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Global Procurement Software Market Share, Size, Growth, Drivers, Analysis, Trends, Report, Forecast: By Deployment: On-Premise, Cloud; By End User: Retail, Manufacturing, Transportation and Logistics, Healthcare, Food and Beverage, Others; Regional Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
Global Procurement Software Market Outlook
The global procurement software market size reached a value of approximately USD 6.61 billion in 2022. The market is expected to grow at a CAGR of 12.10% between 2023 and 2028, reaching a value of around USD 13 billion by 2028.
Key Trends in the Market
Procurement software refers to a type of software which is designed to streamline and simplify the procurement process including the various purchasing processes involved in the source-to-pay cycle. This software can be used to request and approve purchase orders, compare invoices to items received, send bills online, and create payment verification papers. The procurement life cycle can be shortened by using software, helping businesses optimise their buying cycles and keep track of stockpiles.
- One of the key procurement software market trends propelling the market expansion include the growing integration of emerging technologies like artificial intelligence (AI) with procurement software. Such technologies can help in producing high-quality reports and offer features like maintaining accuracy while purchasing.
- The increase in use of procurement software by SMEs is accelerating market expansion. For smaller companies, there is heightened importance towards optimised procurement so that costs are kept minimal and procurement operations run smoothly. In such cases, procurement software offers an ideal solution that is cost-effective and efficient.
- A wide range of end users, including manufacturing, logistics, healthcare, and food and beverage, use procurement software. Software for procurement is also used to maintain stocks, create purchase orders, and verify payments. The versatile application of procurement software minimise complexity and offer transparent information, supporting market growth.
- The increased need for procurement process automation, which reduces complexity and provides transparent information, has a favourable effect on procurement software market expansion. Due to the growing requirement to automate procurement procedures, it is projected that the development of e-procurement technology would create new opportunities for market growth throughout the forecast period.
Global Procurement Software Market Analysis
Based on deployment, the market is bifurcated into on-premise and cloud. The market on the basis of end user is segmented into retail, manufacturing, transportation and logistics, healthcare, and food and beverage, among others. The regional markets for procurement software are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model, along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global procurement software market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- 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
Market Share by End User
As per the procurement software market report, retail end users are anticipated to increase at the fastest rate. Retail businesses are increasingly looking to their procurement teams to cut costs, eliminate supplier risks, and add value, which has led to more businesses adopting procurement software. For retail businesses who need to buy large volumes of items, procurement software helps automate procurement operations and get the lowest prices from vendors for their tender. It also facilitates transparency in financial supply chains, improves overall value, and helps integrate business processes. Through the forecast period, these factors are anticipated to fuel the adoption of procurement software by retail end users, thus increasing the procurement software market share.
Market Share by Region
According to the procurement software market research report global forecast 2023, due to the growing demand for centralised procurement processes, North America occupies a sizable share of the market for procurement software. It is anticipated that future market growth would be boosted by the consolidation of enterprises established in the region. The United States is actively working to improve the productivity of its manufacturing sector while also placing a strong emphasis on streamlining operations throughout the nation's industrial supply chain. E-retailers in North America are actively working to improve the consumer experience by offering same-day delivery, which is supported by employing efficient supply chain management through procurement software. North America also has strong presence of key market players which is further is fuelling the procurement software market growth in the region.
Competitive Landscape
Epicor Software Corporation, a global business software provider with its headquarters in Texas in the United States sells ERP and other software to small and medium-sized businesses (SMBs) and major corporations. Founded in 1972, Epicor provides industry-specific software to a variety of sectors and verticals, catering to sectors such as manufacturing, distribution, retail, and service.
Basware Inc., founded in 1985, is a global provider of cloud-based solutions with its headquarters in Espoo, Finland. A global corporation, Basware develops and provides automated technologies to help make finance and procurement procedures easier and more efficient for globally operating businesses and their suppliers across all industries.
Zycus Inc., a leader in cognitive procurement software with its headquarters in New Jersey, United States, has been a go-to partner for major international corporations for 20 years. Founded in 1998, Zycus assists businesses in achieving significant cost reductions, risk reduction, and compliance enhancements through its solutions that are equipped with streamlined, clear-cut user interfaces.
Other market players include Fraxion, GEP, Kissflow Procurement Cloud, Jaggaer, SAP SE, Proactis Holdings Limited., Procurify Technologies Inc., Ivalua Inc., and Microsoft Corporation, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Deployment |
|
| Breakup by End User |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Procurement Software Market Analysis
8.1 Key Industry Highlights
8.2 Global Procurement Software Historical Market (2018-2022)
8.3 Global Procurement Software Market Forecast (2023-2028)
8.4 Global Procurement Software Market by Deployment
8.4.1 On-Premise
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Cloud
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Procurement Software Market by End User
8.5.1 Retail
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Manufacturing
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Transportation and Logistics
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Healthcare
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 Food and Beverage
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2022)
8.5.5.3 Forecast Trend (2023-2028)
8.5.6 Others
8.6 Global Procurement Software Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
9 North America Procurement Software Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Procurement Software Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Procurement Software Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Procurement Software Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Procurement Software Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Fraxion
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 GEP
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Kissflow Procurement Cloud
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Epicor Software Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Jaggaer
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Basware Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 SAP SE
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Proactis Holdings Limited.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Procurify Technologies Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Zycus Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Ivalua Inc.
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Microsoft Corporation
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Procurement Software Market: Key Industry Highlights, 2018 and 2028
2. Global Procurement Software Historical Market: Breakup by Deployment (USD Million), 2018-2022
3. Global Procurement Software Market Forecast: Breakup by Deployment (USD Million), 2023-2028
4. Global Procurement Software Historical Market: Breakup by End User (USD Million), 2018-2022
5. Global Procurement Software Market Forecast: Breakup by End User (USD Million), 2023-2028
6. Global Procurement Software Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Procurement Software Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Procurement Software Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Procurement Software Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Procurement Software Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Procurement Software Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Procurement Software Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Procurement Software Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Procurement Software Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Procurement Software Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Procurement Software Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Procurement Software Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Global Procurement Software Market Structure
Key Questions Answered in the Report
In 2022, the global market for procurement software attained a value of approximately USD 6.61 billion.
The market is projected to grow at a CAGR of 12.10% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 13 billion by 2028.
The major drivers of the market include the growing use of procurement software in a wide range of industries, advancements in procurement software, and growth of international trade and procurement.
The growing integration of emerging technologies like artificial intelligence (AI), increase in adoption of procurement software by SMEs, and the rising need for procurement process automation are the key trends propelling the growth of the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The primary deployment modes of procurement software are on-premise and cloud.
The various end users of procurement software in the market are retail, manufacturing, transportation and logistics, healthcare, and food and beverage, among others.
The basic categories of purchasing in procurement software include direct products or services, indirect products or services, and professional services.
The major players in the 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.
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