Global Procurement Software Market to Reach USD 15.13 Billion by 2030 at a CAGR of 10.8%

The global procurement software market is expected to reach USD 15.13 billion by 2030, growing at a CAGR of 10.8% from 2023 to 2030, according to a new report by Maximize Market Research.

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Market Overview

Procurement software streamlines and automates the procurement process within organizations, facilitating tasks like sourcing suppliers, managing contracts, processing purchase orders, and tracking inventory. This market is driven by the increasing need for organizations to improve efficiency, reduce costs, and gain better visibility into their spending.

Scope

The report provides a comprehensive analysis of the current trends, market dynamics, market structure, and revenue structure of the global procurement software market. It also offers insights into the key drivers, challenges, and opportunities affecting the market's growth.

Segmentation

The procurement software market is segmented by deployment type (on-premises and cloud-based) and industry vertical (manufacturing, healthcare, retail, government, and financial services).

• Deployment Type: Cloud-based procurement software is expected to witness significant growth due to its cost-efficiency, agility, and scalability. However, on-premises solutions are still preferred by organizations with complex procurement processes or strict data localization requirements.
• Industry Vertical: The manufacturing sector is expected to hold the largest market share due to its complex supply chains and high volume of procurement activities. However, other sectors like healthcare and retail are also increasingly adopting procurement software to improve efficiency and compliance.

Market Players

The procurement software market is home to a number of leading players, including:

• North America: SAP Ariba (US), Coupa Software (US), Oracle Corporation (US)
• Europe: SynerTrade (France), Proactis (UK), Mercateo (Germany)
• Asia-Pacific: Vroozi Asia Pacific (Singapore), SAP Ariba APJ

Regional Analysis

North America is expected to remain the dominant region in the global procurement software market due to the presence of a large number of established players and a high adoption rate of advanced technologies. However, the Asia-Pacific region is expected to witness the fastest growth due to the rapid development of its manufacturing and retail sectors.

Key Questions Answered

The report answers key questions such as:

• What is the current size and forecast of the global procurement software market?
• What are the key growth drivers and challenges in the market?
• Which are the leading players in the market?
• Which region is expected to hold the largest market share?

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