Procurement Software Market size worth $ 9.5 Billion, Globally, by 2028 at 7.6% CAGR: Verified Market Research®
The rising need for the automation of procurement processes, the emergence of e-Procurement technology, growth in the international transactions, and other factors will drive the growth of the Procurement Software Market in the coming years
JERSEY CITY, N.J., April 27, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Procurement Software Market" By Type (Cloud, On-Premises), By Application (School, Factory, Hospital), and By Geography. According to Verified Market Research, the Global Procurement Software Market size was valued at USD 5.5 Billion in 2020 and is projected to reach USD 9.5 Billion by 2028, growing at a CAGR of 7.6% from 2021 to 2028.
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Global Procurement Software Market Overview
Procurement software has several solutions that help companies streamline their operations and maintain inventory. Procurement software allows organizations to increase and approve purchase orders, select and order products or services, receive and match invoices and orders, and online debit payments. Procurement software tools enable companies to perform the best purchasing and pricing activities for their tender vendors, as it is important for companies that need to acquire large quantities of goods. With the implementation of purchase software solutions, companies can work with suppliers, track events, receive alerts, and analyze business intelligence data to gain insight into the procurement process for predicting and planning purposes. Procurement software refers to a digital platform that allows efficient management of several procurement needs of a particular organization.
The procurement software is gaining noteworthy traction from various businesses from all across the world. This growth is attributed to the different benefits this software offers. Procurement software helps users improve overall activities that are involved in the procurement mechanism and supports in maintaining transparency in all these activities. The main objective of this tool is to help companies achieve a standard production supply at the lowest prices. The majority of enterprises operating in the procurement software industry are pouring efforts toward the development of superior quality products. As a result, they are engaged in research and development activities. Moreover, several enterprises are focused on gaining a leading position in the procurement software industry.
Thus, they are increasing their participation in merger and acquisition activities. On the back of all these activities, the Global Procurement Software Market may expand at a moderate pace in the years to follow. One of the main drivers of the Procurement Software Market is the consolidation of the supply chain management (SCM) process that reduces overall process complexity. The rising need for the automation of procurement processes the emergence of e-Procuremnt technology will drive the growth prospects for the Global Procurement Software Market in the coming years. Due to the automation of the procurement process, quality control may suffer which can hinder the market growth. One of the major challenges is that it is extremely complex, and users need extensive training to use it.
The major players in the market are Basware, IBM, Oracle Corporation, PROACTIS, SAP SE, SciQuest, BravoSolution, BuyerQuest, Coupa Software Inc., Elcom, Epicor Software Corporation, Infor Inc., IQNavigator, JDA Software, Microsoft Corporation, Ginesys, Zycus, Inc, Ivalua Inc, Jaggaer, and Tangoe, Inc.
Verified Market Research has segmented the Global Procurement Software Market On the basis of Type, Application, and Geography.
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