Global Procurement Software Market 2023-2027

Global Procurement Software Market 2023-2027

Technavio has been monitoring the procurement software market and is forecast to grow by $4903.04 mn during 2022-2027, accelerating at a CAGR of 10.2% during the forecast period. Our report on the procurement software market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by growth in e-commerce and the organized retail industry, need to improve business efficiency, and recent development in procurement software.

Technavio's procurement software market is segmented as below:

By DeploymentCloudOn-premisesBy End-userRetail and e-commerceHealthcare and pharmaceuticalsManufacturing and automotiveIT and telecomBSFI and othersBy GeographyNorth AmericaEuropeAPACSouth AmericaMiddle East and AfricaThis study identifies the integration of AI in procurement process as one of the prime reasons driving the procurement software market growth during the next few years. Also, the growing demand for e-procurement and the increasing number of partnerships will lead to sizable demand in the market.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on the procurement software market covers the following areas:Procurement software market sizingProcurement software market forecastProcurement software market industry analysisTechnavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading procurement software market vendors that include Basware Corp., BirchStreet Systems Inc., Coupa Software Inc., Elcom System Ltd., Enaviya Information Technology Pvt. Ltd., Epicor Software Corp., Ginni Systems Ltd., Infor Inc., International Business Machines Corp., Ivalua Inc., JAGGAER LLC, Microsoft Corp., NB Ventures Inc., Oracle Corp., ORO Labs Inc., SAP SE, ScienceSoft USA Corp., SunSmart Technologies Pvt. Ltd., SutiSoft Inc., Tata Consultancy Services Ltd., Tropic Technologies Inc., Workday Inc., and Zycus Inc. Also, the procurement software market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.