robust supplier relationships, businesses are turning to procurement software that offers comprehensive SRM functionalities. These solutions enable organizations to assess supplier performance, manage contracts, and collaborate effectively with suppliers throughout the procurement lifecycle. The shift towards SRM reflects a broader recognition of the impact that strong supplier relationships can have on supply chain resilience, innovation, and overall business success. Procurement software with advanced SRM capabilities is becoming a crucial tool for organizations aiming to create mutually beneficial partnerships with suppliers, drive collaboration, and mitigate supply chain risks.

Sustainable Procurement Practices

Sustainable procurement practices are emerging as a significant trend in the Global Procurement Software market. Organizations are increasingly incorporating environmental, social, and governance (ESG) criteria into their procurement processes. Procurement software that supports sustainability initiatives enables businesses to track and evaluate the environmental and social impact of their supply chain activities. This includes considerations such as ethical sourcing, carbon footprint reduction, and diversity in supplier networks. As sustainability gains traction as a key corporate priority, procurement software is evolving to facilitate the integration of sustainable practices, enabling organizations to make responsible procurement decisions that align with their broader environmental and social responsibility goals.

Enhanced User Experience and Mobile Accessibility

A notable trend in the Global Procurement Software market is the growing emphasis on providing an enhanced user experience and mobile accessibility. User-friendly interfaces, intuitive workflows, and mobile capabilities are becoming critical considerations in the design and development of procurement software. Businesses recognize the importance of ensuring that users, including procurement professionals and stakeholders, can easily navigate and interact with the software. Mobile accessibility allows users to manage procurement processes on the go, fostering greater agility and responsiveness. As the expectations for seamless and efficient user experiences rise, procurement software developers are focusing on creating solutions that prioritize usability, accessibility, and the ability to operate across diverse devices and platforms.

Segmental Insights

Deployment Insights

On-Cloud segment dominates in the global Procurement Software market in 2023. The On-Cloud segment dominates the Procurement Software market due to the array of advantages it offers to organizations across various industries. Cloud-based deployment provides unparalleled flexibility, allowing businesses to scale their procurement operations seamlessly in response to changing demands. The scalability of On-Cloud solutions is particularly beneficial for enterprises with fluctuating procurement needs, enabling them to adapt to market dynamics without the constraints associated with traditional infrastructure.

Furthermore, the cost-effectiveness of On-Cloud deployment has been a compelling factor influencing its dominance. Cloud-based procurement solutions eliminate the need for significant upfront investments in hardware and infrastructure, reducing the overall total cost of ownership. This cost-effectiveness is particularly advantageous for small and medium-sized enterprises (SMEs) that may have budget constraints but still require robust procurement software to enhance their operational efficiency.

The On-Cloud deployment model also facilitates rapid implementation and deployment of procurement software, contrasting with the often time-consuming and resource-intensive process of On-Premise solutions. This agility is crucial in today's dynamic business environment, where organizations need to swiftly adapt to market changes and deploy new technologies to stay competitive.

Accessibility and collaboration are additional factors propelling the dominance of the On-Cloud segment. Cloud-based procurement solutions offer users the flexibility to access the software and relevant data from anywhere with an internet connection, fostering collaboration among geographically dispersed teams. This accessibility is pivotal in a globalized business landscape where remote work and cross-border collaborations are increasingly prevalent.

Security concerns, once a barrier to the widespread adoption of cloud solutions, have been addressed through advancements in cloud technology. Leading cloud service providers implement robust security measures, including encryption, multi-factor authentication, and regular audits, instilling confidence in organizations regarding the protection of their sensitive procurement data.

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Regional Insights

North America dominates the global procurement software market in 2023. North America is home to a robust and technologically advanced business environment, particularly exemplified by the concentration of major corporations, tech giants, and innovative startups. The region's enterprises are early adopters of cutting-edge technologies, including procurement software, to enhance operational efficiency, streamline processes, and gain a competitive edge. This culture of early adoption and innovation fosters a dynamic ecosystem where procurement software providers thrive.

Moreover, the United States, as a major economic powerhouse within North America, plays a pivotal role in driving market trends. The U.S. is characterized by a diverse range of industries, each with unique procurement needs, from manufacturing to technology to healthcare. The complexity of supply chains in these industries fuels the demand for advanced procurement solutions that can address specific challenges, contributing to the region's dominance in the global market.

Additionally, North America has a mature and well-established regulatory environment, which encourages businesses to invest in solutions that ensure compliance, transparency, and risk mitigation. Procurement software that can navigate and align with regulatory requirements gains a strategic advantage in this market. The sophistication of North American enterprises in managing compliance through technology further cements the region's influence in shaping the evolution of procurement software.

Furthermore, the concentration of major procurement software vendors and service providers in North America enhances the region's dominance. Silicon Valley, in particular, serves as a nucleus for technological innovation and entrepreneurial activity. The presence of leading procurement software companies in this region facilitates collaboration, knowledge exchange, and the development of cutting-edge solutions, reinforcing North America's leadership position.

Recent Developments

December 2022 - GEP, a procurement and supply chain services company, announced that Belgium's leading postal and e-commerce logistics provider, bpost group, had implemented the usage of GEP Software for digital transformation across the source-to-contract (S2C) process encompassing sourcing management, project management, contracts, and supplier management to improve efficiencies and compliance throughout the tendering and contracting process.
September 2022 - Oro launched its new software solution, Smart Procurement Workflows, designed to simplify procurement and finance operations to meet compliance and speed needs and get help to deliver faster business needs.

Key Market Players

SAP SE
Oracle Corporation
Coupa Software Inc.
Procol Tech Private Limited
Basware Corporation
Ivalua Inc.
Infiniti Research Ltd.
Procurri Corporation Limited
Zycus Inc.
Jaggaer

By Deployment

By Software Type

By Organization Size

By Vertical

By Region

On-Cloud
On-Premise

Spend Analysis
E-Sourcing
E-Procurement
Contract Management
Supplier Management
Others

Small & Medium Enterprise
Large Enterprises

Retail
Automotive
Travel & Logistics
Electronics
T & Telecommunication
Mining
Others

North America
Europe
South America
Middle East & Africa
Asia Pacific

Report Scope:

In this report, the Global Procurement Software Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Procurement Software Market, By Deployment:

o On-Cloud

o On-Premise

Procurement Software Market, By Software Type:

o Spend Analysis

o E-Sourcing

o E-Procurement

o Contract Management

o Supplier Management

o Others

Procurement Software Market, By Organization Size:

o Small & Medium Enterprise

o Large Enterprises

Procurement Software Market, By Vertical:

o Retail

o Automotive

o Travel & Logistics

o Electronics

o IT & Telecommunication

o Mining

o Others

Procurement Software Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe

§ Germany

§ France

§ United Kingdom

§ Italy

§ Spain

o South America

§ Brazil

§ Argentina

§ Colombia

o Asia-Pacific

§ China

§ India

§ Japan

§ South Korea

§ Australia

o Middle East & Africa

§ Saudi Arabia

§ UAE

§ South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Procurement Software Market.

Available Customizations:

Global Procurement Software Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Procurement Software Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Service Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Baseline Methodology

2.2. Key Industry Partners

2.3. Major Association and Secondary Sources

2.4. Forecasting Methodology

2.5. Data Triangulation & Validation

2.6. Assumptions and Limitations

3. Executive Summary

4. Voice of Customer

5. Global Procurement Software Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Deployment (On-Cloud and On-Premise)

5.2.2. By Software Type (Spend Analysis, E-Sourcing, E-Procurement, Contract Management, Supplier Management, Others)

5.2.3. By Organization Size (Small & Medium Enterprise, Large Enterprises)

5.2.4. By Vertical (Retail, Automotive, Travel & Logistics, Electronics, IT & Telecommunication, Mining, Others)

5.2.5. By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

5.3. By Company (2023)

5.4. Market Map

6. North America Procurement Software Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Deployment

6.2.2. By Software Type

6.2.3. By Organization Size

6.2.4. By Vertical

6.2.5. By Country

6.3. North America: Country Analysis

6.3.1. United States Procurement Software Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Deployment

6.3.1.2.2. By Software Type

6.3.1.2.3. By Organization Size

6.3.1.2.4. By Vertical

6.3.2. Canada Procurement Software Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Deployment

6.3.2.2.2. By Software Type

6.3.2.2.3. By Organization Size

6.3.2.2.4. By Vertical

6.3.3. Mexico Procurement Software Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Deployment

6.3.3.2.2. By Software Type

6.3.3.2.3. By Organization Size

6.3.3.2.4. By Vertical

7. Europe Procurement Software Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Deployment

7.2.2. By Software Type

7.2.3. By Organization Size

7.2.4. By Vertical

7.2.5. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Procurement Software Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Deployment

7.3.1.2.2. By Software Type

7.3.1.2.3. By Organization Size

7.3.1.2.4. By Vertical

7.3.2. France Procurement Software Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Deployment

7.3.2.2.2. By Software Type

7.3.2.2.3. By Organization Size

7.3.2.2.4. By Vertical

7.3.3. United Kingdom Procurement Software Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Deployment

7.3.3.2.2. By Software Type

7.3.3.2.3. By Organization Size

7.3.3.2.4. By Vertical

7.3.4. Italy Procurement Software Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Deployment

7.3.4.2.2. By Software Type

7.3.4.2.3. By Organization Size

7.3.4.2.4. By Vertical

7.3.5. Spain Procurement Software Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Deployment

7.3.5.2.2. By Software Type

7.3.5.2.3. By Organization Size

7.3.5.2.4. By Vertical

8. South America Procurement Software Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Deployment

8.2.2. By Software Type

8.2.3. By Organization Size

8.2.4. By Vertical

8.2.5. By Country

8.3. South America: Country Analysis`

8.3.1. Brazil Procurement Software Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Deployment

8.3.1.2.2. By Software Type

8.3.1.2.3. By Organization Size

8.3.1.2.4. By Vertical

8.3.2. Colombia Procurement Software Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Deployment

8.3.2.2.2. By Software Type

8.3.2.2.3. By Organization Size

8.3.2.2.4. By Vertical

8.3.3. Argentina Procurement Software Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Deployment

8.3.3.2.2. By Software Type

8.3.3.2.3. By Organization Size

8.3.3.2.4. By Vertical

9. Middle East & Africa Procurement Software Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Deployment

9.2.2. By Software Type

9.2.3. By Organization Size

9.2.4. By Vertical

9.2.5. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia Procurement Software Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Deployment

9.3.1.2.2. By Software Type

9.3.1.2.3. By Organization Size

9.3.1.2.4. By Vertical

9.3.2. UAE Procurement Software Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Deployment

9.3.2.2.2. By Software Type

9.3.2.2.3. By Organization Size

9.3.2.2.4. By Vertical

9.3.3. South Africa Procurement Software Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Deployment

9.3.3.2.2. By Software Type

9.3.3.2.3. By Organization Size

9.3.3.2.4. By Vertical

10. Asia Pacific Procurement Software Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Size & Forecast

10.2.1. By Deployment

10.2.2. By Software Type

10.2.3. By Organization Size

10.2.4. By Vertical

10.2.5. By Country

10.3. Asia Pacific: Country Analysis

10.3.1. China Procurement Software Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Deployment

10.3.1.2.2. By Software Type

10.3.1.2.3. By Organization Size

10.3.1.2.4. By Vertical

10.3.2. India Procurement Software Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Deployment

10.3.2.2.2. By Software Type

10.3.2.2.3. By Organization Size

10.3.2.2.4. By Vertical

10.3.3. Japan Procurement Software Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Deployment

10.3.3.2.2. By Software Type

10.3.3.2.3. By Organization Size

10.3.3.2.4. By Vertical

10.3.4. South Korea Procurement Software Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2. Market Share & Forecast

10.3.4.2.1. By Deployment

10.3.4.2.2. By Software Type

10.3.4.2.3. By Organization Size

10.3.4.2.4. By Vertical

10.3.5. Australia Procurement Software Market Outlook

10.3.5.1. Market Size & Forecast

10.3.5.1.1. By Value

10.3.5.2. Market Share & Forecast

10.3.5.2.1. By Deployment

10.3.5.2.2. By Software Type

10.3.5.2.3. By Organization Size

10.3.5.2.4. By Vertical

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends and Developments

13. Company Profiles

13.1. SAP SE

13.1.1. Business Overview

13.1.2. Key Revenue and Financials

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services Offered

13.2. Oracle Corporation

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services Offered

13.3. Coupa Software Inc.

13.3.1. Business Overview

13.3.2. Key Revenue and Financials

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services Offered

13.4. Procol Tech Private Limited

13.4.1. Business Overview

13.4.2. Key Revenue and Financials

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services Offered

13.5. Basware Corporation

13.5.1. Business Overview

13.5.2. Key Revenue and Financials

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services Offered

13.6. Ivalua Inc.

13.6.1. Business Overview

13.6.2. Key Revenue and Financials

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services Offered

13.7. Infiniti Research Ltd.

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services Offered

13.8. Procurri Corporation Limited

13.8.1. Business Overview

13.8.2. Key Revenue and Financials

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services Offered

13.9. Zycus Inc.

13.9.1. Business Overview

13.9.2. Key Revenue and Financials

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services Offered

13.10.Jaggaer

13.10.1. Business Overview

13.10.2. Key Revenue and Financials

13.10.3. Recent Developments

13.10.4. Key Personnel

13.10.5. Key Product/Services Offered

14. Strategic Recommendations

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the global procurement software market in 2023?

The market size of the global procurement software market was USD 6.81 Billion in 2023.

Which was the dominant segment in the global procurement software market in 2023, by deployment?

On-Cloud was the dominant segment in the global procurement software market in 2023 by deployment. On-Cloud deployment offers faster implementation and deployment times compared to on-premises solutions. With cloud-based procurement software, organizations can rapidly deploy new features and updates without the need for complex and time-consuming installation processes. This agility allows businesses to quickly adapt to changing market conditions and stay ahead of the competition.

What are the challenges in the global procurement software market?

The challenges in the global procurement software market encompass various factors, including integration complexity and interoperability hurdles, data security and privacy apprehensions, customization challenges, and supplier onboarding and relationship management complexities.

What are the major drivers for the global procurement software market?

The primary drivers propelling the global procurement software market forward encompass digital transformation and automation initiatives, the quest for cost savings and operational efficiency, the rising complexity observed within supply chains, and the heightened focus on strategic procurement practices.

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Sakshi Bajaal

Business Consultant

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Press Release

Procurement Software Market is expected to grow at a robust CAGR of 10.33%

Jun, 2024

The increasing global procurement software market is driven by digital transformation and automation, demand for cost savings and efficiency during the forecast period 2025-2029

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