Procurement Software Market is poised to reach USD 14.10 billion, growing at a 10.1% CAGR by 2030 – Report by Market Research Future (MRFR)

Market Research Future Insights

According to MRFR analysis, the Procurement Software Market size is expected to register a CAGR of 10.1% from 2020 to 2030 and hold a value of over USD 14.10 billion by 2030.

The Procurement Software Market refers to the segment of the software industry that provides digital solutions for managing the procurement process of businesses. Procurement software enables businesses to streamline their purchasing activities, automate procurement workflows, and manage supplier relationships more effectively. These solutions help businesses to optimize their procurement operations, reduce costs, increase efficiency, and improve transparency and compliance in the procurement process. The procurement software market is growing rapidly due to the increasing adoption of digital technologies and the growing demand for automation and process optimization in procurement activities.

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The COVID-19 pandemic had a significant impact on the Procurement Software Market. The pandemic has created new opportunities for the procurement software market as businesses have accelerated their digital transformation efforts to adapt to remote work and online transactions.

On the other hand, the pandemic has also led to a decline in overall business spending and budgets, which has affected the procurement software market. Many companies have had to reduce their investments in new technology and software solutions to prioritize essential expenses during the pandemic.

Key Players

Some of the key market players are:

• Coupa Software Incorporated (U.S.)
• Epicor Software Corporation (U.S.)
• JDA Software Inc. (U.S.)
• Zycus Inc. (U.S.)
• SAP SE (Germany)
• Mercateo AG (Germany)
• Oracle Corporation (U.S.)
• Infor Inc. (U.S.)
• IBM Corporation (U.S.).

Procurement Software Market Report Scope:

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Regional Analysis

North America is currently the largest region in the Procurement Software Market in terms of revenue and market share.

The United States and Canada are the major contributors to the growth of the procurement software market in North America. The region’s dominance can be attributed to factors such as the early adoption of technology, high awareness about the benefits of procurement software, and the presence of several key players in the region.

The high concentration of large enterprises in North America and their increasing focus on procurement automation and optimization is driving the demand for procurement software solutions.

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Market Segmentation

The Procurement Software Market has been segmented into software type and size.

Based on the software type, the market has been segmented into supplier management, contract management and E-procurement.

Based on the size, the market has been segmented into small and medium size enterprises and large enterprises.

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