Procurement Software Market expands as companies adopt digital tools for streamlining procurement processes.

AUSTIN, TEXAS, UNITED STATES, June 13, 2024 /EINPresswire.com/ -- Market Scope and Overview

The Procurement Software Market was valued at USD 7.40 Billion in 2023, with a projected CAGR of 10.5% to reach USD 16.45 Billion by 2031 as per the SNS Insider report. The Procurement Software market is flourishing due to a confluence of compelling drivers. At the forefront is the automation and streamlining prowess of Procurement Software, which significantly bolsters efficiency and reduces errors within the procurement process. This translates to substantial cost savings through features like spend analysis and negotiation tools, while also effectively curbing maverick buying that can inflate expenses. Furthermore, Procurement Software empowers businesses with robust data analysis capabilities, enabling them to glean valuable insights into spending patterns, optimize sourcing decisions, and make data-driven procurement strategies.

Additionally, modern Procurement Software seamlessly integrates with existing ERP systems, fostering unimpeded data flow and eliminating data silos across departments for enhanced operational efficiency. Compliance is another significant driver, as Procurement Software safeguards adherence to procurement policies and regulations through automated tracking, streamlined contract management, and comprehensive reporting, effectively mitigating the risk of non-compliance issues.

Finally, the market is further propelled by cutting-edge advancements in technology like AI and ML, which are being progressively incorporated into Procurement Software. These advancements unlock features like predictive analytics for more accurate forecasting and automated workflows for even greater streamlining. In essence, these factors are fueling significant growth in the Procurement Software market as businesses strive to optimize procurement processes, achieve substantial cost savings, and gain a strategic edge in the competitive landscape.

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Some of the Major Key Players Studied in this Report are:

➤ JAGGAER
➤ Basware
➤ SAP SE
➤ Oracle
➤ Ivalua
➤ Workday
➤ GEP
➤ Zycus
➤ Coupa Software
➤ Infor
➤ Zycus
➤ Others

Market Segmentation Analysis

The healthcare and pharmaceutical industry has vaulted to the forefront of Procurement Software adoption, propelled by two critical forces. The first force was the COVID-19 pandemic, which ripped through the vulnerabilities of traditional procurement methods. The industry battled the urgent need to efficiently source and secure massive quantities of medical supplies, vaccines, and medicines. Manual processes, slow and cumbersome, were simply overwhelmed by the crisis. Procurement Software emerged as a powerful ally, offering automation, streamlining, and a much-needed window into the complexities of the supply chain. This newfound transparency empowered healthcare providers and pharmaceutical companies to react decisively and effectively in the face of this critical challenge.

The second force driving Procurement Software adoption in healthcare and pharmaceuticals is the highly regulated nature of the industry. Procurement Software acts as a guardian of compliance, ensuring adherence to these regulations. Features like automated approval tracking, streamlined contract management, and comprehensive reporting significantly contribute to a more transparent and compliant procurement process. This not only mitigates the risk of legal issues but also fosters trust with patients and stakeholders. In essence, the unique challenges of procurement in healthcare, coupled with the heightened need for efficiency and compliance during the pandemic, have solidified Procurement Software as an unshakeable pillar for this industry.

Market Segmentation and Sub-Segmentation Included Are:

by Deployment:

➤ Cloud
➤ On-premise

by Enterprise Type:

➤ SMEs
➤ Large Enterprises

by End-user:

➤ Retail & e-Commerce
➤ Healthcare and Pharmaceutical
➤ Manufacturing & Automotive
➤ BFSI
➤ IT & Telecom
➤ Oil & Gas
➤ Energy & Utilities
➤ Others

Increasing Strategic Partnerships are Boosting the Market Growth

The Procurement Software market is a dynamic arena with established players like SAP Ariba (scalable, ERP-integrated) and Oracle PeopleSoft (robust, for large enterprises) facing off against cloud-based challengers like Coupa (user-friendly, for mid-size companies). Ivalua (cloud-native, AI for spend optimization) and Basware (European, strong P2P) are rising stars offering unique value propositions. To choose the right solution, consider your company size, industry, needs, and budget. Cloud and AI are key considerations, and evaluating all players is crucial.

Recent Developments

In a move to enhance customer payment options, Tropic, a software procurement software provider, joined forces with Tranch, a B2B Buy Now, Pay Later (BNPL) provider, in October 2022. This partnership empowers Tropic's customers to split their software costs into manageable installments over up to twelve months. To leverage this benefit, Tropic users simply submit their invoices via Tranch and connect their bank accounts for swift approval.

GEP announced its growth strategy by establishing a new office in Abu Dhabi in September 2022. This expansion solidifies GEP's footprint in the Middle East, enabling it to cater to a broader client base across diverse sectors like aviation, consumer packaged goods (CPG), energy, finance, and oil & gas. The new office strategically positions GEP to deliver its procurement software services to a wider range of companies throughout the region.

North America Dominated the Market in 2023

North America currently sits at the helm of the Procurement Software market. Firstly, the region boasts a powerhouse presence of industry giants like IBM and Coupa Software, fostering a culture of innovation that propels the market forward. Secondly, North America's well-established infrastructure creates a smooth and fertile ground for the adoption of cloud-based procurement solutions. Finally, the focus on centralized procurement processes across many North American businesses fuels a strong demand for software that streamlines and automates these tasks, further solidifying North America's leadership position.

The Asia Pacific (APAC) region is a rising star, experiencing a meteoric surge in Procurement Software adoption. Developing economies like China and India are witnessing a growing need for efficient procurement solutions as their markets mature and integrate with the global economy. Furthermore, improved internet penetration across the APAC region paves the way for the seamless adoption of cloud-based procurement software, removing technological barriers and accelerating market growth.

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Key Takeaways

➤ The Procurement Software market is surging due to a focus on efficiency and cost savings.

➤ Healthcare, finance, manufacturing, and travel are leading the charge in Procurement Software adoption.

➤ Cloud-based solutions are challenging established players in the Procurement Software market.

➤ North America currently holds the top spot in the Procurement Software market.

➤ However, the Asia Pacific region is a fast-growing contender due to developing economies and increased internet penetration.

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Procurement Software Market Segmentation, by Deployment
8.1. Cloud
8.2. On-premise

9. Procurement Software Market Segmentation, by Enterprise Type
9.1. SMEs
9.2. Large Enterprises

10. Procurement Software Market Segmentation, by End-user
10.1. Retail & e-Commerce
10.2. Healthcare and Pharmaceutical
10.3. Manufacturing & Automotive
10.4. BFSI
10.5. IT & Telecom
10.6. Oil & Gas
10.7. Energy & Utilities
10.8. Others

11. Regional Analysis
11.1. Introduction
11.2. North America
11.3. Europe
11.4. Asia-Pacific
11.5. The Middle East & Africa
11.6. Latin America

12. Company Profile

13. Competitive Landscape
13.1. Competitive Benchmarking
13.2. Market Share Analysis
13.3. Recent Developments

14. USE Cases and Best Practices

15. Conclusion

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