Procurement Software Market size was valued at US$ 6.27 Bn. in 2021 and the total revenue is expected to grow at 8 % through 2021 to 2029, reaching nearly US$ 11.61 Bn.Procurement Software Market Overview:
The procurement is a software program that automates the operations of procuring supplies and keeping track of inventory. It allows user to request and approve purchase orders, match invoices to received items, send bills online, and produce payment verification documents, among other things. Procurement software, in combination with e-procurement, helps in shortening the procurement life cycle. Procurement software offers a variety of features that can help businesses simplify their operations and keep track of their inventories. Companies must use procurement software solutions to perform the best purchasing and pricing activities for their tender vendors, making it important for companies that need to acquire large quantities of goods.To know about the Research Methodology :- Request Free Sample Report
Procurement Software Market Dynamics:
The demand for procurement process automation is growing, majorly in zones like buy requisitions, purchase orders, invoice management, vendor management, and contract approval. Automation increases productivity, reduces human errors, provides visibility into expenditures, serves as a central repository, promotes coordination between external and internal teams, and eliminates approval bottlenecks. All of these factors are driving up demand for procurement software market growth. When E-procurement applications are connected with ERP solutions, ERP helps to simplify supplier management by streamlining procurement processes and saving time to focus on other aspects of the business, resulting in a more efficient operation. ERP software may also improve business reporting, customer service, inventory costs, cash flow, cost savings, data and cloud security, business process improvements, and supply chain management, among other things. These factors are driving the market growth. The implementation of government policies and the flow of international transactions among nations are all helping to grow the market. The market's interaction between supply and demand forces is expected to influence the market's future growth. Over the forecast period, the integration of Artificial Intelligence (AI) with software is expected to open up a slew of new development prospects in the procurement software market. A driving factor for the procurement software market is the growing demand for procurement process automation, which minimizes complexity and provides transparent information inside the business. The requirement to avoid data duplication is also a business opportunity for procurement software. The procurement software market has difficulty due to a lack of infrastructure in many organizations that is compatible with old and conventional systems. The key restraint for the growth of the procurement software industry is quality issues caused by automation and a shortage of skilled individuals in procurement.Procurement Software Market Segment Analysis:
By Deployment, The on-premises deployment model segment dominated the market with a 54.10 % share in 2021. However, the market is anticipated to decline in the forecast period as the organizations have started adopting cloud procurement software solutions as of its cost efficiency, agility, and flexibility. Additionally, the essential for heavy initial and ongoing investments in hardware, software updates, servers, and hiring of skilled professionals in terms of on-premises deployment will more drive the demand for cloud procurement software solutions. By Industry, the Manufacturing segment dominated the market with a 30.3% share in 2021. Manufacturing companies are progressively adopting procurement outsourcing and technology-driven solutions that enable them to focus on their competence areas, such as manufacturing skills, production, and on-time delivery. Streamline manufacturing processes and achieve significant cost savings. These factors are driving the market growth. The retail industry is expected to grow at a CAGR of 6 % through the forecast period. It helps integrate business processes, improve the overall value, facilitates transparency in financial supply chains, and enables retail companies to automate procurement tasks and procure best rates from vendors for their tender, making it essential for retail companies that need to procure a large volume of goods. These factors are expected to drive the market growth through the forecast period. With the implementation of procurement software, organizations can collaborate with suppliers, track events and get alerts, and analyze business intelligence data to gain insights into the procurement process for forecasting and planning purposes. By Technology, Sap Ariba dominated the market with a 51.25% share in 2021.Simplified procurement and sourcing process with easy synchronization to SAP SRM and other ERP software. Low initial capital cost, easy transfer of transactional data, and easy setup of key procurement processes such as Organization structure, suppliers, and GL data can be easily transferred to Ariba solution using optimal way of integration. These are the factors driving the market growth of the segment.Procurement Software Market Regional Insights:
North American region dominated the market with a 34.3% share in 2021. It is a global marketplace due to the rising demand for centralized procurement processes. The presence of key market players such as IBM Corporation, Oracle Corporation, and Coupa Software Incorporated. the top 20 start-ups of ecosystems are located in North America, for instance, Austin and Texas have more than 5,500 start-ups, as well as big-tech giant firms, like Facebook, Google, and Apple. These factors are driving the procurement software market. This increases the demand for procurement software significantly. The consolidation of companies incorporated in the region is driving the market growth. While Asia-Pacific is expected to grow at a CAGR of 4.5 % through the forecast period. The presence of several logistics firms in emerging economies such as India, China, etc. will drive the market growth of procurement software through the forecast period. The objective of the report is to present a comprehensive analysis of the Procurement Software market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Procurement Software market dynamics, structure by analyzing the market segments and projecting the Procurement Software market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Procurement Software market make the report investor’s guide.Procurement Software Market Scope: Inquire before buying
Global Procurement Software Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2021: US $ 6.27 Bn. Forecast Period 2022 to 2029 CAGR: 8% Market Size in 2029: US $ 11.61Bn. Segments Covered: by Deployment • Cloud • On-Premise by Industry • Retail • Manufacturing • Healthcare • Transportation • Others by Technology • SAP Ariba • SAP procurement and Strategic Sourcing • Oracle Procurement • Promena • Others Procurement Software Market, by Region
• North America • Europe • Asia Pacific • Middle East and Africa • South AmericaProcurement Software Market Key Players
• Basware • IBM • Oracle • PROACTIS • SAP • SciQuest • BravoSolution • BuyerQuest • Coupa Software Inc. • Elcom • Epicor • Infor • IQNavigator • Ivalua • JDA Software • Manhattan Associates • OpusCapita • Tradeshift • Tungsten Network • Vinimaya • ZycusFAQ:
1] What segments are covered in the Procurement Software Market report? Ans. The segments covered in the Procurement Software Market report are based on Deployment, Industry, and Technology. 2] Which region is expected to hold the highest share in the Procurement Software Market? Ans. Asia Pacific Region is expected to hold the highest share in the Procurement Software Market. 3] What is the market size of the Procurement Software Market by 2029? Ans. The market size of the Procurement Software Market by 2029 is US $ 11.61 Bn. 4] Who are the top key players in the Procurement Software Market? Ans. Basware, IBM, Oracle, PROACTIS, SAP, SciQuest, BravoSolution, BuyerQuest, Coupa Software Inc., Elcom, Epicor, Infor, IQNavigator, Ivalua, JDA Software, Manhattan Associates, OpusCapita, Tradeshift, Tungsten Network, Vinimaya, Zycus. 5] What was the market size of the Procurement Software Market in 2021? Ans. The market size of the Procurement Software Market in 2021 was US $ 6.27 Bn.
1. Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Procurement Software Market Size, by Market Value (US$ Bn) 3.1. Market Segmentation 3.2. Market Segmentation Share Analysis, 2020 3.2.1. 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Procurement Software Market 3.4. Geographical Snapshot of the Procurement Software Market, By Manufacturer share 4. Procurement Software Market Overview, 2021-2029 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Technology Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Procurement Software Market 5. Supply Side and Demand Side Indicators 6. Procurement Software Market Analysis and Forecast, 2021-2029 6.1. Blockchain Technology Market Size & Y-o-Y Growth Analysis. 7. Procurement Software Market Analysis and Forecasts, 2021-2029 7.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 7.1.1. Cloud 7.1.2. On-Premise 7.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 7.2.1. Retail 7.2.2. Manufacturing 7.2.3. Healthcare 7.2.4. Transportation 7.2.5. Others 7.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 7.3.1. SAP Ariba 7.3.2. SAP procurement and Strategic Sourcing 7.3.3. Oracle Procurement 7.3.4. Promena 7.3.5. Others 8. Procurement Software Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2021-2029 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Procurement Software Market Analysis and Forecasts, 2021-2029 9.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 9.1.1. Cloud 9.1.2. On-Premise 9.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 9.2.1. Retail 9.2.2. Manufacturing 9.2.3. Healthcare 9.2.4. Transportation 9.2.5. Others 9.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 9.3.1. SAP Ariba 9.3.2. SAP procurement and Strategic Sourcing 9.3.3. Oracle Procurement 9.3.4. Promena 9.3.5. Others 10. North America Procurement Software Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2021-2029 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Procurement Software Market Analysis and Forecasts, 2021-2029 11.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 11.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 11.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 12. Canada Procurement Software Market Analysis and Forecasts, 2021-2029 12.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 12.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 12.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 13. Mexico Procurement Software Market Analysis and Forecasts, 2021-2029 13.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 13.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 13.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 14. Europe Procurement Software Market Analysis and Forecasts, 2021-2029 14.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 14.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 14.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 15. Europe Procurement Software Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2021-2029 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Procurement Software Market Analysis and Forecasts, 2021-2029 16.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 16.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 16.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 17. France Procurement Software Market Analysis and Forecasts, 2021-2029 17.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 17.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 17.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 18. Germany Procurement Software Market Analysis and Forecasts, 2021-2029 18.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 18.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 18.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 19. Italy Procurement Software Market Analysis and Forecasts, 2021-2029 19.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 19.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 19.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 20. Spain Procurement Software Market Analysis and Forecasts, 2021-2029 20.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 20.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 20.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 21. Sweden Procurement Software Market Analysis and Forecasts, 2021-2029 21.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 21.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 21.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 22. CIS Countries Procurement Software Market Analysis and Forecasts, 2021-2029 22.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 22.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 22.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 23. Rest of Europe Procurement Software Market Analysis and Forecasts, 2021-2029 23.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 23.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 23.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 24. Asia Pacific Procurement Software Market Analysis and Forecasts, 2021-2029 24.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 24.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 24.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 25. Asia Pacific Procurement Software Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2021-2029 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Procurement Software Market Analysis and Forecasts, 2021-2029 26.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 26.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 26.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 27. India Procurement Software Market Analysis and Forecasts, 2021-2029 27.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 27.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 27.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 28. Japan Procurement Software Market Analysis and Forecasts, 2021-2029 28.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 28.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 28.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 29. South Korea Procurement Software Market Analysis and Forecasts, 2021-2029 29.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 29.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 29.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 30. Australia Procurement Software Market Analysis and Forecasts, 2021-2029 30.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 30.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 30.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 31. ASEAN Procurement Software Market Analysis and Forecasts, 2021-2029 31.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 31.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 31.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 32. Rest of Asia Pacific Procurement Software Market Analysis and Forecasts, 2021-2029 32.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 32.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 32.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 33. Middle East Africa Procurement Software Market Analysis and Forecasts, 2021-2029 33.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 33.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 33.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 34. Middle East Africa Procurement Software Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2021-2029 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Procurement Software Market Analysis and Forecasts, 2021-2029 35.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 35.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 35.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 36. GCC Countries Procurement Software Market Analysis and Forecasts, 2021-2029 36.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 36.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 36.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 37. Egypt Procurement Software Market Analysis and Forecasts, 2021-2029 37.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 37.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 37.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 38. Nigeria Procurement Software Market Analysis and Forecasts, 2021-2029 38.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 38.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 38.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 39. Rest of ME&A Procurement Software Market Analysis and Forecasts, 2021-2029 39.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 39.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 39.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 40. South America Procurement Software Market Analysis and Forecasts, 2021-2029 40.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 40.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 40.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 41. South America Procurement Software Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2021-2029 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Procurement Software Market Analysis and Forecasts, 2021-2029 42.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 42.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 42.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 43. Argentina Procurement Software Market Analysis and Forecasts, 2021-2029 43.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 43.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 43.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 44. Rest of South America Procurement Software Market Analysis and Forecasts, 2021-2029 44.1. Market Size (Value) Estimates & Forecast By Deployment, 2021-2029 44.2. Market Size (Value) Estimates & Forecast By Industry, 2021-2029 44.3. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Procurement Software Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Industry’s and R&D Investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements 45.3. Company Profile : Key Players 45.3.1. SAP 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.3.2. Basware 45.3.3. IBM 45.3.4. Oracle 45.3.5. PROACTIS 45.3.6. SciQuest 45.3.7. BravoSolution 45.3.8. BuyerQuest 45.3.9. Coupa Software Inc. 45.3.10. Elcom 45.3.11. Epicor 45.3.12. Infor 45.3.13. IQNavigator 45.3.14. Ivalua 45.3.15. JDA Software 45.3.16. Manhattan Associates 45.3.17. OpusCapita 45.3.18. Tradeshift 45.3.19. Tungsten Network 45.3.20. Vinimaya 45.3.21. Zycus 45.3.22. Other Key Players 46. Primary Key Insights