The procurement software market is projected to grow from US$7.51 billion in 2023 to US$17.01 billion by 2032, with a CAGR of 9.51% from 2024 to 2032, considering complex global supply chains, the need for lean operations with quality and compliance, and a growing focus on data-driven decision-making for competitive advantage.
It automatically covers the whole procurement cycle from requisition to payment, thus allowing the process to be transparent and not prone to human mistakes. This, in turn, enables companies to manage contracts, performance, as well as communication with suppliers using this vendor management software. Procurement software provides real-time data that facilitates data-driven decision-making for creating better opportunities in terms of cost savings and negotiation with suppliers. It will help the organizations maintain lean operations by optimizing their supply chain, tracking the levels of inventory, and ensuring timely deliveries. In today's competitive market, procurement software plays a very important role in achieving operational excellence and creating a competitive advantage through resource management efficiency.
2. On-premises
2. Large Enterprise
2. Healthcare and Pharmaceutical
3. Manufacturing & Automotive
4. BFSI
5. IT & Telecom
6. Oil & Gas, Energy & Utilities
7. Others
2. SAP SE
3. Zycus Inc.
4. GT Nexus (Infor Inc.)
5. Microsoft Corporation
6. Oracle Corporation
7. GEP Corporation
8. Jaggaer Inc.
Global Overview of Procurement Software Industry
Electronic procurement software is used to help organizations streamline their purchasing activities efficiently while speeding up the procurement process through automation. All of its sourcing, supplier management, processing of purchase orders, and even inventory tracking are done in a centralized manner to improve operational efficiency, lower procurement costs, and ensure internal and external regulation compliance.It automatically covers the whole procurement cycle from requisition to payment, thus allowing the process to be transparent and not prone to human mistakes. This, in turn, enables companies to manage contracts, performance, as well as communication with suppliers using this vendor management software. Procurement software provides real-time data that facilitates data-driven decision-making for creating better opportunities in terms of cost savings and negotiation with suppliers. It will help the organizations maintain lean operations by optimizing their supply chain, tracking the levels of inventory, and ensuring timely deliveries. In today's competitive market, procurement software plays a very important role in achieving operational excellence and creating a competitive advantage through resource management efficiency.
Growth Drivers for the Procurement Software Market
With the expansion of business boundaries globally involving numerous suppliers, distributors, and partners, the complexity of global supply chains increases. Procurement software helps companies manage this complexity through a single centralized system for tracking orders, suppliers, and inventory in real-time. Features such as automated purchase order processing and tracking, supplier management, and performance tracking empower companies to streamline their processes and eliminate inefficiencies. This is the capability to handle complicated supply chains effectively, thus fueling the surge in procurement software usage as it becomes an essential resource for businesses interested in sustaining competitiveness.Cost Saving and Operations Efficiency
Organizations are always examining operations and decreasing costs, even in terms of procurement. Procurement software helps organizations automate recurrent activities, reduce administrative costs, and improve the accuracy of purchases. Centralization of procurement data will help companies make better buy decisions, negotiate better terms with suppliers, and identify potential areas of cost saving. Reporting and analytics will also help an organization track spending patterns more easily, ensure budget compliance, and identify inefficiencies. This further drive demand for procurement software to improve the efficiency of operations and minimize procurement-related costs.Rising Demand for Data-Driven Decision Making
Data analytics for business decision-making is becoming the emerging growth driver of the procurement software market. Most procurement software solutions available these days are integrated with advanced analytics and reporting modules that offer them valuable information regarding their purchasing processes. This kind of information helps in assessing the performance of suppliers, monitoring spending trends, and forecasting future demand. With data-driven decision making becoming an essential ingredient to maintain a competitive edge, most companies are investing in procurement software to make informed, strategic decisions that lead to better supplier relationships, cost savings, and procurement efficiency in general.France Procurement Software Market
The France procurement software market is growing significantly due to the increasing demand for efficiency and transparency in supply chain management. Where France's business houses have expanded their global influence, managing such complex supplier networks and making procurement processes more streamlined is the need of the hour. Procurement software is what would make the system work smoothly by first automating purchasing and tracking inventory, then sticking to prescribed regulations. A further reason for the adoption of procurement software has been the increasing trend toward making data-driven decisions and cutting costs. Procurement software, capable of optimizing procurement operations, enhancing supplier relationships, and providing valuable insights is fast becoming an integrated business tool for companies in France.Market Overview of Procurement Software Market in India
Procurement software market in India is increasing enormously. Rapid growth in the business horizon of the country and the integral focus on digital transformation fuel its growth. Companies have sought more and more software applications to help optimize procurement processes by automating purchasing, supplier management, and inventory tracking. Necessity for cost reduction, more effective operation, and data-driven decision-making features is, of course, a major opportunity. Together with expanding complexity in supply chains and drives towards more regulation, companies are being pushed toward using more complex procurement software. This trend is further consolidating India's presence in the global procurement software market.Saudi Arabia Procurement Software Market
The Saudi Arabia procurement software market is growing at a steady rate. Recent efforts undertaken by the government of Saudi to diversify its economy and to modernize various sectors are driving this growth. Businesses in Saudi are trying to achieve greater operational efficiency while cutting down their procurement costs. Thus, the demand for digital procurement solutions has gone up. Procurement software is, therefore, the kind of software that helps organizations automate processes and also make the supplier streamlined with compliance of local regulations. Saudi Arabia's Vision 2030 leads to many procurement software adoptions since it focuses on achieving technological innovation and efficient resource management. Procurement software proves necessary for businesses as the market develops further.Procurement Software Company Analysis
Major players in the Procurement Software market are Coupa Software Inc., SAP SE, Zycus Inc., GT Nexus (Infor Inc.), Microsoft Corporation, Oracle Corporation, GEP Corporation, and Jaggaer Inc.Deployment- Industry is divided into 2 viewpoints:
1. Cloud-based2. On-premises
Organization- Industry is divided into 2 viewpoints:
1. Small and Medium-sized Enterprises2. Large Enterprise
End Use- Industry is divided into 7 viewpoints:
1. Retail & e-Commerce2. Healthcare and Pharmaceutical
3. Manufacturing & Automotive
4. BFSI
5. IT & Telecom
6. Oil & Gas, Energy & Utilities
7. Others
Countries- Industry is divided into 25 viewpoints:
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Malaysia
- Indonesia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
All companies have been covered with 5 Viewpoints
- Overviews
- Key Person
- Recent Developments & Strategies
- Product Portfolio & Product Launch in Last 1 Year
- Revenue
Company Analysis
1. Coupa Software Inc.2. SAP SE
3. Zycus Inc.
4. GT Nexus (Infor Inc.)
5. Microsoft Corporation
6. Oracle Corporation
7. GEP Corporation
8. Jaggaer Inc.
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Global Procurement Software Market
4. Market Dynamics
6. Share Analysis
7. Deployment
8. Organization
9. End User
10. Countries
11. Porters Five Forces
12. SWOT Analysis
13. Key Players Analysis
Companies Mentioned
- Coupa Software Inc.
- SAP SE
- Zycus Inc.
- GT Nexus (Infor Inc.)
- Microsoft Corporation
- Oracle Corporation
- GEP Corporation
- Jaggaer Inc.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 110 |
| Published | November 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 7.51 Billion |
| Forecasted Market Value ( USD | $ 17.01 Billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
