The Procurement Software Market size was valued at USD 6.45 billion in 2022 and is expected to grow to USD 14.87 billion by 2030 and grow at a CAGR of 11.01 % over the forecast period of 2023-2030.
Numerous solutions provided by procurement Software aid businesses in streamlining processes and keeping inventories. Organizations can increase and approve purchase orders, choose and order goods or services, receive and match invoices and orders, and make online debt payments thanks to procurement Software. For organizations that must purchase large quantities of goods, the use of procurement software solutions is essential since it enables them to carry out the best price and purchasing activities for their tender suppliers.
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The adoption of the cloud, embracing digitization to reduce costs, streamlining the procurement process, avoiding duplicate records, and the use of Internet of Things (IoT) devices by businesses are just a few factors contributing to the growth of the global procurement Software market. Additionally, there are numerous prospects for market expansion due to supplier openness and increased efficiency brought about by maintaining partnerships with partners.
Drivers
The emergence of new future technologies
Utilizing audit management Software
One of the key factors propelling the market for procurement Software is the growing integration of cutting-edge technologies like artificial intelligence (AI) with procurement Software. Additionally, the program helps in producing high-quality reports and offers features like maintaining accuracy while purchasing.
The market is expanding more quickly as SMEs utilize procurement software more frequently. The increased need for procurement process automation, which lessens complexity and provides transparent information, has a favorable effect on market expansion.
Restrains
Less availability of skilled persons to restrain the market growth.
Opportunities
In the procurement of goods entry of new players create the future demand for the market.
Increased collaborations leading to the deployment of procurement Software Requirement to prevent record duplication Increased integration of emerging technologies
Increased Investment in the Development of Procurement Solutions Due to the COVID-19 Pandemic. Due to an increase in end users embracing neo and rival bank solution tools during the COVID-19 pandemic, the COVID-19 pandemic had a favorable effect on the global market. These services, including as scheduling, checklist development, report development, and suggestion execution, among others, have seen a surge in use.
After the COVID-19 epidemic, the enhanced attempts to grow the business across regions, modernize the product lineup with AI and automation, and introduce new items are anticipated to accelerate the adoption of procurement solutions.
The ongoing conflict between Russia and Ukraine has had a significant impact on various industries However, the war has caused disruptions in the supply chain, leading to a decrease in demand for procurement software. Furthermore, the political instability in the region has caused uncertainty among businesses, leading to a decrease in investment in procurement software. This has resulted in a slowdown in the growth of the procurement software market.
Despite these challenges, there are opportunities for the procurement software market to grow. As businesses look for ways to mitigate the impact of the war on their operations, they are turning to procurement software to improve efficiency and reduce costs. Additionally, the rise of e-commerce and the increasing adoption of cloud-based solutions are driving the demand for procurement software
The Impact of Recession
The procurement software market has been significantly affected by the recent economic recession. The downturn in the global economy has led to a decrease in demand for procurement software, as companies have been forced to cut costs and reduce their spending on non-essential items. Many companies have recognized the importance of procurement software in streamlining their operations and reducing costs, and have continued to invest in these solutions despite the economic downturn. In addition, the recession has also led to an increased focus on cost savings and efficiency, which has further driven demand for procurement software. As companies look for ways to cut costs and improve their bottom line, procurement software has become an essential tool for achieving these goals.
The Procurement Software Market is segmented into three types on the basis of by type, by Technology, and by End-user.
by Deployment:
Cloud
On-premise
by Enterprise Type:
SMEs
Large Enterprises
by End-user:
Retail & e-Commerce
Healthcare and Pharmaceutical
Manufacturing & Automotive
BFSI
IT & Telecom
Oil & Gas
Energy & Utilities
Others
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In the United States, Canada, and Mexico, the North American market is researched. Due to the existence of large competitors in the area and the growing adoption of disruptive technologies by businesses, the U.S. currently retains the majority of the market share.
A spike in investment by procurement Software manufacturers is also expected to cause the Canadian market to grow with a notable CAGR. For instance, to install GEP SMART, a cloud-based procurement platform, GEP collaborated with ENMAX Corporation, a Canadian provider of electrical services.
Due to well-known firms in the market emphasizing business expansion by providing customized services to consumers across countries, Europe is predicted to hold a sizeable market share during the forecast period.
For a brief period of time, supply chain interruptions and widespread lockdowns had a significant impact on Software and service sales. Following COVID-19, European nations saw an increase in the need for procurement solutions. To manage worldwide import and export operations as well as procurement, the businesses made technology investments.
It is anticipated that Asia Pacific would have rapid growth during the projection period. Market expansion is being aided by the booming investments being made in digital transformation by rising economies including South East Asia, Japan, South Korea, India, Singapore, and others.
In the upcoming years, the Middle East & Africa region is expected to experience moderate expansion. Major government-funded projects would soon present supply chain and procurement solutions with hitherto unheard-of potential.
In the regional analysis study of the regions of North America, Europe, Asia Pacific middle east, and Africa.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major players in market are JAGGAER, Basware, SAP SE, Oracle, Ivalua Inc., Workday, Inc., GEP, Zycus Inc., Coupa Software Inc., Infor, Zycus Inc. and others in the final report.
| Report Attributes | Details |
| Market Size in 2022 | US$ 6.45 Bn |
| Market Size by 2030 | US$ 14.87 Bn |
| CAGR | CAGR of 11.01% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Deployment, (Cloud, On-premise) • By Enterprise Type, (SMEs, Large Enterprises) • By End-user, (Retail & e-Commerce, Healthcare, and Pharmaceutical, Manufacturing & Automotive, BFSI, IT & Telecom, Oil & Gas, Energy & Utilities, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | JAGGAER, Basware, SAP SE, Oracle, Ivalua Inc., Workday, Inc., GEP, Zycus Inc., Coupa Software Inc., Infor, Zycus Inc. |
| Key Drivers | • The emergence of new future technologies • Utilizing audit management Software |
| Market Opportunities | • In the procurement of goods entry of new players create the future demand for the market. |
Ans: The market is expected to grow to USD 14.87 billion by the forecast period of 2030.
Ans: The CAGR of the Procurement Software Market for the forecast period 2022-2030 is 11.01 %.
Ans: The major worldwide key players in the Procurement Software Market are The major players in market are JAGGAER, Basware, SAP SE, Oracle, Ivalua Inc., , Workday, Inc., GEP, Zycus Inc., Coupa Software Inc., Infor, Zycus Inc. and others in the final report.
Ans: USD 6.45 billion in 2022 is the market share of the Procurement Software Market.
Ans: The forecast period for the Procurement Software Market is 2022-2030.
Table of Contents
1.Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Procurement Software Market Segmentation, by Deployment
8.1 Cloud
8.2 On-premise
9. Procurement Software Market Segmentation, by Enterprise Type
9.1 SMEs
9.2 Large Enterprises
10. Procurement Software Market Segmentation, by End-user
10.1 Retail & e-Commerce
10.2 Healthcare and Pharmaceutical
10.3 Manufacturing & Automotive
10.4 BFSI
10.5 IT & Telecom
10.6 Oil & Gas
10.7 Energy & Utilities
10.8 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Procurement Software Market by Country
11.2.2North America Procurement Software Market by Deployment
11.2.3 North America Procurement Software Market by Enterprise Type
11.2.4 North America Procurement Software Market by End-user
11.2.5 USA
11.2.5.1 USA Procurement Software Market by Deployment
11.2.5.2 USA Procurement Software Market by Enterprise Type
11.2.5.3 USA Procurement Software Market by End-user
11.2. Canada
11.2.6.1 Canada Procurement Software Market by Deployment
11.2.6.2 Canada Procurement Software Market by Enterprise Type
11.2.6.3 Canada Procurement Software Market by End-user
11.2.7 Mexico
11.2.7.1 Mexico Procurement Software Market by Deployment
11.2.7.2 Mexico Procurement Software Market by Enterprise Type
11.2.7.3 Mexico Procurement Software Market by End-user
11.3 Europe
11.3.1 Europe Procurement Software Market by Country
11.3.2 Europe Procurement Software Market by Deployment
11.3.3 Europe Procurement Software Market by Enterprise Type
11.3.4 Europe Procurement Software Market by End-user
11.3.5 Germany
11.3.5.1 Germany Procurement Software Market by Deployment
11.3.5.2 Germany Procurement Software Market by Enterprise Type
11.3.5.3 Germany Procurement Software Market by End-user
11.3.6 UK
11.3.6.1 UK Procurement Software Market by Deployment
11.3.6.2 UK Procurement Software Market by Enterprise Type
11.3.6.3 UK Procurement Software Market by End-user
11.3.7 France
11.3.7.1 France Procurement Software Market by Deployment
11.3.7.2 France Procurement Software Market by Enterprise Type
11.3.7.3 France Procurement Software Market by End-user
11.3.8 Italy
11.3.8.1 Italy Procurement Software Market by Deployment
11.3.8.2 Italy Procurement Software Market by Enterprise Type
11.3.8.3 Italy Procurement Software Market by End-user
11.3.9 Spain
11.3.9.1 Spain Procurement Software Market by Deployment
11.3.9.2 Spain Procurement Software Market by Enterprise Type
11.3.9.3 Spain Procurement Software Market by End-user
11.3.10 The Netherlands
11.3.10.1 Netherlands Procurement Software Market by Deployment
11.3.10.2 Netherlands Procurement Software Market by Enterprise Type
11.3.10.3 Netherlands Procurement Software Market by End-user
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Procurement Software Market by Deployment
11.3.11.2 Rest of Europe Procurement Software Market by Enterprise Type
11.3.11.3 Rest of Europe Procurement Software Market by End-user
11.4 Asia-Pacific
11.4.1 Asia Pacific Procurement Software Market by Country
11.4.2 Asia Pacific Procurement Software Market by Deployment
11.4.3 Asia Pacific Procurement Software Market by Enterprise Type
11.4.4Asia Pacific Procurement Software Market by End-user
11.4.5 japan
11.4.5.1 Japan Procurement Software Market by Deployment
11.4.5.2 Japan Procurement Software Market by Enterprise Type
11.4.5.3 Japan Procurement Software Market by End-user
11.4.6 South Korea
11.4.6.1 South Korea Procurement Software Market by Deployment
11.4.6.2 South Korea Procurement Software Market by Enterprise Type
11.4.6.3 South Korea Procurement Software Market by End-user
11.4.7 China
11.4.7.1 China Procurement Software Market by Deployment
11.4.7.2 China Procurement Software Market by Enterprise Type
11.4.7.3 China Procurement Software Market by End-user
11.4.8 India
11.4.8.1 India Procurement Software Market by Deployment
11.4.8.2 India Procurement Software Market by Enterprise Type
11.4.8.3 India Procurement Software Market by End-user
11.4.9 Australia
11.4.9.1 Australia Procurement Software Market by Deployment
11.4.9.2 Australia Procurement Software Market by Enterprise Type
11.4.9.3 Australia Procurement Software Market by End-user
11.4.10 Rest of Asia-Pacific
11.4.10.1 APAC Procurement Software Market by Deployment
11.4.10.2 APAC Procurement Software Market by Enterprise Type
11.4.10.3 APAC Procurement Software Market by End-user
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Procurement Software Market by Country
11.5.2 The Middle East & Africa Procurement Software Market by Deployment
11.5.3 The Middle East & Africa Procurement Software Market by Enterprise Type
11.5.4The Middle East & Africa Procurement Software Market by End-user
11.5.6 Israel
11.5.6.1 Israel Procurement Software Market by Deployment
11.5.6.2 Israel Procurement Software Market by Enterprise Type
11.5.6.3 Israel Procurement Software Market by End-user
11.5.7 UAE
11.5.7.1 UAE Procurement Software Market by Deployment
11.5.7.2 UAE Procurement Software Market by Enterprise Type
11.5.7.3 UAE Procurement Software Market by End-user
11.5.8 South Africa
11.5.8.1 South Africa Procurement Software Market by Deployment
11.5.8.2 South Africa Procurement Software Market by Enterprise Type
11.5.8.3 South Africa Procurement Software Market by End-user
11.5.9 Rest of Middle East & Africa
11.5.9.1 Rest of Middle East & Asia Procurement Software Market by Deployment
11.5.9.2 Rest of Middle East & Asia Procurement Software Market by Enterprise Type
11.5.9.3 Rest of Middle East & Asia Procurement Software Market by End-user
11.6 Latin America
11.6.1 Latin America Procurement Software Market by Country
11.6.2 Latin America Procurement Software Market by Deployment
11.6.3 Latin America Procurement Software Market by Enterprise Type
11.6.4 Latin America Procurement Software Market by End-user
11.6.5 brazil
11.6.5.1 Brazil Procurement Software Market by Deployment
11.6.5.2 Brazil Africa Procurement Software Market by Enterprise Type
11.6.5.3 Brazil Procurement Software Market by End-user
11.6.6 Argentina
11.6.6.1 Argentina Procurement Software Market by Deployment
11.6.6.2 Argentina Procurement Software Market by Enterprise Type
11.6.6.3 Argentina Procurement Software Market by End-user
11.6.7 Rest of Latin America
11.6.7.1 Rest of Latin America Procurement Software Market by Deployment
11.6.7.2 Rest of Latin America Procurement Software Market by Enterprise Type
11.6.7.3 Rest of Latin America Procurement Software Market by End-user
12 Company Profile
12.1 JAGGAER.
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Basware.
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 SAP SE
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Oracle.
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Ivalua Inc.
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Workday, Inc.
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Coupa Software Inc.
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 GEP
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Zycus Inc.
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Infor.
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. USE Cases and Best Practices
15. Conclusion
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