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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