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Global Procurement Software Market Set to Reach US$ 15,140.1 Million by 2031: Astute Analytica
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New Delhi, March 24, 2023 (GLOBE NEWSWIRE) — Astute Analytica has published a new research report titled “Global Procurement Software Market Share, Size, Trends, Industry Analysis Report, By Deployment (Cloud-based and On-premise); Software (Spend Analysis, E-Sourcing, and E-Procurement); Industry (Retail, Manufacturing, Transportation & Logistics, Healthcare, and Others); By Region; Segment Forecast, 2023 – 2031” in its research database.
The global procurement software market is rapidly expanding, with businesses around the world turning to these tools to streamline their supply chain processes and cut costs. In recent years, the market has seen tremendous growth due to the increasing need for automation and optimization of procurement operations. This growth is being driven by the increasing demand for cost-effective procurement processes, as well as the need for better visibility and control over the supply chain.
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One of the key drivers of this market is the growing adoption of cloud-based procurement software. Cloud-based solutions offer numerous benefits over traditional on-premise software, including scalability, flexibility, and cost-effectiveness. As a result, many businesses are making the switch to cloud-based procurement solutions, which is fueling market growth.
Another key trend in the procurement software market is the integration of artificial intelligence (AI) and machine learning (ML) technologies. These technologies are being used to automate routine procurement tasks, such as purchase order creation and supplier identification. They are also being used to provide real-time insights into procurement operations, enabling businesses to make more informed decisions.
In addition to these trends, there are several other factors driving the growth of the market. These include increasing globalization, which is creating a more complex supply chain environment, and the need for businesses to comply with regulatory requirements. The procurement software market is also being driven by the growing adoption of e-commerce platforms. These platforms are making it easier for businesses to source and procure goods and services online, which is driving demand for procurement software.
Astute Analytica’s Study Reveals Changing Technology Landscape is Shaping Global Procurement Software Market
- AI and ML are transforming procurement, automating processes, improving supplier performance, and optimizing spend management. 51% of procurement leaders believe AI and ML will have a significant impact in the next few years.
- Integration with other enterprise systems is critical for better visibility into organizational spend and supplier performance. Over 80% of procurement solutions will be integrated with other enterprise systems by 2025.
- Sustainability is a key focus area, with 97% of procurement leaders seeing it as important for their organizations. Procurement software with sustainability features, such as carbon footprint tracking, is being developed.
- Mobile procurement is on the rise, with a CAGR of 14.5% expected between 2023 and 2031, enabling procurement teams to manage processes on the go in the procurement software market.
- Blockchain is gaining traction for secure and transparent transactions, reducing fraud and improving supply chain visibility.
- Vendor management is becoming increasingly important, with 70% of procurement leaders prioritizing it in the next two years. Procurement software is being developed with vendor management features such as vendor performance tracking and risk management.
- Data analytics is enabling better decision-making, with 60% of procurement leaders seeing it as a significant enabler for their organizations in the next few years. Data analytics provides insights into spend patterns, supplier performance, and contract compliance.
Cloud-Based Procurement Software Takes the Lead in the Global Procurement Software Market with over 63% Revenue Share
The shift from on-premise to cloud-based procurement software is driven by the rising adoption of cloud technology across industries. Astute Analytica predicts that by 2031, cloud-based deployment will account for over 63% of the procurement software market’s revenue. This trend is fueled by key factors:
- Flexibility & scalability: Cloud-based solutions allow organizations to easily adjust to changing business needs without the cost and limitations of on-premise infrastructure.
- Collaboration and transparency: Cloud procurement software enables real-time data access, fostering effective collaboration and informed decision-making.
- Security: Cloud providers invest heavily in security measures, offering better protection against cyber threats compared to on-premise solutions.
- Digital transformation: As organizations embrace digital technology, cloud-based procurement software supports automation, cost reduction, and efficiency improvements.
Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/procurement-software-market
BFSI Industry Continues to Lead as the Largest Contributor with Over 25% Revenue Share to the Global Procurement Software Market
The Banking, Financial Services, and Insurance (BFSI) sector is expected to remain a leading revenue generator in the market. This prominence can be attributed to several factors:
- High transaction volume: The BFSI sector handles a vast number of transactions daily, requiring robust procurement processes to manage expenses, purchases, and supplier relationships. Procurement software streamlines these processes, resulting in cost savings and operational efficiency.
- Regulatory compliance: Financial institutions must adhere to strict regulations and compliance requirements. Procurement software enables organizations to maintain records, track spending, and ensure compliance with procurement policies and regulations, reducing the risk of non-compliance penalties.
- Risk management: Procurement software supports risk management in the BFSI sector by providing real-time visibility into supplier performance, assisting in the identification of potential risks, and facilitating the implementation of mitigation strategies in the procurement software market.
- Security: As BFSI institutions handle sensitive data, security is a top priority. Cloud-based procurement software offers enhanced security measures, addressing concerns related to data breaches and cyber threats.
- Digital transformation: BFSI organizations are rapidly adopting digital technologies to optimize their operations. Procurement software aids in this transformation by automating manual tasks, improving data accuracy, and enabling data-driven decision-making.
Top 4 Players are Generating More than 40% Share of Global Procurement Software Market
The global market has been witnessing significant growth in recent years, due in part to the increasing adoption of automation and digitization in procurement processes. The market is characterized by the dominance of a few major players who offer a wide range of procurement software solutions to customers across different industries.
The global procurement software market is dominated by a few major players, including SAP SE, Oracle Corporation, Coupa Software Inc., and GEP, who together hold a combined share of more than 40%. SAP SE leads the market with a 24.7% share, followed by Oracle Corporation, while Coupa Software Inc. and GEP hold smaller shares. Despite the market being highly consolidated, it is constantly evolving, driven by factors such as technological advancements, changing customer preferences, and regulatory changes. This underscores the need for companies operating in this space to remain agile and adapt to changing market dynamics in order to remain competitive.
SAP SE, for instance, offers a comprehensive suite of procurement software solutions, including Ariba, which enables companies to automate their procurement processes, streamline supplier collaboration, and gain greater visibility into their supply chain. Similarly, Oracle Corporation offers its own procurement software solutions, such as Oracle Procurement Cloud, which helps companies streamline procurement processes, reduce costs, and increase efficiency.
Coupa Software Inc. and GEP, while holding relatively smaller market shares, are still significant players in the procurement software market. Coupa Software offers a cloud-based platform that helps companies manage spend, suppliers, and contracts, while GEP offers a range of procurement software solutions that cover strategic sourcing, spend analysis, and supplier management.
Despite the dominance of these major players, the global market remains highly competitive, with new entrants constantly emerging and disrupting the market. Factors such as technological advancements, changing customer preferences, and regulatory changes are driving the evolution of the market and creating new opportunities for growth and innovation.
Some of the Top Market Players Are:
- SAP SE
- Proactis Holdings PLC
- Coupa Software Inc.
- Microsoft Corporation
- Oracle Corporation
- Epicor Software Corporation
- GEP
- Ginesys
- Zycus, Inc.
- Ivalua Inc.
- Infor Inc.
- Jaggaer
- Tangoe, Inc.
- Other Prominent Players
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About Astute Analytica
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