(MENAFN- IMARC Group)
The latest report by IMARC Group, titled“ Procurement Software market Report by Software Type (Spend Analysis, E-Sourcing, E-Procurement, Contract Management, Supplier Management, and Others), Deployment (Cloud-based, On-premises), Organization Size (Small and Medium-sized Enterprises, Large Enterprise), Vertical (Retail, Automotive, travel and Logistics, Electronics, IT and Telecommunication, and Others), and Region 2024-2032 “, offers a comprehensive analysis of the industry, which comprises insights on the market. The global procurement software market size reached US$ 7.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 16.1 Billion by 2032, exhibiting a growth rate (CAGR) of 8.8% during 2024-2032.
Factors Affecting the Growth of the Procurement Software Industry: ·
Technological Advancements: The procurement software industry is experiencing significant growth primarily due to rapid technological advancements. Innovations such as artificial intelligence (AI), machine learning (ML), and cloud computing are transforming procurement processes, making them more efficient and cost-effective. AI and ML offer predictive analytics, enabling businesses to make informed decisions based on data-driven insights. Cloud-based procurement solutions are gaining immense popularity owing to their scalability, flexibility, and reduced need for on-premise infrastructure. These technological strides are streamlining traditional procurement functions as well as introducing new capabilities like automated contract management, supplier risk assessment, and advanced spend analysis. As a result, companies are increasingly adopting these advanced procurement solutions to stay competitive, driving growth in the industry.
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Rising Global Supply Chain Complexity: With elevating levels of globalization worldwide, supply chains are becoming more complex and interconnected. This complexity necessitates robust procurement software to manage and streamline the supply chain processes. Procurement software plays a crucial role in handling intricate networks of suppliers, contracts, and logistics, ensuring efficient operations across global markets. It helps in mitigating risks associated with global sourcing, such as political instability, currency fluctuations, and compliance with diverse regulatory environments. Additionally, the ongoing challenges posed by global disruptions, like the COVID-19 pandemic, have underscored the need for agile and resilient procurement systems. This heightened need for managing complex supply chains efficiently is a key factor stimulating the growth of the procurement software industry.
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Increasing Emphasis on Cost Reduction and Efficiency: Businesses are continuously seeking ways to reduce costs and enhance operational efficiency, which represents a major driver for the adoption of procurement software. These solutions enable organizations to automate routine tasks, minimize manual errors, and optimize procurement processes. By leveraging procurement software, companies can achieve better cost control through streamlined purchasing, effective negotiation, and supplier management. It also aids in enforcing compliance with organizational policies and external regulations, thereby reducing the risk of financial penalties. The software's ability to provide comprehensive visibility into procurement spending and performance metrics allows businesses to make strategic decisions, ultimately leading to cost savings and improved efficiency. This heightening focus on cost reduction and operational efficiency is propelling the growth of the procurement software market.
For an in-depth analysis, you can request the sample copy of the market report: https://www.imarcgroup.com/procurement-software-market/requestsample
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Basware Corporation Coupa Software Inc. Epicor Software Corporation GEP Worldwide Infor (Koch Industries Inc.) Ivalua Inc. Jaggaer OpusCapita Solutions Oy Proactis Holdings Limited SAP SE. Tradeshift Holdings Inc. Workday Inc. Zycus Inc.
Procurement Software Market Report Segmentation:
By Software Type: Spend Analysis E-Sourcing E-Procurement Contract Management Supplier Management Others
E-procurement dominates the market by software type as they streamline purchasing processes, offer centralized control, and reduce procurement costs.
By Deployment: Cloud-based holds the largest market share due to their scalability, cost-effectiveness, and the ability to provide real-time data access and collaboration across different geographical locations.
By Organization Size: Small and Medium-sized Enterprises Large Enterprise
Large enterprise represents the largest market segment owing to their escalating need to manage complex supply chains and large volumes of transactions efficiently.
By Vertical: Retail Automotive Travel and Logistics Electronics IT and Telecommunication Others
Based on the vertical, the market has been categorized into retail, automotive, travel and logistics, electronics, IT and telecommunication, and others.
Regional Insights: North America Europe Asia Pacific Latin America Middle East and Africa
North America's dominance in the procurement software market is attributed to the early adoption of advanced technologies and the presence of numerous multinational corporations seeking efficient procurement solutions in the region.
Global Procurement Software Market Trends: The procurement software industry is currently witnessing a significant transformation, fueled by technological advancements. The integration of artificial intelligence (AI) and machine learning (ML) is enhancing predictive analytics, enabling smarter, data-driven procurement decisions. Additionally, there is a growing shift toward cloud-based platforms, offering scalability and remote accessibility. This market is also seeing a heightened emphasis on mobile solutions, facilitating on-the-go procurement management. Moreover, there is a rising demand for sustainable procurement practices, as businesses increasingly prioritize environmental and social governance (ESG) criteria, further contributing to market growth. These trends indicate a move toward more efficient, responsive, and responsible procurement processes in various industries.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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