The ‘Global Procurement Software Market Trends, Size, Share, Price, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global procurement software market, assessing the market on the basis of its segments like deployment, end user, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Procurement Software Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 6.61 billion
• Forecast CAGR (2023-2028): 12.10%
• Forecast Market Size (2028): USD 13 billion
Increasing use of procurement software by SMEs is escalating the growth of the procurement software market. These small companies are more inclined towards optimal and advanced procurement in order to cut costs, and procurement software is highly useful for companies looking for cost effective and efficient solutions. With the ability to provide benefits like streamlined processes and reduced expenses, many individual businesses have their own procurement policies that help with choosing suppliers, products, and methods. Due to high demand for procurement software in order to maintain efficiency and create economic opportunities, the market in growing rapidly.
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The surging demand for collaboration and communication tools is further supporting the expansion of the procurement software market. Different advanced tools for communication and collaboration are used in order to provide better customer satisfaction. Many companies are incorporating multiple types of communication tools to stand out and create a customer centric procurement programme. Increased productivity and cost effectiveness can be achieved by streamlining internal collaborations and using procurement software which help to strengthen supplier relations and minimise internal risks. Different communication tools are being incorporated into procurement software which are helping improve customer relations and various companies are using these communication tools which is increasing the market for procurement software.
Procurement Software Industry Definition and Major Segments
Procurement software is a business software that helps enable businesses to strategically locate and acquire services and goods. This type of software plays a huge role in improving cost effectiveness of a business and enables automation of sourcing processes. Procurement software helps in managing procurement related tasks like generating, managing, sending, receiving, which helps in administration.
On the basis of deployment, the market is bifurcated into:
Based on end user, the market is categorised into:
• Transportation and Logistics
• Food and Beverage
On the basis of region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Procurement Software Market Trends
Cloud computing and SaaS are also aiding the procurement software market due to their increased use in multiple business operations. Through cloud-based systems, companies can reduce upfront investments, have enhanced real time information, and reduced overhead. Remote access and global connectivity also creates ease for the businesses, which in turn helps in improving productivity. There are a wide range of providers with procurement software solutions which offer multiple and customised services for different businesses, helping provide affordable and cost-effective solutions. The incorporation of cloud computing in multiple companies is one of the key trends increasing the use of procurement software.
The growing inclination towards artificial intelligence (AI) powered software and the adoption of advanced technologies is one of the key trends contributing to the expansion of the procurement software market. AI helps in reduction of costs and in improving efficiency. Manual processes and labour can be replaced with the help of AI which also provides employees more time. These tools provide users with high-quality reports and maintain accuracy. Advanced AI tools like chatbots, provide friendly interactions with the customers which helps to maintain good customer and clients relations. With the incorporation of AI in procurement software, organisational goals are achieved with efficiency, which in turn is helping in the growth of the procurement software market.
Key Market Players
The major players in the global procurement software market report are
• Kissflow Procurement Cloud
• Epicor Software Corporation
• Basware Inc.
• SAP SE
• Proactis Holdings Limited.
• Procurify Technologies Inc.
• Zycus Inc.
• Ivalua Inc.
• Microsoft Corporation
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.