Procurement Software Market Poised for Double-Digit Growth, Reaching $15.13 Billion by 2030

Market Overview

The global procurement software market is on a steady upswing, projected to reach USD 15.13 billion by 2030 at a CAGR of 10.8%, according to Maximize Market Research. This growth is fueled by the increasing need for organizations to streamline procurement processes, improve efficiency, and gain cost savings.

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Market Scope

Maximize Market Research's report offers valuable insights for stakeholders interested in the procurement software market. It provides comprehensive data on market size, trends, growth drivers, and a detailed analysis of the competitive landscape. This report empowers businesses to make informed decisions regarding market entry, product development, and investment strategies.

Segmentation

The procurement software market is segmented by deployment type and industry vertical:

• Deployment Type:

  • On-Premises: This segment currently holds the majority share but is expected to decline due to the rising adoption of cloud-based solutions. Cloud procurement software offers advantages like cost-efficiency, scalability, and flexibility.
  • Cloud-Based: This segment is witnessing significant growth due to its ease of deployment, automatic updates, and accessibility from anywhere.

• Industry Vertical:

  • Manufacturing: This sector remains the dominant user of procurement software due to complex supply chains and high spending volumes.
  • Other significant verticals include healthcare, retail, government, and financial services.

Key Players

Leading players in the global procurement software market include:

• North America: SAP Ariba, Coupa Software, Oracle Corporation, GEP, Jaggaer
• Europe: SynerTrade, Proactis, SynerTrade Accelerate, Mercateo, Simfoni
• Asia-Pacific: Vroozi Asia Pacific, SAP Ariba APJ
• Latin America: Ariba Commerce Cloud

Regional Analysis

North America currently holds the largest market share, but the Asia Pacific region is expected to witness the fastest growth due to rapid digitalization and increasing IT adoption.

COVID-19 Impact Analysis

The COVID-19 pandemic disrupted supply chains and highlighted the need for efficient procurement processes. This has led to an increased adoption of procurement software solutions as companies seek to improve agility and resilience.

Key Questions Answered

The report addresses critical questions such as:

• Which deployment model will dominate the market in the future?
• How will different industries influence market growth?
• What are the key factors driving market expansion?
• Which region offers the most promising growth potential?
• Who are the prominent players in the market?
• What are the emerging trends shaping the future of procurement software?

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