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Procurement Software Market Overview:
According to MRFR research reports, Procurement Software Market Research Report: Information by Deployment, Organization Size, Software Type, Vertical, and Region – Forecast till 2030, the procurement software market is predicted to attain a size of approximately USD 14.10 billion by the end of 2030. The report further predicts the global market to thrive at a healthy CAGR of over 10.1% during the review timeframe from 2020 to 2030.
Report Scope:
| Parameter | Details |
| Revenue Forecast in 2030 | USD 14.10 Billion |
| Growth Rate: | CAGR of 10.1% from 2022 to 2030 |
| Forecast Period: | 2022 -2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Procurement Software Market Scope:
Procurement software allows organizations to buy a group of goods and handle their inventory digitally. Procurement software includes several solutions to help organizations regulate their tasks and maintain inventory. Procurement software enables to rise and grant purchase orders, receive and match invoices and orders, make online debt payments, and select and order products or services. Procurement software tools allow organizations to perform the best buying and pricing activities for their tender vendors, making it vital for organizations that require to acquire large quantities of goods. The global market for procurement software has grown immensely in recent times. Consistent technological innovations are the primary parameter boosting the growth of the market. Furthermore, the factors like favorable policies by governments, an increase in the adoption of procurement software by various SMEs, increased consumer spending, the surge in investments, and lifestyle change. Rapid urbanization is also projected to influence the market’s growth over the coming years. in addition, the need to avert the duplication of records may offer lucrative opportunities to the players across the market over the review timeframe.
Procurement Software Market Competitive Analysis
The global market for procurement software has prominent leaders such as:
Procurement Software Market USP Covered
Market Drivers
The global procurement software market has grown immensely in recent times. The market’s growth is ascribed to mobile procurement software applications and centralized procurement processes.
Market Restraints
On the other hand, the lack of skilled professionals may restrict the market’s growth.
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COVID-19 Impact
The global health crisis in the form of COVID-19 has affected the majority of industry areas across the globe. The rapid spread of the disease has managed to impact almost 225 nations across the globe, causing the governments across these countries to impose partial or complete lockdowns. The travel restrictions and social distancing norms have led to causing severe disruption in the supply chain networks for most industrial areas. Lockdowns started by governments have faced significant losses for the organization, with warehouses becoming overcrowded. Procurement software can help organizations recognize goods with the maximum liabilities and conferred with preventive measures.
The change to a digital mode of procurement may cause loyalty to quarantine rules, and tracking invoice reference number (IRN) and goods received note (GRN). This can guarantee productivity during lockdown times by managers. Automating the procurement payment process can boost the sales of procurement software over the assessment timeframe. E-procurement technology can allow companies to contact suppliers of their choice and interact in real time for their sourcing requirements. With global economic activities getting back on track, the global market for procurement software is anticipated to grow significantly over the review timeframe.
Segment Analysis
Based on the deployment modes, the on-premises segment is anticipated to secure the top position across the global procurement software market over the assessment timeframe. The segment’s growth is credited primarily to companies’ inclination toward on-premise software installation. Companies can train their personnel to use the software for buying and pricing goods for obtaining large numbers at nominal rates.
Based on software types, the spend analysis software segment is projected to dominate the global market for procurement software over the coming years. the capability to determine purchase patterns and opportunities for cost savings is the central aspect causing the rise in the market’s growth. Furthermore, the factors such as the categorization of maintenance and compliance with the latest laws are anticipated to catalyze the segment’s growth over the coming years.
Based on the organization size, the SME segment is predicted to lead the global market for procurement software over the assessment era. The segment’s growth is credited to the aspects such as improved working capital, reduced invoice errors, new sources of supply, and the rise of cloud deployments and efforts.
Among all the end-use sectors, the retail segment is predicted to dominate the global market for procurement software over the review timeframe. The segment’s growth is credited to the factors like effective management of the inventory, demand for centralized procurement processes, usage of the software for automating tasks, and incorporation of business processes.
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Procurement Software Market Regional Analysis
The global market for procurement software is studied across five major regions: Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa.
The MRFR research report suggests that the Asia-Pacific region is anticipated to secure the global market for procurement software over the review timeframe. The main factor supporting the regional market’s growth is the vast number of logistic firms based in India and China. Furthermore, aspects such as setup of manufacturing units and investments, increasing customer purchasing power, and benefitting real-time visibility are also likely to influence the regional market’s growth over the coming years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
