The global procurement software market is expected to be valued at US$ 6,548.9 million in 2022, with a CAGR of 12.3% over the forecast time frame. By 2032, the market is expected to be worth US$ 20,937.9 million. Procurement software sales are increasing as it is increasingly being conveyed among enterprises to buy and manage stock levels carefully.
With an association’s growing needs, the procurement business is rapidly expanding. Merchants are focusing on further developing their conveyance models with innovation in order to make due and support in this extremely competitive market. Procurement refers to the interaction or activity of obtaining labor and products.
Procurement software is a computer program that assists in creating a purchase with requesting, executing the requesting system on the internet, matching solicitations to materials received, and handling all bills electronically.
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It helps in diminishing outside costs, process efficiencies, spending controls, increments efficiency and producing electronic solicitations for data (e-RFI), demands for proposition (e-RFP), and demands citation (e-RFQ). Procurement software including E-procurement decreases the general procurement life cycle.
Procurement software assists clients with incorporating business processes and work on the general worth of organizations. It works with straightforwardness in monetary stock chains and agreement subtleties for producing solicitations to finish installments.
Sellers are offering software arrangements that assist associations with robotizing procurement exercises which thusly increment the interest for items in the worldwide market. These exercises incorporate robotization of receipt the board frameworks, electronic demanding interaction, request the executives cycle, and other procurement related exercises.
Procurement Software Market: Drivers and Challenges
One of the major driver of the procurement software market is the consolidation of supply chain management (SCM) process which reduces overall process complexity. The rising need for the automation of procurement processes, the emergence of eProcurement technology, will drive the growth prospects for the global procurement software market in the coming years.
Due to the automation of the procurement process the quality control may suffer which can hinder the growth of the market. One of the major challenge is that it is extremely complex and users need extensive training to use it.
Procurement Software Market: Segmentation
On the basis of deployment, procurement software market can be segmented into cloud and on-premises.On the basis of end-user, procurement software market can be segmented into defense industry, telecom industry, manufacturing plants, and others.
On the basis of region, procurement software market can be segmented into North America, Latin America, Western Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan.
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Procurement Software Market: Regional Outlook
Presently, North America is the largest market for procurement software. Majority of procurement software and leading service providers such as IBM and Oracle are based in North America. Apart from this, the Asia pacific region including developing countries such as China and India are still lagging in terms of adoption of the software, due to the lack of skilled procurement professionals.
Even the few that have adopted this software do not have sufficient knowledge on how to use it to its optimum efficiency.
Competitive Landscape
The procurement software is gaining noteworthy traction from various businesses across the world. The key players in the procurement software market are engaged in research and development activities and are focusing on gaining a leading position in the procurement software industry.
Therefore, they are increasing their participation and acquisition activities. The consolidation of the supply chain management reduces the overall complexity and are creating lucrative opportunities for the biggies of the industry.
Some of the key market players in the procurement software market are:
- Basware
- IBM, Oracle Corporation
- PROACTIS
- SAP SE
- SciQuest
- BravoSolution
- BuyerQuest
- Coupa Software Inc.
- Elcom
- Epicor Software Corporation
- Infor Inc.
- IQNavigator
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Key Segments in the Procurement Software Market
By Deployment:
- On-Cloud
- On-Premise
By Software Type:
- Pend-Analysis
- E-Sourcing
- E-Procurement
- Supplier Management
- Contract Management
- Others
By Industry Vertical:
- Retail
- Automotive
- Travel and Logistics
- Electronics
- IT and Telecommunications
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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