Procurement Software Market Investigation & Industry Evolution and forecast till 2031

The "Procurement Software Market" prioritizes cost control and efficiency enhancement. Additionally, the reports cover both the demand and supply sides of the market. The Procurement Software market is anticipated to grow at an annual rate of 11.7% from 2024 to 2031.

This entire report is of 195 pages.

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Procurement Software Market Analysis

The procurement software market research report highlights the current market conditions, with a focus on the rising demand for efficient procurement processes. Procurement software assists organizations in streamlining their purchasing activities, managing supplier relationships, and controlling costs. The target market for procurement software includes industries such as manufacturing, retail, healthcare, and government sectors. Major factors driving revenue growth in the procurement software market include the increasing adoption of cloud-based solutions, the need for cost savings, and the trend towards digital transformation. Companies such as Basware, IBM, Oracle, SAP, and others are key players in the market, offering a wide range of procurement software solutions. The report's main findings highlight the market's growth potential and recommend investing in innovative technologies to stay competitive in the rapidly evolving procurement landscape.

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The Procurement Software market is experiencing significant growth with various deployment models including Cloud and On-premises. These solutions cater to a wide range of applications such as The School, The Factory, The Hospital, The Supermarket, and other industries. The market is segmented based on these applications to provide tailored solutions for specific needs.

Regulatory and legal factors play a crucial role in shaping the market conditions. Compliance with procurement laws, data security regulations, and industry standards are essential for software providers to ensure customer trust and satisfaction. Additionally, factors like government policies, trade agreements, and economic conditions also influence the market dynamics.

Overall, the Procurement Software market is evolving rapidly to meet the increasing demand for efficient and effective procurement processes across various industries. As businesses strive to streamline operations and reduce costs, investing in the right procurement software solution is paramount. With proper attention to regulatory and legal factors, vendors can navigate the market landscape successfully and deliver value to their customers.

Top Featured Companies Dominating the Global Procurement Software Market

The procurement software market is highly competitive and consists of several key players such as Basware, IBM, Oracle, PROACTIS, SAP, SciQuest, BravoSolution, BuyerQuest, Coupa Software, Elcom, Epicor, Infor, IQNavigator, Ivalua, JDA Software. These companies offer a wide range of procurement software solutions that help organizations streamline their procurement processes, improve efficiency, and reduce costs.

Companies like Basware, SAP, and Oracle provide comprehensive procurement software suites that cover a wide range of functionalities such as supplier management, sourcing, contract management, and spend analysis. These companies cater to large enterprises with complex procurement needs.

On the other hand, companies like Coupa Software and BuyerQuest focus on providing cloud-based procurement solutions that are easy to implement and scale. These companies target small to medium-sized businesses looking for affordable and user-friendly procurement software.

The use of procurement software helps organizations automate manual processes, improve visibility into spend data, and optimize supplier relationships. By implementing procurement software, companies can achieve cost savings, reduce supply chain risk, and drive overall business growth.

In terms of sales revenue, SAP reported a total revenue of $ billion in 2020, while Oracle reported a total revenue of $39.07 billion in the same year. Coupa Software reported a total revenue of $542.4 million for the fiscal year 2021.

Overall, companies like Basware, SAP, Oracle, Coupa Software, and others play a crucial role in the growth of the procurement software market by offering innovative solutions that meet the evolving needs of organizations across various industries.

Basware
IBM
Oracle
PROACTIS
SAP
SciQuest
BravoSolution
BuyerQuest
Coupa Software
Elcom
Epicor
Infor
IQNavigator
Ivalua
JDA Software

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Procurement Software Segment Analysis

Procurement Software Market, by Application:

The School
The Factory
The Hospital
The Supermarket
Other

Procurement software is used in various industries including schools, factories, hospitals, supermarkets, and others to streamline the purchasing process. In a school, the software helps manage supplies and equipment procurement. In a factory, it aids in sourcing raw materials and tracking inventory. In a hospital, it facilitates the procurement of medical supplies and equipment. In a supermarket, it assists in managing inventory and ordering products. The fastest growing application segment in terms of revenue is the healthcare industry, as hospitals and healthcare facilities increasingly adopt procurement software to improve efficiency and reduce costs in the procurement process.

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Procurement Software Market, by Type:

Cloud
On-premises

Cloud-based procurement software is hosted on remote servers and accessed through the internet, providing flexibility, scalability, and cost-effectiveness. On-premises procurement software is installed and operated on a company's local servers, offering greater control and security. Both types help boost the demand for procurement software by catering to individual needs and preferences of businesses, increasing efficiency, streamlining processes, enhancing visibility and collaboration, improving decision-making, and ensuring compliance. Cloud-based solutions are preferred for their ease of implementation and maintenance, while on-premises solutions are chosen by businesses with specific security or regulatory requirements. Overall, these types drive the growth of the procurement software market by meeting diverse customer needs.

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Regional Analysis:

North America:

United States
Canada

Europe:

Germany
France
U.K.
Italy
Russia

Asia-Pacific:

China
Japan
South Korea
India
Australia
China Taiwan
Indonesia
Thailand
Malaysia

Latin America:

Mexico
Brazil
Argentina Korea
Colombia

Middle East & Africa:

Turkey
Saudi
Arabia
UAE
Korea

The procurement software market is expected to witness significant growth in various regions. North America, led by the United States and Canada, is expected to dominate the market due to widespread adoption of technology. Similarly, Europe, with countries like Germany, France, and the ., is expected to see substantial growth. Asia-Pacific, especially China, Japan, South Korea, and India, is projected to witness a rapid increase in market share. Latin America, including Mexico, Brazil, and Argentina, is also expected to contribute to the market growth. The Middle East and Africa region, comprising Turkey, Saudi Arabia, and the UAE, is anticipated to experience steady growth in market share. The market share percent valuation is estimated to be highest in North America and Europe, followed by Asia-Pacific and Latin America. The expected market share of the procurement software market in different regions is projected to vary based on technological advancements, adoption rates, and regulatory factors.

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