The global procurement software market will grow at a 9.6% CAGR by 2027 states the latest Market Research Future (MRFR) report.
Eminent players profiled in the global procurement software market report include 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.), and IBM Corporation (U.S.).
Increasing Need of Procurement Process Automation to Boost Market Growth
The increasing need of procurement process automation that reduces the complexity and offers transparent information within the organization will boost market growth over the forecast period.
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Implementation of Government Policies to offer Robust Opportunities
The implementation of government policies coupled with the flow of international transactions among nations will offer robust opportunities for the procurement software market in the forecast period.
Besides, the integration of AI with software is also adding market growth.
Data Protection Risks may act as Market Restraints
Data protection risks and cyber-security may act as market restraint over the forecast period. Besides, the lack of infrastructure in most organizations which is compatible with conventional and old systems may also impede market growth.
Complexity Regarding Integration with Existing System to act as Market Challenge
The complexity regarding integration with existing system may act as market challenge over the forecast period. Also, quality issues caused by automation as well as shortage of skilled individuals in procurement may also impact market growth.
APAC to Spearhead Procurement Software Market
The APAC region will spearhead the procurement software market over the forecast period. Large number of logistic firms based in India and China, the setup of manufacturing units and investments in the procurement software market, the increasing purchasing power of customers, mid-sized companies that can control the benefits and spending from real-time visibility in the procurement process, the presence of several logistics firms in China and India, and the need for sourcing and category expertise strong need to build better supplier relationships improved purchasing experience are adding to the global procurement software market growth in the region.
North America to Have Favorable Growth in Procurement Software Market
North America will have favorable growth in the procurement software market over the forecast period. The growing need for centralized procurement processes, growing initiatives by the government and non-government organizations to strengthen the manufacturing industry in the US, centralization of procurement processes, and strong collaboration between retail organizations are adding to the global procurement software market growth in the region.
The global procurement software market is bifurcated based on deployment, software type, organization size, and vertical.
By deployment, the on-premise segment will lead the market over the forecast period.
By software type, the spend analysis segment will dominate the market over the forecast period.
By organization size, the SMEs segment will spearhead the market over the forecast period.
By vertical, the retail segment will have lions share in the market over the forecast period.
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Supply chain disruptions, economic situations, fluctuations in demand share, as well as long term immediate effect of the COVID-19 pandemic possessed a negative effect on the procurement software market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. But with the relaxation of lockdowns, this market is likely to get back to normalcy soon.
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