The global procurement software market held a market value of USD 5,635.6 Million in 2020 and is forecasted to reach USD 9,654.8 Million by the year 2026. The market is anticipated to register a CAGR of 9.4% over the projected period.
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A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Procurement Software.
Procurement software is business software that helps in automating the organizational purchasing functions. Increasing demand for automating the procurement processes and integration between e procurement applications and ERP solutions is anticipated to boost the market growth. Furthermore, rising demand for improving the relationship management and supplier discovery is also expected to fuel the market growth.
Despite the driving factors, cybersecurity and data protection risks are expected to restrain the market growth. Also, the complexity regarding integration with existing system and supplier onboarding is estimated to negatively hamper the market growth.
Growth Influencers:
Increasing demand to automate the procurement processes
Procurement processes are automated for maximizing efficiency and reduce the time. It also accelerates the process by freeing up employees from the redundant and time consuming tasks. The demand for automating the procurement processes is increasing, especially in processes such as, purchase requisition, purchase order, invoice management, vendor management, and contract approval. Automation of these processes increases the productivity, eliminates manual errors, provides visibility into the expenditures, acts as a central repository, improves collaboration between external and internal teams, and removes approval bottlenecks. All these benefits are increasing the demand for automating procurement processes, hence fueling the market growth.
Integration between E Procurement applications and ERP solutions
E-procurement software assist in integration and automation of the entire procurement cycle in an organization. When e procurement applications are integrated with ERP solutions, ERP helps in easing supplier management by smoothening the procurement processes and providing more time to focus on other areas and enable a more efficient business. ERP solutions also help in enhancing business reporting, better customer service, improved inventory costs, boosted cash flow, cost savings, better data & cloud security, business process improvements, and supply chain management, among others. These factors boost the market growth.
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Segments Overview:
The global procurement software market is segmented the deployment, software, and industry.
By Deployment,
Cloud Based
On Premise
The cloud based segment is expected to hold the largest market share and is also estimated to grow at the fastest rate during the forecast period. This is owing to the high preference for cloud based model over the on-premise model.
By Software,
Spend Analysis
E-Sourcing
E-Procurement
The e-procurement segment is anticipated to hold the largest market share of about 59%. The e-sourcing segment is estimated to witness the fastest growth rate of about 10.2% owing to its features such as valuable pricing and non-pricing information.
By Industry,
Retail
Manufacturing
Transportation & Logistics
Healthcare
BFSI
Others
The transportation & logistics segment is expected to hold around 11% of the total market share owing to increasing adoption of procurement software in the sector. The BFSI segment is anticipated to surpass a market size of around USD 200 million by 2024.
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Regional Overview
Based on region, the global Procurement software market is divided into Europe, North America, Asia, Middle East & Africa, and South America.
The North America region is expected to hold the largest market share of around 40% owing to the growing demand for centralized procurement processes. Furthermore, growing initiatives by government as well as non government organizations for strengthening the manufacturing industry in the United States is also expected to contribute to the market growth.
The Asia Pacific region is expected to grow at the fastest rate of about 11.9% owing to a presence of a number of logistics firms in emerging economies such as India and China.
Competitive Landscape
Key players operating in the global procurement software market include SAP SE, Proactis Holdings PLC, Coupa Software Inc., Microsoft Corporation, Oracle Corporation, Epicor Software Corporation, Ginesys, Zycus, Inc., Ivalua Inc., Infor Inc., Jaggaer, and Tangoe, Inc., among others.
The approximate market share of the top 9 players is near about 60%. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in August 2021, Oracle launched the Oracle Verrazzano Enterprise Container platform for multicloud and hybrid cloud scenarios. This expanded Oracle’s product portfolio.
The global Procurement software market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Procurement software market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
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The global Procurement software market report answers questions such as:
What is the market size and forecast of the Global Procurement software Market?
What are the inhibiting factors and impact of COVID-19 on the Global Procurement software Market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the Global Procurement software Market?
What is the competitive strategic window for opportunities in the Global Procurement software Market?
What are the technology trends and regulatory frameworks in the Global Procurement software Market?
What is the market share of the leading players in the Global Procurement software Market?
What modes and strategic moves are considered favorable for entering the Global Procurement software Market?
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