Press Release

Global Procurement Software Market to Reach Around USD 20.53 Billion by 2032, Driven by Incorporation of Automation to Improve Efficiency and Information Transparency

Global Procurement Software Market

According to a new report by EMR titled, ‘Global Procurement Software Market Report and Forecast 2024-2032’, the market attained a value of about USD 7.41 billion in 2023. The market is estimated to grow at a CAGR of 12.0% in the forecast period of 2024-2032 to reach a value of around USD 20.53 billion by 2032.

North America holds a significant market share due to the presence of leading technology companies such as Google Inc., Oracle Corporation, and IBM Corporation, among others, and tech start-ups in the region. A wide range of end-use sectors, including manufacturing, logistics, healthcare, and food and beverage, use procurement software to manage inventory and vendor relationships, streamline purchasing, and enhance cost control.


Businesses in North America are increasingly adopting automation to improve efficiency and information transparency. Furthermore, developed infrastructure and rising demand for centralised procurement processes aid the procurement software market expansion.


The Asia Pacific is expected to grow at the highest rate due to the increased adoption of automation in manufacturing and automotive sectors in countries like Japan and South Korea. Developing countries like China and India are still implementing measures to adopt such technologies rapidly.


In October 2023, SAP SE (NYSE: SAP) announced new improvements in business AI and user experience for its complete spend management and business network solutions to assist clients in cost control, risk mitigation, and productivity enhancement.


Category managers can save weeks of critical time and increase the validity of their strategy with the help of the recently introduced SAP Ariba Category Management solution, which also helps expedite the market study process and provides procurement experts with a suggested category strategy to improve and execute. Additionally, SAP plans to integrate Joule, a new generative AI copilot, with all its cloud offerings. Its expenditure management software will be available in 2024.


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Market Analysis by Deployment, End User, and Region:

  • The market, on the basis of deployment, can be divided into on-premise and cloud.
  • Based on end user, the market can be divided into retail, manufacturing, transportation and logistics, healthcare, and food and beverage, among others.
  • The regional markets for procurement software include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.


Key Findings of the Report:

  • Procurement software facilitates improved financial planning and budget management by offering real-time spending analytics. Legal and operational risks are reduced by keeping an eye on supplier performance and ensuring compliance with rules.
  • The incorporation of technologies such as artificial intelligence, cloud and mobile procurement, big data, and blockchain improves strategic decision-making. As a result of the growing requirement to automate procurement procedures, the development of e-procurement technology creates new opportunities for the procurement software market growth.
  • Due to the growing integration of emerging technologies, such as artificial intelligence (AI), with procurement software, on-cloud software is gaining popularity.
  • According to industry reports, mid-sized businesses and small- and medium-sized enterprises (SMEs) are the foundation of the world economy. Almost 70% of jobs and GDP globally are created by them. SMEs' growing adoption of procurement software is driving the market expansion.


Table: Global Growth Rate of SMEs (in %), 2022-24

Procurement Software Market


Key Offerings of the Report:

  • The EMR report gives an overview of the global procurement software market for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the deployments, end users, and major regions of procurement software.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.


The major players in the global procurement software market are Fraxion, GEP, Kissflow Procurement Cloud, Epicor Software Corporation, Jaggaer, Basware Inc., SAP SE, Proactis Holdings Limited., Procurify Technologies Inc., Zycus Inc., Ivalua Inc., and Microsoft Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.


Key Highlights of the Report

Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Deployment
  • End User
  • Region
Breakup by Deployment
  • On-Premise
  • Cloud
Breakup by End User
  • Retail
  • Manufacturing
  • Transportation and Logistics
  • Healthcare
  • Food and Beverage
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Fraxion
  • GEP
  • Kissflow Procurement Cloud
  • Epicor Software Corporation
  • Jaggaer
  • Basware Inc.
  • SAP SE
  • Proactis Holdings Limited.
  • Procurify Technologies Inc.
  • Zycus Inc.
  • Ivalua Inc.
  • Microsoft Corporation
  • Others


About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.


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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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