Procurement Software Market, By Deployment (On-Premise, On Cloud), By Software (Spend Analysis, E-sourcing, E-procurement), By Vertical (IT & Telecommunication, Travel & Logistics) – Forecast 2023
Procurement Software Market
Procurement Software offers a practical solution for organizations to carry out their purchase process automatically while managing the inventory of goods efficiently. As the number of companies around the world is growing, they are looking for adopting new technologies and systems for various processes including procurement which increases the market size of procurement software generating huge demand.
Over the last few years, players in the procurement software market have been continually implementing the innovating ideas as a foray to improve the customer experience. Acknowledging the impressive growth records, the market perceives, Market Research Future (MRFR) in its recently published study report asserts that the global procurement software market is expected to reach USD 9.9 Bn. by 2023 registering approximately 10% CAGR from 2017-2023.
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Additional factors substantiating the market growth include increasing demand for automatic purchase process, consumer shift towards the digital medium for purchase. The popularity of the Internet and widespread use of mobile devices, along with rising online usage, together have encouraged companies to consider e-procurement solutions as an add-on factor to boost their operations.
Businesses are shifting to cloud-based offerings from on-premise solutions, mobile accessibility, and more intuitive services on-cloud deployment offers over on-premise offerings. Market players are targeting companies of all sizes, providing affordable options for all business users and their purchase needs. These solutions provide low-cost options and the rapid deployment of services. However, to ensure security, companies need to comply with government regulations.
Procurement Software Market –Segments
By Software: Spend Analysis, eSourcing, Spend Analysis, Contract Management, Supplier Management, and eProcurement.
By Deployment: On-Premise, and On-Cloud
By Organization Type: Small and Medium Size and Large Business Enterprises
By Vertical: Retail, Automotive, Travel & Logistics, Electronics, IT & Telecommunication, and Mining among others.
By Region: Europe, North America, APAC and Rest-of-the-World.
The sub-segment – e-procurement software is witnessing a boosting growth.
The sub-segment – medium and small-sized enterprises witnesses high implementation of cloud-based procurement software.
Procurement Software Regional Analysis
Globally, the North American region leads the Procurement Software Market with the largest market share. Factors substantiating the market growth include high adoption rate of cloud technology and governmental initiatives towards growing environmental concerns including ‘save paper,’ substantial investments transpired into the field of technological development, and the presence of the fervent market players that can offer cutting-edge technologies.
Also, the increasing adoption these tools in some of the burgeoning sectors such as BFSI, Healthcare, Media & Entertainment, and IT & Telecommunication are some of the factors driving the market growth in the region. Simultaneously, availability of a well-established infrastructure in the region that allows faster implementation of advanced technologies provides impetus to the market growth.
Countries such as the U.S. and Canada backed by the increasing technological advancements and the uptake of this Software account for major contributors to the market growth in the region. The North American region is estimated to retain its dominance over the global market continuing with the same growth trends.
The European region accounts for the second-largest market for the procurement software. Factors such as the demand from the various sectors allow the market in the region to flourish. The resurging economy in the region is too contributing to the market growth significantly. Moreover, the augmented uptake of this solution fuels the increase in the regional market.
On the other hand, Asia Pacific region is expected to witness a healthy growth, emerging as the fastest growing market for the Procurement software. Factors such as increasing urbanization & growing healthcare and entertainment sector coupled with the improving economy in the region foster the market growth, increasing consumers’ purchasing power.
Growing markets of APAC countries such as China and India are driving the market growth, attracting the international players in the region. The high uptake of technology in the region is also one of the driving forces of the market growth. Asia Pacific market has been valuing greatly over the past few years which are likely to continue further over the forecast period.
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Procurement Software Market – Competitive Analysis
The procurement software market is adorned by numerous players including big, small as well as new entrants. Well-established vendors compete based on innovation, pricing, service, and reputation. Simultaneously, the significant growth in the market and immense revenue generation opportunities are attracting several new players to enter the market. The cooperation strategy within the ecosystem is enabling the technology integrators to enter into a licensing agreement with the technology providers.
Some of the eminent players leading the market include International Business Machines Corporation (US.), Proactis (UK), Oracle Corporation (US), SAP SE (Germany), Coupa Software Inc. (US), Infor (US), Epicor Software Corporation (US), JDA Software Group, Inc. (US), Zycus (US), Cvent Inc. (US), and Mercateo (UK).
September 04, 2018 – Coupa Software (US), a leader in business spend management (BSM), announced the acquisition of the technology assets of DCR Workforce (US), a leading provider of contingent workforce management and services procurement software. The acquisition solidifies Coupa’s vision of enabling businesses to manage all their organization’s business spend, including contingent workforce spend, within a comprehensive BSM platform.
September 05, 2018 – Xeeva, Inc. (US), a global provider of AI-driven procurement and sourcing technology announced the receiving of 2018 SaaS Awards for Best SaaS Product for Supply Chain/Warehouse Management.
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