Procurement software market to grow by USD 4,903.04 million from 2022 to 2027|Improvements in business efficiency to drive market growth - Technavio

NEW YORK, July 21, 2023 /PRNewswire/ -- The procurement software market size is forecast to increase by USD 4,903.04 million from 2022 to 2027, at a CAGR of 10.2%, according to the recent market study by Technavio. The growth of the market will be driven by the growth in e-commerce and the organized retail industry, the need to improve business efficiency, and the recent development in procurement software. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

Technavio has extensively analyzed 15 major vendors, including 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.

• Basware Corp.: The company offers procurement software, namely Basware e-Procurement. The company is involved in offering the services of procure to pay solutions, AP automation, e-procurement, and addition services such as supplier management, working capital, and payments. 
• Coupa Software Inc.:The company offers procurement software namely Coupa Procurement.

Get a holistic overview of the Procurement software market by industry experts to evaluate and develop growth strategies. Download the Sample

Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Expand operations in the future - To get requisite details, ask for a custom report

Procurement software market - Segmentation Assessment

This procurement software market report extensively covers market segmentation by deployment (cloud and on-premises), end-user (retail and e-commerce, healthcare and pharmaceuticals, manufacturing and automotive, IT and telecom, BFSI, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The cloud segment will be significant for market growth during the forecast period. Enterprises do not have to spend time setting up servers and procuring licenses with the help of cloud-based procurement software. This led to various vendors in this market offering cloud-based procurement software to cater to the growing demand from various end-users. Hence, such factors will increase the demand for this segment during the forecast period.

To get detailed insights about inclusions and exclusions, buy the report 

Procurement software market - Market Dynamics

Key Drivers

Improvements in business efficiency drive market growth during the forecast period. Procurement analysis considers multiple areas throughout the procurement process, providing a variety of benefits to an organization. The benefits include better supplier management with comprehensive data management. Moreover, procurement solution organizes and manages supplier information, which maximizes supplier engagement, thereby increasing efficiency and minimizing risks. Hence, such factors drive the growth of the procurement software market during the forecast period.

Major Challenges

Complexity regarding integration with existing systems and supplier onboarding challenges the growth of the market during the forecast period. The challenge lies in the fact that each company has its own systems and suppliers. This makes it difficult to integrate procurement software with all of them seamlessly. Suppliers may have varying levels of technological capabilities, and some may not have the necessary resources or knowledge to integrate with a new procurement software. Hence, such challenges hinder the market growth during the forecast period.

What are the key data covered in this procurement software market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the procurement software market between 2023 and 2027
• Precise estimation of the size of the procurement software market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the procurement software market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of procurement software market vendors

Gain instant access to 17,000+ market research reports. 
Technavio's SUBSCRIPTION platform

Related Reports:

The Third-Party Logistics Software Market is projected to grow by USD 579.54 million with a CAGR of 9.48% during the forecast period 2021 to 2026. Furthermore, this report extensively covers the Third-Party logistics software market segmentations by deployment (cloud and on-premise) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). Rising private equity (PE) investments in the logistics industry are one of the key factors driving the global third-party logistics (3PL) software market growth.

The time tracking software market size is estimated to grow at a CAGR of 15.05% between 2022 and 2027. The market size is forecast to increase by USD 2,599.62 million. This time tracking software market report extensively covers market segmentation by component (software and services), deployment (on-premise and cloud-based), and geography (North America, Europe, APAC, Middle East and Africa, and South America). The increasing need for workforce management is notably driving market growth.

Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global procurement software market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global procurement software market 2017 - 2021 ($ million)

• 4.2 Deployment Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Deployment Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Deployment

• 6.1 Market segments
• Exhibit 30: Chart on Deployment - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Deployment - Market share 2022-2027 (%)

• 6.2 Comparison by Deployment 
• Exhibit 32: Chart on Comparison by Deployment
• Exhibit 33: Data Table on Comparison by Deployment

• 6.3 Cloud - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Cloud - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Cloud - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Cloud - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Cloud - Year-over-year growth 2022-2027 (%)

• 6.4 On-premises - Market size and forecast 2022-2027 
• Exhibit 38: Chart on On-premises - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on On-premises - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on On-premises - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on On-premises - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Deployment 
• Exhibit 42: Market opportunity by Deployment ($ million)
• Exhibit 43: Data Table on Market opportunity by Deployment ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments
• Exhibit 44: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 45: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 46: Chart on Comparison by End-user
• Exhibit 47: Data Table on Comparison by End-user

• 7.3 Retail and e-commerce - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Retail and e-commerce - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Retail and e-commerce - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Retail and e-commerce - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Retail and e-commerce - Year-over-year growth 2022-2027 (%)

• 7.4 Healthcare and pharmaceuticals - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Healthcare and pharmaceuticals - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Healthcare and pharmaceuticals - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Healthcare and pharmaceuticals - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Healthcare and pharmaceuticals - Year-over-year growth 2022-2027 (%)

• 7.5 Manufacturing and automotive - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Manufacturing and automotive - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Manufacturing and automotive - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Manufacturing and automotive - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Manufacturing and automotive - Year-over-year growth 2022-2027 (%)

• 7.6 IT and telecom - Market size and forecast 2022-2027 
• Exhibit 60: Chart on IT and telecom - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on IT and telecom - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on IT and telecom - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on IT and telecom - Year-over-year growth 2022-2027 (%)

• 7.7 BSFI and others - Market size and forecast 2022-2027 
• Exhibit 64: Chart on BSFI and others - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Data Table on BSFI and others - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Chart on BSFI and others - Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on BSFI and others - Year-over-year growth 2022-2027 (%)

• 7.8 Market opportunity by End-user 
• Exhibit 68: Market opportunity by End-user ($ million)
• Exhibit 69: Data Table on Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 70: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 71: Chart on Market share by geography 2022-2027 (%)
• Exhibit 72: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 73: Chart on Geographic comparison
• Exhibit 74: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 83: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 87: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 91: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 95: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 UK - Market size and forecast 2022-2027 
• Exhibit 99: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 103: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 China - Market size and forecast 2022-2027 
• Exhibit 107: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 108: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.12 India - Market size and forecast 2022-2027 
• Exhibit 111: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 112: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 113: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 114: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 115: Market opportunity by geography ($ million)
• Exhibit 116: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 117: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 118: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 119: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 120: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 121: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 122: Matrix on vendor position and classification

• 12.3 Basware Corp.
• Exhibit 123: Basware Corp. - Overview
• Exhibit 124: Basware Corp. - Product / Service
• Exhibit 125: Basware Corp. - Key news
• Exhibit 126: Basware Corp. - Key offerings

• 12.4 Coupa Software Inc.
• Exhibit 127: Coupa Software Inc. - Overview
• Exhibit 128: Coupa Software Inc. - Product / Service
• Exhibit 129: Coupa Software Inc. - Key offerings

• 12.5 Elcom System Ltd.
• Exhibit 130: Elcom System Ltd. - Overview
• Exhibit 131: Elcom System Ltd. - Product / Service
• Exhibit 132: Elcom System Ltd. - Key offerings

• 12.6 Epicor Software Corp. 
• Exhibit 133: Epicor Software Corp. - Overview
• Exhibit 134: Epicor Software Corp. - Product / Service
• Exhibit 135: Epicor Software Corp. - Key offerings

• 12.7 Ginni Systems Ltd.
• Exhibit 136: Ginni Systems Ltd. - Overview
• Exhibit 137: Ginni Systems Ltd. - Product / Service
• Exhibit 138: Ginni Systems Ltd. - Key offerings

• 12.8 Infor Inc.
• Exhibit 139: Infor Inc. - Overview
• Exhibit 140: Infor Inc. - Product / Service
• Exhibit 141: Infor Inc. - Key news
• Exhibit 142: Infor Inc. - Key offerings

• 12.9 International Business Machines Corp. 
• Exhibit 143: International Business Machines Corp. - Overview
• Exhibit 144: International Business Machines Corp. - Business segments
• Exhibit 145: International Business Machines Corp. - Key news
• Exhibit 146: International Business Machines Corp. - Key offerings
• Exhibit 147: International Business Machines Corp. - Segment focus

• 12.10 Ivalua Inc.
• Exhibit 148: Ivalua Inc. - Overview
• Exhibit 149: Ivalua Inc. - Product / Service
• Exhibit 150: Ivalua Inc. - Key offerings

• 12.11 JAGGAER LLC
• Exhibit 151: JAGGAER LLC - Overview
• Exhibit 152: JAGGAER LLC - Product / Service
• Exhibit 153: JAGGAER LLC - Key offerings

• 12.12 Microsoft Corp.
• Exhibit 154: Microsoft Corp. - Overview
• Exhibit 155: Microsoft Corp. - Business segments
• Exhibit 156: Microsoft Corp. - Key news
• Exhibit 157: Microsoft Corp. - Key offerings
• Exhibit 158: Microsoft Corp. - Segment focus

• 12.13 Oracle Corp.
• Exhibit 159: Oracle Corp. - Overview
• Exhibit 160: Oracle Corp. - Business segments
• Exhibit 161: Oracle Corp. - Key news
• Exhibit 162: Oracle Corp. - Key offerings
• Exhibit 163: Oracle Corp. - Segment focus

• 12.14 SAP SE
• Exhibit 164: SAP SE - Overview
• Exhibit 165: SAP SE - Business segments
• Exhibit 166: SAP SE - Key news
• Exhibit 167: SAP SE - Key offerings
• Exhibit 168: SAP SE - Segment focus

• 12.15 SunSmart Technologies Pvt. Ltd. 
• Exhibit 169: SunSmart Technologies Pvt. Ltd. - Overview
• Exhibit 170: SunSmart Technologies Pvt. Ltd. - Product / Service
• Exhibit 171: SunSmart Technologies Pvt. Ltd. - Key offerings

• 12.16 Tata Consultancy Services Ltd. 
• Exhibit 172: Tata Consultancy Services Ltd. - Overview
• Exhibit 173: Tata Consultancy Services Ltd. - Business segments
• Exhibit 174: Tata Consultancy Services Ltd. - Key news
• Exhibit 175: Tata Consultancy Services Ltd. - Key offerings
• Exhibit 176: Tata Consultancy Services Ltd. - Segment focus

• 12.17 Zycus Inc.
• Exhibit 177: Zycus Inc. - Overview
• Exhibit 178: Zycus Inc. - Product / Service
• Exhibit 179: Zycus Inc. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 180: Inclusions checklist
• Exhibit 181: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 182: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 183: Research methodology
• Exhibit 184: Validation techniques employed for market sizing
• Exhibit 185: Information sources

• 13.5 List of abbreviations 
• Exhibit 186: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio