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

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

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

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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.