Dublin, Nov. 25, 2024 (GLOBE NEWSWIRE) -- The "United States Procurement Software Market Forecast Report by Deployment, Organization, End User and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
United States Procurement Software market is expected to reach US$ 2.24 billion in 2023 to US$ 4.97 billion by 2032, with a CAGR of 9.26% from 2024 to 2032
Among the main factors driving the market growth are the growing use of technology, the COVID-19 pandemic's effects, a focus on cost optimization, growing sustainability concerns, the rapidly growing e-commerce industry, the integration of artificial intelligence (AI) and machine learning (ML), and supply chain disruptions. 
The main goal of the software is to automate and centralize several parts of procurement, such as processing purchase orders, invoices, and supplier management and sourcing. Organizations can increase the effectiveness, precision, and openness of their procurement processes by combining these tasks into a single platform. It has wide-ranging applications in many different industries since it gives businesses a thorough understanding of vendor performance, availability, and pricing, allowing them to manage their supplier relationships effectively.
By evaluating supplier data, market trends, and past purchase information, procurement software also helps with strategic sourcing, enabling companies to make better decisions and bargain for better prices. It also expedites the process of creating and approving purchase orders, which lowers the possibility of mistakes and delays.
Additionally, the platform streamlines cash flow management by automating invoice processing, guaranteeing precise and prompt supplier payments. Using procurement software has many benefits, including increasing productivity by automating repetitive operations and freeing up procurement specialists to concentrate on more strategic endeavors. By finding chances for large purchases, obtaining better prices, and cutting back on maverick spending, it also encourages cost savings.
Growth Drivers for the United States Procurement Software Market
Digital Transformation
In order to increase efficiency and streamline procedures, organizations are adopting digital transformation in procurement. Businesses can improve decision-making, decrease manual labor, and increase transparency in their supply chain operations by implementing cutting-edge digital solutions. This leads to increased productivity and responsiveness. Making this change is essential to being competitive in the quick-paced industry of today.
Integration Capabilities
By enabling smooth interaction with other company systems, such ERP and finance software, procurement software's integration features greatly increase its value. Organizations may expedite processes, enhance departmental collaboration, and unify data across several platforms thanks to this interoperability. Businesses may increase productivity, lower errors, and improve visibility into supplier performance and spending by integrating procurement processes with current technologies. Because they understand the advantages of a unified approach to managing their financial and procurement operations, more businesses are implementing procurement systems with strong integration features.
United States Procurement Software Company Analysis
The major participants in the United States Procurement Software market includes GT Nexus (Infor Inc.), SAP SE, Zycus Inc., Coupa Software Inc., Microsoft Corporation, Oracle Corporation, Jaggaer Inc., GEP Corporation, etc.
United States Procurement Software Company News
In April 2024, to improve procurement for UK schools, Iris Software Group partnered with Amazon Business. Through this partnership, Iris Financials, the company's cloud-based school financial software, enables 5,254 Iris customers to effectively buy supplies from Amazon Business.
Company Analysis
- GT Nexus (Infor Inc.)
- SAP SE
- Zycus Inc.
- Coupa Software Inc.
- Microsoft Corporation
- Oracle Corporation
- Jaggaer Inc.
- GEP Corporation
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 70 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $2.24 Billion |
| Forecasted Market Value (USD) by 2032 | $4.97 Billion |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | United States |
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. United States Procurement Software Market
6. Market Share Analysis
6.1 By Deployment
6.2 By Organization
6.3 By End User
7. Deployment
7.1 Cloud-based
7.2 On-premises
8. Organization
8.1 Small and Medium-sized Enterprises
8.2 Large Enterprise
9. End User
9.1 Retail & e-Commerce
9.2 Healthcare and Pharmaceutical
9.3 Manufacturing & Automotive
9.4 BFSI
9.5 IT & Telecom
9.6 Oil & Gas, Energy & Utilities
9.7 Others
10. Porters Five Forces
10.1 Bargaining Power of Buyer
10.2 Bargaining Power of Supplier
10.3 Threat of New Entrants
10.4 Rivalry among Existing Competitors
10.5 Threat of Substitute Products
11. SWOT Analysis
11.1 Strengths
11.2 Weaknesses
11.3 Opportunities
11.4 Threats
12. Key Players Analysis
12.1 Overviews
12.2 Key Person
12.3 Recent Developments & Strategies
12.4 Product Portfolio & Product Launch in Last 1 Year
12.5 Revenues
For more information about this report visit https://www.researchandmarkets.com/r/6u8gcn
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