Procurement Software Market: New Report Provides Valuable Insights into Growth Drivers and Trends

BROOKLYN, N.Y. - March 1, 2023 - PRLog -- Reports and Insights has released a new report on the global procurement software market, revealing that the market is set to experience significant growth in the coming years with a CAGR of 9.8% from 2022 to 2030. The report, which analyzes the Procurement Software Market Size based on various factors, including deployment, software type, organization size, vertical, and region, highlights the key drivers of this growth, including the increasing adoption of cloud-based solutions, the need for efficient procurement processes, and the growing demand for automation in supply chain management.

The procurement software can be understood as a program that incorporates a number of tools that assist organizations to uphold the attainment of goods and services, such as it assists in carrying out the online ordering process, creating the purchase order, corresponds the invoices to the materials that are obtained, and electronic payment of all the invoices.

In addition to that, along with the soaring need to automate procurement procedures, the materialization of e-procurement technology is further projected to lay open fresh and lucrative opportunities for the global procurement software market growth in the forthcoming future.

Having said that, there is still a lack of infrastructure in several organizations all across the world which is likely to hold back the growth of the global procurement software market over the coming years. Nevertheless, the growing need for standardized workflow in organizations all across the globe along with the increasing necessity of improved operational efficiency is estimated to offer significant growth to the global procurement software market in the coming years.

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Procurement Software Market Segmentation

By Deployment

On-cloud

On-premise

By Software Type

Supplier Management

Contract Management

E-procurement

E-sourcing

Spend Analysis

By Organization Size

Small and medium size Enterprises (SME)

Large Enterprises

By Vertical

Travel & Logistics

IT & Telecommunications

Electronics

Automotive

Retail

Mining

Others

By Region

North America

Latin America

Europe

Asia Pacific

Middle East

Africa

Procurement Software Market Key Players

Some of the key participating players in the global procurement software market are Oracle, IBM Corporation, Coupa Software Inc., Epicor Software Corporation, Mercateo, SAP SE, Zycus Inc, Infor, Tungsten Corporation plc., OpusCapita Solutions Oy, Ivalua Inc., Epicor Software Corporation, Proactis Holdings Plc, SAP SE, JAGGAER, Tradeshift, Basware, BuyerQuest Holdings Inc., JDA Software Group, Inc., Emdadat, HCL Technologies

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