Vancouver, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The global procurement software market size was USD 6.67 Billion in 2022 and is expected to register a rapid revenue CAGR of 10.4% during the forecast period. Increasing use for cloud-based procurement solutions and rising need for automated and efficient procurement processes are key factors driving market revenue growth.
Cloud-based procurement systems have many benefits such as easy deployment, flexibility, scalability, and lower infrastructure costs. This software allows for real-time access to procurement data, leading to better informed and timely decisions. In addition, this software also makes it possible for companies to access procurement software at any time and from any location, which makes it easier to manage procurement procedures globally.
Furthermore, increasing use of Artificial Intelligence (AI) and Machine Learning (ML) technology in procurement software is an emerging trend that is helping companies to automate increasingly complex procurement processes while enhancing decision-making. Global supply chains are also concentrating on modernizing and optimizing procedures to increase commercial operations' productivity and efficiency
Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2726
However, high initial cost of procuring and implementing procurement software is a key factor, which could restrain market revenue growth. These costs include software licensing fees, implementation costs, training expenses, and any required hardware upgrades. In addition, there are concerns related to data security and privacy, which could also restrain market revenue growth.
Segment Insights
Deployment Type Insights:
On the basis of deployment type, the global procurement software market is segmented into on-premises and cloud-based. The cloud-based segment accounted for largest revenue share in the global procurement software market in 2022. This is due to rising demand for cloud-based software as it offers enhanced transparency, lower prices, quicker transactions, and a wider geographic reach, all of which help to promote technology as an essential security tool and keep up with its constant.
End-Use Insights:
On the basis of end-use, the global procurement software market is segmented into travel & logistics, Information Technology (IT) & telecommunications, electronics, healthcare & pharmaceutical, manufacturing & automotive, Banking, Financial Services, and Insurance (BFSI), retail, mining, and others. The retail segment is expected to register steadily fast revenue growth rate in the global procurement software market during the forecast period. This is because retailers may increase the entire value of their operations by integrating business processes with the use of procurement software
Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2726
Regional Insights:
The North America accounted for largest revenue share in the global procurement software market in 2022 owing to increasing need for centralized procurement procedures. In addition, increasing number of collaborations among major companies is also expected to drive market revenue growth of this region during the forecast period. Moreover, rising investments by procurement software manufacturers is another factor driving market revenue growth of this region. For example, on 29 April 2021, GEP implemented GEP SMART, a cloud-based procurement platform, in collaboration with ENMAX Corporation, a Canadian provider of electrical services.
The Asia Pacific is expected to register fastest revenue growth rate in the global procurement software market over the forecast period. This is due to increasing expenditures made in digital transformation by developing countries such as South Korea, Japan, India, Singapore, and South East Asia. Moreover, rising number of companies in these countries and increasing usage of mobile devices are also expected to drive market revenue growth in this region during the forecast period. Furthermore, professional services increased 13.5% between 2021 and 2022, according to an International Data Corporation (IDC) analysis released in January 2022.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 6.67 Billion |
| CAGR (2023–2032) | 10.4% |
| Revenue Forecast To 2032 | USD 17.90 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Deployment type, software type, organization size, offering type, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | SAP SE, Proactis Holdings PLC, Epicor Software Corporation, Coupa Software Inc., Zycus Inc., Ivalua Inc., Microsoft Corporation, Oracle Corporation, Basware AS, Mercateo AG, GEP Corporation, JAGGAER LLC, NB Ventures Inc., BirchStreet System Inc., and SunSmart Technologies Pvt. Ltd. |
| Customization Scope | 10 hours of free customization and expert consultation |
Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2726
Major Companies and Competitive Landscape
The global procurement software market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective procurement software products in the market. Some major players included in the global procurement software market report are:
- SAP SE
- Proactis Holdings PLC
- Epicor Software Corporation
- Coupa Software Inc.
- Zycus Inc.
- Ivalua Inc.
- Microsoft Corporation
- Oracle Corporation
- Basware AS
- Mercateo AG
- GEP Corporation
- JAGGAER LLC
- NB Ventures Inc.
- BirchStreet System Inc.
- SunSmart Technologies Pvt. Ltd.
Strategic Development
On 5 December 2022, GEP, a provider of procurement and supply chain services, announced that bpost group, Belgium's top postal and e-commerce logistics provider, had adopted the use of GEP Software for digital transformation throughout the Source-to-Contract (S2C) process, which includes contracts, supplier management, project management, and sourcing management, to increase compliance and efficiency throughout the contracting and tendering process.
Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/procurement-software-market
For the purpose of this report, Emergen Research has segmented the global procurement software market on the basis of deployment type, software type, organization size, offering type, end-use, and region:
- Deployment Type Outlook (Revenue, USD Billion; 2019-2032)
- On-Premises
- Cloud-Based
- Public Cloud
- Private Cloud
- Hybrid Cloud
- Software Type Size Outlook (Revenue, USD Billion; 2019-2032)
- Supplier Management
- Contract Management
- E-procurement
- E-sourcing
- Spend Analysis
- Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Small and Medium size Enterprises (SME)
- Large Enterprises
- Offering Type Outlook (Revenue, USD Billion; 2019-2032)
- Point Solutions
- Accounts Payable
- Procure-to-Pay (P2P)
- Source-to-Pay (S2P)
- Purchasing
- Request for Proposal (RFP)
- Others
- Comprehensive Solutions
- Point Solutions
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Travel & Logistics
- Information Technology (IT) & Telecommunications
- Electronics
- Healthcare & Pharmaceutical
- Manufacturing & Automotive
- Banking, Financial Services, and Insurance (BFSI)
- Retail
- Mining
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- ASEAN Countries
- Oceania
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- Israel
- Turkey
- South Africa
- Rest of Middle East & Africa
- North America
Emergen Research is Offering Exclusive Customization as per your Specific Requirements@ https://www.emergenresearch.com/request-for-customization/2726
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: https://www.emergenresearch.com/
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights
