Procurement Software Market Global Forecast Report by Deployment (Cloud-based, On-premises), Organization (Small and Medium-sized Enterprises, Large Enterprise), End User (Retail & e-Commerce, Healthcare and Pharmaceutical, Manufacturing & Automotive, BFSI, IT & Telecom, Oil & Gas, Energy & Utilities, Others), Countries and Company Analysis 2024-2032

Growth Drivers for the Procurement Software Market

Using cutting-edge technologies, such artificial intelligence (AI), to support market expansion

Procurement businesses can now use computer algorithms to handle complicated problems more effectively or efficiently thanks to the growing acceptance of AI. For example, according to the Deloitte Chief Procurement Officers (CPOs) survey, high-achieving agility masters are leading the way in the adoption of next-generation digital procurement solutions. According to the CPOs, process effectiveness (50%) and enhanced agility (65%) were the main advantages of next-generation technologies in procurement.

In a similar vein, global supply chains are concentrating on updating and simplifying procedures to increase corporate operations' productivity and efficiency. The demand for digital procurement services is predicted to rise as a result. For example, to improve its supply chain planning, strategy and management firm Kearney purchased Optano, a software company based in Germany, in November 2022. Businesses will be able to optimize their supply chain operations, from production to planning and transportation, thanks to Optano's AI-driven software, which will raise demand for supply chain redesign and optimization services.

Data-driven insights

A positive picture for the market is being provided by the increased focus on data-driven decision-making. Businesses are realizing how important data is to obtaining a competitive advantage. Advanced analytics and reporting features offered by procurement software enable businesses to glean insightful information from their procurement data. This covers spending trends, supplier performance trends, and areas for cost reduction. By using data analytics, companies may find opportunities for process improvement, optimize their procurement strategies, and make well-informed decisions. Additionally, these solutions' predictive analytics can estimate market trends, supplier risks, and future demand, allowing for preventative measures. Procurement software is becoming an essential tool for businesses looking to remain flexible and responsive in a corporate climate that is changing quickly due to the growing significance of data-driven insights.

Procurement Software Market Overview by Regions

Because of technical developments, the procurement software market is growing globally, with North America leading the way. Europe comes next, propelled by adherence to regulations. The digital revolution of supply chains and rising efficiency demands are driving Asia-Pacific's rapid growth. An overview of the market by region is given below:

North America Procurement Software Market

United States

The market for procurement software in the US is expanding quickly due to the increased demand for supply chain management that is more efficient and less expensive. Advanced technologies like cloud computing and artificial intelligence are being adopted by organizations to improve data analytics, improve supplier collaboration, and expedite procurement procedures. The emergence of e-procurement technologies is lowering manual errors by enabling more automated and transparent purchasing processes. Demand in the market is also being fueled by the requirement for improved spend control and regulatory compliance. In order to meet the varied needs of the business and guarantee strong market progress, major players are concentrating on cutting-edge features like mobile accessibility and integration capabilities.

Europe Procurement Software Market

Germany

The German market for procurement software is expanding significantly due to the emphasis on supply chain management efficiency and digital transformation. Cloud-based solutions are being used by businesses more and more to improve supplier relations, improve procurement procedures, and provide real-time expenditure information. Market dynamics are also being impacted by the necessity of risk management and regulatory compliance. Additionally, businesses are looking for software that promotes ethical procurement and transparent supply chains as a result of the increased emphasis on sustainability. By making investments in cutting-edge technologies like AI-driven analytics and automated workflows, major players are establishing Germany as a major European market for sophisticated procurement solutions.

Asia Pacific Procurement Software Market

China

China's market for procurement software is growing quickly due to the nation's strong economic expansion and rising industry-wide digitization. Advanced procurement solutions are being adopted by organizations in an effort to improve cost management, supplier relationships, and operational efficiency. The need for integrated procurement software is being further accelerated by the growth of digital platforms and e-commerce. Other important elements include government programs that support supply chain optimization and smart manufacturing. Furthermore, companies are putting more of an emphasis on risk management and compliance, which is increasing the demand for advanced procurement solutions. Big data analytics and artificial intelligence are being used by major firms to innovate in response to changing market demands.

Middle East & Africa Procurement Software Market

United Arab Emirates

The United Arab Emirates' procurement software industry is expanding significantly because to the quick digital transformation of a number of industries, such as logistics, construction, and retail. Procurement solutions are being adopted by organizations more frequently in an effort to improve supplier engagement, increase transparency, and expedite procedures. The demand for cutting-edge software that combines artificial intelligence and data analytics is being driven by the UAE's emphasis on smart city programs and innovation. Furthermore, risk management and regulatory compliance are major issues that drive companies to look for all-inclusive procurement tools. To meet the various demands of the UAE market, major businesses are investing in solutions that are configurable and have user-friendly interfaces.

Procurement Software Company Analysis

The major participants in the Procurement Software market includes Coupa Software Inc., SAP SE, Zycus Inc., GT Nexus (Infor Inc.), Microsoft Corporation, Oracle Corporation, GEP Corporation, Jaggaer Inc., etc.

Procurement Software Company News

In November 2023, one of the top suppliers of digital procurement and optimization services, Shelby Group, was purchased by Accenture. Accenture's sourcing and procurement technology transformation skills were significantly strengthened by the acquisition.

In October 2023, Cloud-based procure-to-pay software company Procurify teamed up with artificial intelligence (AI)-driven decision-making solutions supplier Olive Technologies. The partnership aims to streamline and improve the vendor sourcing, selection, and procurement procedures used by multinational corporations.

In October 2023, Atamis declared that it would provide cutting-edge procurement software to maximize Maximus UK's sourcing procedures, increasing their efficacy and economy. By using Atamis software, Maximus UK hopes to improve procurement operations and herald in a new era of more efficient and simplified procedures.

Deployment- Industry is divided into 2 viewpoints:

1. Cloud-based
2. On-premises

Organization- Industry is divided into 2 viewpoints:

1. Small and Medium-sized Enterprises
2. Large Enterprise

End Use- Industry is divided into 7 viewpoints:

1. Retail & e-Commerce
2. Healthcare and Pharmaceutical
3. Manufacturing & Automotive
4. BFSI
5. IT & Telecom
6. Oil & Gas, Energy & Utilities
7. Others

Countries- Industry is divided into 25 viewpoints:

North America

• United States
• Canada

Europe

• France
• Germany
• Italy
• Spain
• United Kingdom
• Belgium
• Netherlands
• Turkey

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Thailand
• Malaysia
• Indonesia
• New Zealand

Latin America

• Brazil     
• Mexico  
• Argentina

Middle East & Africa

• South Africa
• Saudi Arabia
• United Arab Emirates

All companies have been covered with 5 Viewpoints

1. Overviews
2. Key Person
3. Recent Developments & Strategies
4. Product Portfolio & Product Launch in Last 1 Year      
5. Revenue

Company Analysis

1. Coupa Software Inc.
2. SAP SE
3. Zycus Inc.
4. GT Nexus (Infor Inc.)
5. Microsoft Corporation
6. Oracle Corporation
7. GEP Corporation
8. Jaggaer Inc.