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Global Procurement Software Market at A Highest CAGR of 9.76 % to rapidly growing $ 13632.99 million by 2026

Global Procurement Software Market, By Deployment (On- Cloud, On- Premise), Software Type (pend Analysis, E-Sourcing, E-Procurement, Contract Management, Supplier Management, Others), Organization Size (Small and Medium Enterprise, Large Enterprise), Vertical (Retail, Automotive, Travel & Logistics, Electronics, IT & Telecommunication, Mining)

Market Analysis: Global Procurement Software Market

Global procurement software market is driven by increasing demand for smart phones, which is projecting a rise in estimated value from USD 6471.99 million in 2018 to an estimated value of USD 13632.99 million by 2026, registering a CAGR of 9.76% in the forecast period of 2019-2026.

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Market Definition: Global Procurement Software Market

Procurement software can be defined as application that coordinated & automates the task which is involved in acquiring the product & service information. This software enables automation in procurement or purchase of the product for the organization which provides the information to every employee so that everyone related to procurement department gets updated about the prices & the quantity.

Market Drivers:

  • Rise in the need of procurement process automation which reduces the complexity & gives the transparent information within the organization.
  • Due to consolidation of supply chain management which decreased the process complexity, this increased the demand for procurement software.

Market Restraints:

  • There is lack of infrastructure in many organization to be compatible with traditional & conventional system
  • Hindrance within the quality due to automation in procurement leads to restraining this market.

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Segmentation: Global Procurement Software Market

  • By Deployment
    • On-Premises
    • On-Cloud
  • By Software type
    • Spend Analysis
    • E-Sourcing
    • E-Procurement
    • Contract Management
    • Supplier Management
    • Others
  • By Organization Size
    • Small And Medium Enterprise
    • Large Enterprises
  • By Vertical
    • Retail
    • Automotive
    • Travel & Logistics
    • Electronics
    • IT & Telecommunication
    • Mining
    • Others

 

Key Developments in the Market:

In April 2018, SAP launched a procurement network & manufacturing collaboration. This platform will enable the service provider & the manufacturer to collaborate on product design, procurement & production.

In July 2018, FuelPlus launched procurement solution for aviation fuel. This will help the aviation company to work more efficiently & to do paperless fuel tenders

Competitive Analysis: Global Procurement Software Market

Global procurement software market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of procurement software market for global, Europe, North America, Asia Pacific and South America.

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