Reports

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

Sale

Procurement Software Market

Global Procurement Software Market Share, Size, Forecast: By Deployment: On-Premise, Cloud; By End User: Retail, Manufacturing, Transportation and Logistics, Healthcare, Food and Beverage, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032

Global Procurement Software Market Size

The global procurement software market reached a value of approximately USD 7.41 billion in 2023. The market is projected to grow at a CAGR of 12.0% between 2024 and 2032, reaching a value of around USD 20.53 billion by 2032.

 

Procurement Software Market Outlook

  • The manufacturing sector's net turnover in the EU business economy reached 8.3 trillion, up 16% from 2020.
  • Germany automotive industry generated a total revenue volume of EUR410.9 billion in 2021 increased by 8% from 2020.
  • As per the National Retail Foundation, the United States has annual retail sales growth of $5.1 trillion in 2023.

 

procurement software market

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

 

Procurement Software Market Growth Rate

Procurement software streamlines and simplifies the purchasing process, encompassing source-to-pay activities. It enables requesting and approving purchase orders, comparing invoices, managing billing, and verifying payments, ultimately optimizing buying cycles and inventory management. According to the data from the Australian Bureau of Statistics (ABS), the number of Financial and Insurance Services businesses in Australia has increased by 2.8% in 2022-2023, significantly driving the market demand as it will simplify processes and activities.

 

Key Trends and Developments

Increasing use by SMEs, growing integration of emerging technologies, increasing international trade and procurement, and increasing need for automation are the major trends impacting global procurement software market growth.

 

October 26, 2023

GEP has introduced a new AI-focused, low-code solution for sustainable procurement and supply chains. This technology, powering GEP SMART, GEP NEXXE, and GEP GREEN, offers expanded capabilities to workflow applications.

 

October 13, 2023

Atamis will deliver advanced procurement software to optimize Maximus UK's sourcing processes, boosting efficiency and cost-effectiveness. Maximus UK aims to enhance procurement operations through streamlined processes with Atamis software.

 

April 19, 2023

Airbase, a top provider of modern spend management software, has introduced Guided Procurement. This customizable, no-code workflow guides employees through purchase processes, ensuring comprehensive information capture.

 

March 13, 2023

Amazon Business introduces a new tool aimed at expediting purchase order reconciliation, eliminating the need for desktop computers or handheld scanners.

 

Increasing use by SMEs

Smaller businesses prioritize streamlined procurement to minimize costs and ensure smooth operations, making procurement software an ideal, cost-efficient solution, that drives the market demand.

 

Increasing need for automation

The rising demand for automating procurement processes, and enhancing transparency, positively impacts the procurement software market expansion, with e-procurement technology expected to offer new growth opportunities.

 

Increasing international trade and procurement

Growing international trade demands efficient supply chain management. Procurement software automation enhances processes, ensuring transparency and competitiveness, driven by increasing software integration.

 

Growing integration of emerging technologies

Market expansion involves integrating emerging technologies like artificial intelligence (AI) with procurement software, enhancing report quality and ensuring accuracy in purchasing processes.

 

Procurement Software Market Trends

Emerging trends in the procurement software market, such as the integration of AI and increased adoption by SMEs, drive market expansion. AI enhances report quality and accuracy. SMEs prioritize cost-effective procurement solutions for streamlined operations.

 

Various industries benefit from procurement software for inventory management, purchase orders, and payment verification, supporting market growth. Automation reduces complexity and provides transparency, fostering market expansion. The development of e-procurement technology presents further growth opportunities.

 

procurement software market by segments

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

 

Procurement Software Industry Segmentation

“Procurement Software Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

 

Market Breakup by Deployment

  • On-Premise
  • Cloud

 

Market Breakup by End Use

  • Retail
  • Manufacturing
  • Transportation and Logistics
  • Healthcare
  • Food and Beverage
  • Others

 

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

 

Procurement Software Market Share

As per the procurement software market report, retail end users are anticipated to increase at the fastest rate.

Procurement teams in retail businesses are increasingly relied upon to reduce costs, mitigate supplier risks, and enhance value. This trend has prompted more businesses to adopt procurement software. For retailers purchasing large volumes of items, this software automates procurement operations, securing the best prices from vendors through tenders.

 

It also promotes transparency in financial supply chains, enhances overall value, and streamlines business processes. These factors are expected to drive the adoption of procurement software by retail end users, thereby boosting the market share of procurement software in the forecast period.

 

procurement software market by region

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

 

Leading Manufacturers in the Procurement Software Market

The companies provides industry-specific software to a variety of sectors and verticals, develops and provides automated technologies to help make finance and procurement procedures easier and more efficient, and manufactures various software for computers, tablets, servers, and mixed reality.

 

Epicor Software Corporation: Founded in 1972, with its headquarters in the United States, Epicor provides industry-specific software to a variety of sectors and verticals, such as manufacturing, distribution, retail, and service.

 

Basware Inc.: Founded in 1985, with its headquarters in Finland, Basware develops and provides automated technologies to help make finance and procurement procedures easier and more efficient.

 

Zycus Inc.: Founded in 1998, with its headquarters in the United States, Zycus assists businesses in achieving significant cost reductions, risk reduction, and compliance enhancements through its solutions.

 

Microsoft Corporation: Founded in 1975, with its headquarters in the United States, the company manufactures various software for computers, tablets, servers, and mixed reality, including Internet search, digital services, cloud computing, and software development.

 

Other global procurement software market key players are Fraxion, GEP, Kissflow Procurement Cloud, Jaggaer, SAP SE, Proactis Holdings Limited., Procurify Technologies Inc., and Ivalua Inc. among others.

 

Procurement Software Market Analysis by Region

North America holds a significant portion of the procurement software market. Market growth is expected to be driven by the consolidation of enterprises in the region. The United States is focused on enhancing manufacturing productivity and streamlining industrial supply chain operations.

 

E-retailers in North America aim to enhance the consumer experience with same-day delivery, facilitated by efficient supply chain management using procurement software. Additionally, the region benefits from the strong presence of key market players, further fueling market growth.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
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

 

Procurement Software Market Report Snapshots

Procurement Software Market Size

Procurement Software Market Growth

Procurement Software Market Trends

Procurement Software Market Share

Procurement Software Manufacturers

Procurement Software Market Regional Analysis

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

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 (2018-2023) 
    8.3    Global Procurement Software Market Forecast (2024-2032)
    8.4    Global Procurement Software Market by Deployment
        8.4.1    On-Premise
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Cloud
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Procurement Software Market by End User
        8.5.1    Retail
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Manufacturing
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Transportation and Logistics
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Healthcare
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
        8.5.5    Food and Beverage 
            8.5.5.1    Historical Trend (2018-2023)
            8.5.5.2    Forecast Trend (2024-2032)
        8.5.6    Others
    8.6    Global Procurement Software Market by Region
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2023) 
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2023) 
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2023) 
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2023) 
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2023) 
            8.6.5.2    Forecast Trend (2024-2032)
9    North America Procurement Software Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Procurement Software Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Procurement Software Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Procurement Software Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Procurement Software Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    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 2032 
2.    Global Procurement Software Historical Market: Breakup by Deployment (USD Million), 2018-2023
3.    Global Procurement Software Market Forecast: Breakup by Deployment (USD Million), 2024-2032
4.    Global Procurement Software Historical Market: Breakup by End User (USD Million), 2018-2023
5.    Global Procurement Software Market Forecast: Breakup by End User (USD Million), 2024-2032
6.    Global Procurement Software Historical Market: Breakup by Region (USD Million), 2018-2023
7.    Global Procurement Software Market Forecast: Breakup by Region (USD Million), 2024-2032
8.    North America Procurement Software Historical Market: Breakup by Country (USD Million), 2018-2023
9.    North America Procurement Software Market Forecast: Breakup by Country (USD Million), 2024-2032
10.    Europe Procurement Software Historical Market: Breakup by Country (USD Million), 2018-2023
11.    Europe Procurement Software Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Asia Pacific Procurement Software Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Asia Pacific Procurement Software Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Latin America Procurement Software Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Latin America Procurement Software Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Middle East and Africa Procurement Software Historical Market: Breakup by Country (USD Million), 2018-2023 
17.    Middle East and Africa Procurement Software Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Global Procurement Software Market Structure

Key Questions Answered in the Report

What was the procurement software market value in 2023?

The market was valued at USD 7.41 billion in 2023.

What is the growth rate of the procurement software market?

The market is projected to grow at a CAGR of 12.0% between 2024 and 2032.

What is the market forecast for 2024-2032?

The revenue generated from the procurement software market is expected to reach USD 20.53 billion in 2032.

What is the breakup of the market based on the end use?

The market is categorised according to the end use, which includes retail, manufacturing, transportation and logistics, healthcare, food and beverage, and others.

Who are the key players in the global procurement software industry, according to the report?

The market key players 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.

What is the breakup of the market according to the deployment?

Based on the deployment, the market is divided into on-premise and cloud.

What is the market breakup by region?

The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Purchase Full Report

Datasheet

$ 2199     $1999
  • Selected Sections, One User
  • Printing Not Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update
Buy Now

Single User License

$ 3299     $2999
  • All Sections, One User
  • One Print Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update
Buy Now
most popular

Five User License

$ 4399     $3999
  • All Sections, Five Users
  • Five Prints Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update
Buy Now

Corporate License

$ 5499     $4999
  • All Sections, Unlimited Users
  • Unlimited Prints Allowed
  • Email Delivery in PDF + Excel
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update
Buy Now

Any Question? Speak With An Analyst

Contact Analyst

View A Sample

Request Sample

Did You Miss Anything, Ask Now

Request Customisation
Why Expert Market Research?

Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.

NEWSLETTER