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Global procurement software market anticipated value of USD 13632.99 million by 2027
The procurement software market efficiently handles order processing, purchase orders, matching bills of transactions, and optimize its resource allocations, among others that are boosting the market demand across the globe. A remarkable increase in demand is observed by organizations because of the increased need for automated procurement processes. The emergence of new business models that are contributing to the demand growth of the procurement software market. It enables businesses to ease their procurement process from the remote location that increases companies' market value.
It enables businesses to ease their procurement process from the remote location that increases companies' market value. Businesses are entering into strategic partnerships and adopting mobile applications which are significantly contributing to the market demand of the procurement software market. Such advents in the business models are creating certain key factors supporting market development.
The global procurement software market is estimated at USD 6471.99 million in 2018 to an estimated value of USD 13632.99 million by 2025, at a CAGR of 9.76% for 2018-2025.
Cloud-based procurement software is projected to have significant market growth:
The trend of public/cloud-based software accounts to be having a significant amount of market share increase in the forecast period. Moreover, the professionals could be able to adapt and initiate their processes by procurement software because of its ease of use fueling its market share. On-premises and other software procurement offerings accounted for a market share of 44.7% and cloud-based software accounts for 55.1% in the year 2018.
It has been observed that the market for cloud-based procurement software is outpacing the market of the on-premise market irrespective of the region. It has been observed that the market for cloud-based procurement software is outpacing the market of the on-premise market irrespective of the region. Thus end-user segment is observed to be driving the market because they are looking out for a means which offers an intuitive user experience. There is a higher request for the centralized system for managing procurement processes in the North American region and this market is stabilized recently.
European market to experience the highest growth in procurement software:
Growth is projected for the European region for procurement software because of the predominant growth of IT and communications market establishments. Thus, this region is expected to have an expansion of organizations and the need for such software is required to ease their supply chain processes. The market has a market share of 35.2% during 2018 which stands as the second-most anticipated market share for this market. Whereas, Asia-Pacific has the third-largest market share of12.1% among others due to its technological advancements and new establishments rising during 2018-2025.
SAP has an acquired highest market share among others. Its market share is estimated at 25.6% with a CAGR of 4.1%. Procurement software market has a higher competitive companies that are driving this market includes; IBM, Proactis, Jaggaer, BravoSolution SPA, Coupa Software Inc., Infor, JDA Software Group, Inc., Tradeshift, Vinimaya, Basware, Oracle, SAP, BuyerQuest Holdings Inc., Epicor Software Corporation, Ivalua Inc., OpusCapita Group Oy, Tungsten Corporation Plc., and Zycus Inc.
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