Procurement Software Market Size [25.24 bn] 2022-2032: Technology and Outlook
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Page Contents
Market Overview
Published Via 11Press: According to Market.us' report, the global Procurement Software market size was valued at USD 6.69 billion in 2022 and is forecasted to reach USD 25.24 billion by 2032, growing at a compound annual growth rate (CAGR) of 14.2% during this forecast period.
The report highlights the rising demand for procurement automation solutions to streamline the procurement process and reduce manual errors as one of the primary factors fueling growth in the Procurement Software market. Furthermore, cloud-based procurement software solutions and an increasing focus on supply chain visibility are other major drivers contributing to market development.
Geographically, the report divides the Procurement Software market into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is expected to hold the largest market share during the forecast period followed by Europe and Asia Pacific. It notes that the high adoption of digital technologies, established IT infrastructure, and the presence of major procurement software vendors in North America are driving growth in this region.
Overall, the Procurement Software market is expected to experience significant growth over the coming years due to increasing demand for procurement automation solutions, increased attention paid to supply chain visibility, and increasing adoption of cloud-based procurement software programs.
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Key Takeaway
- The Procurement Software market is expected to experience strong growth over the coming years, driven by increasing demand for procurement automation solutions, increased focus on supply chain visibility, and adoption of cloud-based procurement software programs.
- In 2020, the market is valued at USD 5.13 billion and is forecast to reach a whopping $9.96 billion by 2025, expanding at an impressive compound annual growth rate (CAGR) of 14.2% during this forecast period.
- North America is expected to hold the largest market share during this forecast period, followed by Europe and Asia Pacific.
- This report segments the market by type, application, and region.
Regional Snapshot
- Market.us projects that North America will account for the majority of revenue in the Procurement Software market during the forecast period, followed by Europe and Asia Pacific. The high adoption of digital technologies established IT infrastructure, and the presence of major procurement software vendors in this region are all driving growth in this region.
- Europe is expected to experience substantial growth in the Procurement Software market due to the increasing adoption of cloud-based procurement solutions and a need for efficient procurement processes in the region. Likewise, Asia Pacific regions such as China, India, and Japan are predicted to experience rapid expansion within this space due to their increasing reliance on advanced procurement software solutions.
- Furthermore, the Middle East and Africa (MEA) and Latin America are expected to experience significant growth in the Procurement Software market due to the increasing adoption of digital technologies and focus on supply chain visibility in those regions. Furthermore, the COVID-19 pandemic has further spurred the adoption of procurement software solutions worldwide as businesses seek ways to streamline procurement processes while ensuring business continuity during this crisis.
Drivers
There are several drivers that are fueling the growth of the Procurement Software market.
- First and foremost, the growing need for procurement automation solutions to streamline the buying process and reduce manual errors is a major driver of the market. Procurement software helps businesses automate their purchases, decreasing the chance of errors, and improving efficiency in the process.
- Secondly, the growing importance of supply chain visibility is propelling businesses to adopt procurement software solutions. These programs give companies real-time insight into their supply chains, enabling them to identify and resolve issues promptly, as well as make more informed procurement decisions.
- Thirdly, cloud-based procurement software solutions are another major force in the market. Cloud-based systems offer several advantages such as lower costs, greater adaptability, and easier scalability that make them attractive options for businesses of all sizes.
- Fourthly, the growing adoption of digital technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics is fueling the Procurement Software market. These solutions enable businesses to automate and optimize their procurement processes, cutting costs while improving efficiency.
- Finally, the COVID-19 pandemic has driven the global adoption of procurement software solutions as businesses search for ways to streamline their purchasing processes and maintain business continuity during this trying time.
Restraints
- One major challenge facing procurement software solutions is their high implementation costs. Many small and medium-sized enterprises (SMEs) may not be able to justify investing in such solutions, potentially restricting their adoption.
- Another hindrance is a lack of awareness and comprehension of procurement software solutions among businesses. Many may not fully appreciate its advantages, which could limit their adoption rate.
- Integration with legacy systems is a major obstacle for businesses looking to implement procurement software solutions. Procurement software must be seamlessly integrated with existing legacy systems, an intricate and time-consuming process.
- Data security and privacy issues could pose potential barriers for the procurement software market. With businesses increasingly reliant on digital technologies, the risk of cyberattacks or data breaches increases, potentially restricting their adoption of these solutions.
- Finally, a lack of qualified professionals to manage and operate procurement software solutions could be another deterrent. Many businesses may lack the necessary resources or know-how to effectively utilize these solutions, potentially hindering their adoption.
Opportunities
- First and foremost, the increasing adoption of cloud-based procurement software solutions presents a major opportunity for the market. As businesses transition their procurement processes to the cloud, there is an increasing demand for cloud-based procurement software solutions that offer scalability, adaptability, and cost efficiency.
- Second, the growing adoption of artificial intelligence (AI), machine learning (ML), and big data analytics presents a huge market opportunity. These technologies can help businesses optimize their procurement processes, cut costs, and boost efficiency – ultimately driving demand for procurement software solutions that incorporate these advanced features.
- Thirdly, the growing adoption of mobile devices and the trend toward bringing your own device (BYOD) are expected to fuel demand for mobile procurement software solutions. As more employees work remotely or while on the go, there is an increasing need for software solutions that enable employees to access procurement data and processes from their handhelds.
- Fourthly, the growing trend of outsourcing procurement services presents an opportunity for the procurement software market. As more businesses entrust their procurement tasks to third-party providers, there is an increasing need for software solutions that can integrate with these providers' systems and processes.
- Finally, the growing emphasis on sustainability and social responsibility in procurement presents a market opportunity. As businesses strive to bolster their sustainability credentials, there is an increasing demand for procurement software solutions that can help them monitor and manage their sustainability performance.
View Detailed TOC of the Report | https://market.us/report/procurement-software-market/table-of-content/
Challenges
- One of the major challenges in procurement today is its complexity. Procurement software solutions must keep up with this growing complexity to offer comprehensive and efficient solutions.
- Another issue facing procurement software solutions is a lack of standardization across procurement processes. Due to these variations, it can be difficult for them to provide uniform solutions that apply across different businesses and industries.
- Integration with legacy systems is a significant hurdle for businesses attempting to implement procurement software solutions. Procurement software must be seamlessly integrated with existing legacy systems, which can be an intricate and time-consuming process.
- Data security and privacy issues are potential obstacles facing the procurement software market. With businesses increasingly reliant on digital technologies, there is an increased risk of cyberattacks or data breaches which could limit their adoption of these solutions.
- The management and operation of procurement software solutions may be hampered by a lack of qualified personnel. The inability of many firms to administer these technologies effectively due to a lack of resources or knowledge could delay their adoption.
- The hefty initial expenses and continuing maintenance of procurement software solutions may worry SME's. It may be difficult for many SMEs to afford these software options. They can lose favor as a result.
Key Market Segments
Type
- Cloud
- On-premises
Application
- PC Terminal
- Mobile Terminal
Key Market Players
- Rubberstamp
- Xeeva
- Tradogram
- Paperless Business Systems
- Procurify
- Basware
- NextProcess
- InstaSupply
- Ariett
- Officewise
- Infinite Source Systems Corporation
- Gatekeeper
- eBid Systems
Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 6.69 Bn |
| Revenue forecast by 2032 | USD 25.24 Bn |
| Growth Rate | CAGR Of 14.2% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
Frequently Asked Question
Q: What is the current market size for the Procurement Software Market?
A: According to a report by Market.us, the Procurement Software Market was valued at USD 6.69 billion in 2022 and is expected to reach USD 25.24 billion by 2032, growing at a CAGR of 14.2% during the forecast period.
Q: What are the key segments of the Procurement Software Market?
A: The Procurement Software Market can be segmented based on Type (Cloud, On-premises), By Application (PC Terminal, Mobile Terminal), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
Q: Who are the key players in the Procurement Software Market?
A: Some of the key players in the Procurement Software Market include Rubberstamp, Xeeva, Tradogram, Paperless Business Systems, Procurify, Basware, NextProcess, InstaSupply, Ariett, Officewise, Infinite Source Systems Corporation, Gatekeeper, eBid Systems.
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