Market Scenario

Procurement Software Market to hit14.10 billion with a 10.1% CAGR by 2030 owing to the rising need to automate the procurement processes, asserts Market Research Future (MRFR). The Procurement Software Market research report offers a primary overview of the industry covering different product definitions, classifications, and participants in the industry chain structure.

Procurement software is referred to as a program that comprises several features as it assists in generating the purchase order, executing online ordering procedure, electronic payment of bills, and matching of the invoices to the materials received. Procurement software also helps to increase productivity, reduces spending controls, external costs, process efficiencies, generates electronic requests for information, electronic requests for quotation, and electronic requests for proposal. Along with the e-procurement, procurement software helps to reduce the complete procurement life cycle.

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Drivers and Constraints Impacting the Market

With enterprises looking forward to automating their product inventory management, the importance of procurement software is considered to stimulate during the assessment period. The use of such software solutions enables enterprises to minimize the operational cost and increase efficiency as well. Also, consolidation of supply chain management coupled with the centralization of procurement processes is fueling the demand for well-written procurement suites. Such factors are anticipated to foster the market growth during the appraisal period. Procurement software further assists the organizations to venture new markets by consolidating supply chain. It triggers the penetration of customer-centric markets by establishing strong distribution systems and enhancing operational efficiency for prompt delivery. The software also allows an uninterrupted flow of raw materials by simplifying decision-making regarding the sales and demand forecast. Such factors are likely to catapult the market growth on an upward trajectory.

On the flip side, the quality control might suffer due to the automation of the procurement process, thereby inhibiting the market growth to a large extent. Moreover, complex process and extensive training are some of the other factors likely to dampen the market growth in the coming years.

Segmental Analysis

The global procurement software market has been segmented on the basis of deployment, software, and vertical.

By Deployment

• On-cloud
• On-premise

By Software Type

• Supplier Management
• Contract Management
• E-procurement
• E-sourcing
• Spend Analysis

By Organization Size

• Small and medium size Enterprises (SME)
• Large Enterprises

By Vertical

• Travel & Logistics
• IT & Telecommunications
• Electronics
• Automotive
• Retail
• Mining
• Others

Regional Insights

Geographically, the procurement software market span across regions namely, Europe, North America, the Middle East & Africa, Asia Pacific, and Latin America.

Among all the regions, the North American region is considered to occupy the largest market share and is estimated to maintain its dominance in the coming years. The factors aiding the proliferation of the market are the presence of a well-developed infrastructure, major market players, and increasing demand for centralized procurement process in this region.

The European region is likely to occupy the second-largest position of the global market, owing to the presence of Germany as the leading regional market. The growth is credited to the augmenting adoption of procurement software in the IT & communications industry in this region.

Asia Pacific is presumed to witness a steeper rise in the market growth, registering a higher CAGR. The growth is credited to the accelerating manufacturing units, thriving retail sector in country-level markets, and catalyzed investments by the global players in this region.

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Key Players