Revolutionizing Procurement: Procurement Software Market to Experience Exponential Growth

The global procurement software market is expected to approach USD 13.9 billion by 2030 with an annual growth rate of more than 9.9%

Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) — Global Software for purchasing Market is rated for US$ 7.2 billion in 2023 and is expected to grow by a significant CAGR of over 9.9% over the forecast period 2023-2030, according to the market report published by RationalStat

Market definition, market scope and report overview

Procurement software is primarily a type of technology solution used by companies and organizations to streamline and optimize their procurement processes. The software supports companies in managing their entire purchasing cycle, from purchasing materials to paying suppliers.

Procurement software often includes robust analytics and reporting capabilities that allow organizations to gain insight into their spending patterns, supplier performance and other critical metrics. Data-driven decision making is a major driver of growth in this market.

• According to an in-depth market assessment by RationalStat, the global procurement software market has been analyzed on the basis of market segments including company size, offering type, implementation mode, end user and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East and Africa, and Asia Pacific). The report also offers global and regional market size for the historical period 2019-2022 and the forecast period 2023-2030.

• Market intelligence for the global procurement software market covers market sizes based on market value (US$/EUR Million) of various products/services/equipment, demand assessment across key regions, customer sentiment, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data , key developments across the industry, import-export data, trade overview, component market from leading companies, etc.

• Additionally, the long-term sector and products/services 10-year outlook and its implications on the global procurement software market. It also includes the current state of the industry – Production Levels, Capacity Utilization, Tech Quotient, etc. Key information will be production capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Global Procurement Software Market: Segment and Market Share Analysis

• Based on the state of deployment, the cloud is expected to dominate the procurement software market, primarily due to cost savings and other benefits offered by the cloud solutions.

Report Synopsis

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Competitive analysis and market structure

These players adopt various strategies to strengthen their market share and gain a competitive advantage over other competitors in the market. Mergers and acquisitions, partnerships and collaborations and product launches are some of the strategies followed by industry players. Some of the key developments in the global procurement software market include,

• In October 2023, Procurify partnered with Olive Technologies. The partnership integrates the companies’ offerings, resulting in improved procurement operations for customers around the globe.

• In May 2023, SAP expanded its range of procurement solutions by integrating Icertis Contract Intelligence (ICI) into SAP S/4HANA, enabling procurement teams to negotiate better, improve operations, among other things.

Some of the prominent players and vendors operating and contributing significantly to the growth of the global procurement software market include SAP, Coupa Software Inc., Team Procure, Inc., Procurify Technologies Inc., GEP, Precoro, Inc., Oracle, Ivalua Inc., JAGGAER, Zycus Inc. and Kissflow Inc., among other.

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RationalStat has segmented the global procurement software market based on company size, offering type, implementation mode, end user and region

• Global Software for purchasing Market Value (US$ Million) and Market Share (2019-2030) Analysis by Company Size

• Global Software for purchasing Market Value (Million USD) and Market Share (2019-2030) Analysis by Offer Type

  • Point solutions

  • Comprehensive solutions

• Global Software for purchasing Market Value (US$ Million) and Market Share (2019-2030) Analysis by Deployment Mode

• Global Software for purchasing Market Value (US$ Million) and Market Share (2019-2030) Analysis by End User

  • Retail trade

  • E-commerce

  • Manufacturing

  • BFSI

  • IT & Telecom

  • Oil & Gas

  • Others

• Global Software for purchasing Market Value (US$ Million) and Market Share (2019-2030) Analysis by Region

  • North America Procurement Software Market Value (US$ Million) and Market Share (2019-2030) Analysis by Country

  • Latin America Procurement Software Market Value (Million USD) and Market Share (2019-2030) Analysis by Country

    • Brazil

    • Mexico

    • The rest of Latin America

  • Western Europe Procurement Software Market Value (Million USD) and Market Share (2019-2030) Analysis by Country

    • Germany

    • United Kingdom

    • France

    • Spain

    • Italy

    • Benelux

    • Nordic

    • The rest of Western Europe

  • Eastern Europe Procurement Software Market Value (US$ Million) and Market Share (2019-2030) Analysis by Country

    • Russia

    • Poland

    • Hungary

    • Other CIS countries

    • The rest of Eastern Europe

  • Asia Pacific Procurement Software Market Value (US$ Million) and Market Share (2019-2030) Analysis by Country

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • ASEAN

      • Indonesia

      • Thailand

      • Phillipines

      • Vietnam

      • Malaysia

      • The rest of ASEAN

    • Rest of Asia and the Pacific

  • Middle East and Africa Procurement Software Market Value (US$ Million) and Market Share (2019-2030) Analysis by Country

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Key Questions Answered in the Procurement Software Report:

• What will the market value of the global procurement software market be in 2030?

• What is the market size of the Global Procurement Software Market?

• What are the market drivers for Global Procurement Software Market?

• What are the key trends in the global procurement software market?

• Which is the leading region in Global Procurement Software Market?

• What are the major companies operating in the global procurement software market?

• What are the market shares by key segments in the global procurement software market?

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Research methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insight to clients. We combine a wide range of industry experience, data analytics and expert views to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to estimate market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the customer.

• Data collection and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys and interviews.

• Formulation of a hypothesis to create market figures, forecasts, influencing factors and their relevance.

• Evaluation and analysis of data by referring to data sources used and exploited.

• Validation, interpretation and finalization of the data by combining the details collected from primary and secondary sources with the help of experienced analysts.

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About RationalStat LLC

RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy and consulting studies. The company has sales offices in India, Mexico and the United States to support global and diversified businesses. The company has over 80 consultants and industry experts who develop more than 850 market studies and industry reports for its report shop yearly.

RationalStat has strategic partnerships with leading data analytics and consumer research companies to meet client needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial investigation, due diligence, procurement and supply chain research, data analysis and analytical dashboards.

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