The procurement software market is projected to be valued at US$ 8.51 billion in 2024 and reach US$ 19.50 billion by 2034. The market is expected to exhibit a CAGR of 8.6% over the forecast period.
Key Market Drivers
The procurement software market generated an estimated revenue of US$ 6.02 billion in 2019. The market grew at a CAGR of 7.16% and added a staggering revenue of US$ 2.49 billion. Several reasons can be attributed to the market’s growth:
Attributes | Key Statistics |
---|---|
Procurement Software Market Value (2024) | US$ 8.51 billion |
Anticipated Market Value (2034) | US$ 19.50 billion |
Estimated Growth (2024 to 2034) | 8.6% CAGR |
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The procurement software market is anticipated to surpass a valuation of US$ 8.51 billion by 2034, growing at an 8.6% CAGR over the forecast period. While the market is expected to experience remarkable growth, several restraining factors could adversely affect its development:
Depending on deployment, the procurement software market is bifurcated into on-premise and on-cloud procurement software. The on-premise procurement software segment dominates the market, with a share of 60.40% in 2024.
Attributes | Details |
---|---|
Top Software Type | Supplier Management |
Market share | 18.90% |
Based on the software type, the market is categorized into pend-analysis, 3-sourcing, supplier management, e-procurement, etc. The supplier management segment dominates the market and is anticipated to hold a share of 18.90% in 2024.
The section provides an analysis of the procurement software market by country, including Japan, China, the United States, Germany, and Australia. The table presents the CAGR for each country, indicating the expected growth of the market in that country through 2034.
Countries | CAGR through 2034 |
---|---|
Australia | 12.20% |
Japan | 9.90% |
China | 9.20% |
Germany | 8.10% |
The United States | 5.50% |
Australia is one of the leading countries in this market. The Australian procurement software market is anticipated to retain its dominance by progressing at an annual growth rate of 12.20% till 2034.
Japan leads the procurement software market in the Asian region. The Japanese procurement software market is anticipated to retain its dominance by progressing at an annual growth rate of 9.90% till 2034.
China is another Asian country that dominates the procurement software market. The Chinese procurement software market is anticipated to exhibit an annual growth rate of 9.20% till 2034.
Germany is the leading country in the European region's procurement software market, which is anticipated to register a CAGR of 8.10% through 2034.
The United States leads the procurement software market in the North American region. Over the next ten years, the demand for procurement software is projected to rise at a 5.50% CAGR.
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The market for procurement software is filled with companies like SAP Ariba, Coupa Software Oracle, JAGGAER, Ivalua, Basware, Zycus, GEP, Proactis, Tradeshift, etc.
To stay ahead in this competitive landscape, these companies are integrating emerging technologies, such as artificial intelligence, machine learning, and blockchain. Also, key players in the global market are embracing cloud-based deployment models to provide scalability, flexibility, and accessibility to clients.
Recent Developments
The global procurement software market is expected to be worth US$ 8.51 billion in 2024.
The market for procurement software is expected to reach US$ 19.50 billion by 2034.
The procurement software market is projected to rise at a CAGR of 8.6% from 2024 to 2034.
Some of the key players in the market are SAP Ariba, Coupa Software Oracle, JAGGAER, Ivalua, Basware, Zycus, GEP, Proactis, Tradeshift, etc.
The valuation for the market was US$ 7.87 billion in 2023.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Deployment
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Deployment, 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Deployment, 2024 to 2034
5.3.1. On-Cloud
5.3.2. On-Premise
5.4. Y-o-Y Growth Trend Analysis By Deployment, 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Deployment, 2024 to 2034
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Software Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Software Type, 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Software Type, 2024 to 2034
6.3.1. Pend-Analysis
6.3.2. E-Sourcing
6.3.3. E-Procurement
6.3.4. Supplier Management
6.3.5. Contract Management
6.3.6. Others
6.4. Y-o-Y Growth Trend Analysis By Software Type, 2019 to 2023
6.5. Absolute $ Opportunity Analysis By Software Type, 2024 to 2034
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Industry Vertical
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Industry Vertical , 2019 to 2023
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Industry Vertical , 2024 to 2034
7.3.1. Retail
7.3.2. Automotive
7.3.3. Travel and Logistics
7.3.4. Electronics
7.3.5. IT and Telecommunications
7.4. Y-o-Y Growth Trend Analysis By Industry Vertical , 2019 to 2023
7.5. Absolute $ Opportunity Analysis By Industry Vertical , 2024 to 2034
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2019 to 2023
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2024 to 2034
8.3.1. North America
8.3.2. Latin America
8.3.3. Western Europe
8.3.4. Eastern Europe
8.3.5. South Asia and Pacific
8.3.6. East Asia
8.3.7. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Deployment
9.2.3. By Software Type
9.2.4. By Industry Vertical
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Deployment
9.3.3. By Software Type
9.3.4. By Industry Vertical
9.4. Key Takeaways
10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Deployment
10.2.3. By Software Type
10.2.4. By Industry Vertical
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Deployment
10.3.3. By Software Type
10.3.4. By Industry Vertical
10.4. Key Takeaways
11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. UK
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Western Europe
11.2.2. By Deployment
11.2.3. By Software Type
11.2.4. By Industry Vertical
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Deployment
11.3.3. By Software Type
11.3.4. By Industry Vertical
11.4. Key Takeaways
12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Country
12.2.1.1. Poland
12.2.1.2. Russia
12.2.1.3. Czech Republic
12.2.1.4. Romania
12.2.1.5. Rest of Eastern Europe
12.2.2. By Deployment
12.2.3. By Software Type
12.2.4. By Industry Vertical
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Deployment
12.3.3. By Software Type
12.3.4. By Industry Vertical
12.4. Key Takeaways
13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
13.2.1. By Country
13.2.1.1. India
13.2.1.2. Bangladesh
13.2.1.3. Australia
13.2.1.4. New Zealand
13.2.1.5. Rest of South Asia and Pacific
13.2.2. By Deployment
13.2.3. By Software Type
13.2.4. By Industry Vertical
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Deployment
13.3.3. By Software Type
13.3.4. By Industry Vertical
13.4. Key Takeaways
14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
14.2.1. By Country
14.2.1.1. China
14.2.1.2. Japan
14.2.1.3. South Korea
14.2.2. By Deployment
14.2.3. By Software Type
14.2.4. By Industry Vertical
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Deployment
14.3.3. By Software Type
14.3.4. By Industry Vertical
14.4. Key Takeaways
15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of MEA
15.2.2. By Deployment
15.2.3. By Software Type
15.2.4. By Industry Vertical
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Deployment
15.3.3. By Software Type
15.3.4. By Industry Vertical
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1. USA
16.1.1. Pricing Analysis
16.1.2. Market Share Analysis, 2023
16.1.2.1. By Deployment
16.1.2.2. By Software Type
16.1.2.3. By Industry Vertical
16.2. Canada
16.2.1. Pricing Analysis
16.2.2. Market Share Analysis, 2023
16.2.2.1. By Deployment
16.2.2.2. By Software Type
16.2.2.3. By Industry Vertical
16.3. Brazil
16.3.1. Pricing Analysis
16.3.2. Market Share Analysis, 2023
16.3.2.1. By Deployment
16.3.2.2. By Software Type
16.3.2.3. By Industry Vertical
16.4. Mexico
16.4.1. Pricing Analysis
16.4.2. Market Share Analysis, 2023
16.4.2.1. By Deployment
16.4.2.2. By Software Type
16.4.2.3. By Industry Vertical
16.5. Germany
16.5.1. Pricing Analysis
16.5.2. Market Share Analysis, 2023
16.5.2.1. By Deployment
16.5.2.2. By Software Type
16.5.2.3. By Industry Vertical
16.6. UK
16.6.1. Pricing Analysis
16.6.2. Market Share Analysis, 2023
16.6.2.1. By Deployment
16.6.2.2. By Software Type
16.6.2.3. By Industry Vertical
16.7. France
16.7.1. Pricing Analysis
16.7.2. Market Share Analysis, 2023
16.7.2.1. By Deployment
16.7.2.2. By Software Type
16.7.2.3. By Industry Vertical
16.8. Spain
16.8.1. Pricing Analysis
16.8.2. Market Share Analysis, 2023
16.8.2.1. By Deployment
16.8.2.2. By Software Type
16.8.2.3. By Industry Vertical
16.9. Italy
16.9.1. Pricing Analysis
16.9.2. Market Share Analysis, 2023
16.9.2.1. By Deployment
16.9.2.2. By Software Type
16.9.2.3. By Industry Vertical
16.10. Poland
16.10.1. Pricing Analysis
16.10.2. Market Share Analysis, 2023
16.10.2.1. By Deployment
16.10.2.2. By Software Type
16.10.2.3. By Industry Vertical
16.11. Russia
16.11.1. Pricing Analysis
16.11.2. Market Share Analysis, 2023
16.11.2.1. By Deployment
16.11.2.2. By Software Type
16.11.2.3. By Industry Vertical
16.12. Czech Republic
16.12.1. Pricing Analysis
16.12.2. Market Share Analysis, 2023
16.12.2.1. By Deployment
16.12.2.2. By Software Type
16.12.2.3. By Industry Vertical
16.13. Romania
16.13.1. Pricing Analysis
16.13.2. Market Share Analysis, 2023
16.13.2.1. By Deployment
16.13.2.2. By Software Type
16.13.2.3. By Industry Vertical
16.14. India
16.14.1. Pricing Analysis
16.14.2. Market Share Analysis, 2023
16.14.2.1. By Deployment
16.14.2.2. By Software Type
16.14.2.3. By Industry Vertical
16.15. Bangladesh
16.15.1. Pricing Analysis
16.15.2. Market Share Analysis, 2023
16.15.2.1. By Deployment
16.15.2.2. By Software Type
16.15.2.3. By Industry Vertical
16.16. Australia
16.16.1. Pricing Analysis
16.16.2. Market Share Analysis, 2023
16.16.2.1. By Deployment
16.16.2.2. By Software Type
16.16.2.3. By Industry Vertical
16.17. New Zealand
16.17.1. Pricing Analysis
16.17.2. Market Share Analysis, 2023
16.17.2.1. By Deployment
16.17.2.2. By Software Type
16.17.2.3. By Industry Vertical
16.18. China
16.18.1. Pricing Analysis
16.18.2. Market Share Analysis, 2023
16.18.2.1. By Deployment
16.18.2.2. By Software Type
16.18.2.3. By Industry Vertical
16.19. Japan
16.19.1. Pricing Analysis
16.19.2. Market Share Analysis, 2023
16.19.2.1. By Deployment
16.19.2.2. By Software Type
16.19.2.3. By Industry Vertical
16.20. South Korea
16.20.1. Pricing Analysis
16.20.2. Market Share Analysis, 2023
16.20.2.1. By Deployment
16.20.2.2. By Software Type
16.20.2.3. By Industry Vertical
16.21. GCC Countries
16.21.1. Pricing Analysis
16.21.2. Market Share Analysis, 2023
16.21.2.1. By Deployment
16.21.2.2. By Software Type
16.21.2.3. By Industry Vertical
16.22. South Africa
16.22.1. Pricing Analysis
16.22.2. Market Share Analysis, 2023
16.22.2.1. By Deployment
16.22.2.2. By Software Type
16.22.2.3. By Industry Vertical
16.23. Israel
16.23.1. Pricing Analysis
16.23.2. Market Share Analysis, 2023
16.23.2.1. By Deployment
16.23.2.2. By Software Type
16.23.2.3. By Industry Vertical
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Deployment
17.3.3. By Software Type
17.3.4. By Industry Vertical
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. SAP SE
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. SciQuest
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. BravoSolution
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. BuyerQuest
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. Coupa Software Inc.
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. Elcom
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. Epicor Software Corporation
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. Infor Inc.
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. Microsoft Corporation
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
18.1.10. Ginesys
18.1.10.1. Overview
18.1.10.2. Product Portfolio
18.1.10.3. Profitability by Market Segments
18.1.10.4. Sales Footprint
18.1.10.5. Strategy Overview
18.1.10.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
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