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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.
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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.
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.
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.
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“Procurement Software Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Deployment
Market Breakup by End Use
Market Breakup by Region
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.
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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.
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.
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:
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Breakup by Deployment |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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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
The market was valued at USD 7.41 billion in 2023.
The market is projected to grow at a CAGR of 12.0% between 2024 and 2032.
The revenue generated from the procurement software market is expected to reach USD 20.53 billion in 2032.
The market is categorised according to the end use, which includes retail, manufacturing, transportation and logistics, healthcare, food and beverage, and others.
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.
Based on the deployment, the market is divided into on-premise and cloud.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
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