The procurement software market is also being driven by the growing adoption of e-commerce platforms. These include increasing globalization, which is creating a more complex supply chain environment, and the need for businesses to comply with regulatory requirements. In addition to these trends, there are several other factors driving the growth of the market. They are also being used to provide real-time insights into procurement operations, enabling businesses to make more informed decisions.

These technologies are being used to automate routine procurement tasks, such as purchase order creation and supplier identification. As a result, many businesses are making the switch to cloud-based procurement solutions, which is fueling market growth.Īnother key trend in the procurement software market is the integration of artificial intelligence (AI) and machine learning (ML) technologies. Cloud-based solutions offer numerous benefits over traditional on-premise software, including scalability, flexibility, and cost-effectiveness. One of the key drivers of this market is the growing adoption of cloud-based procurement software.

This growth is being driven by the increasing demand for cost-effective procurement processes, as well as the need for better visibility and control over the supply chain. In recent years, the market has seen tremendous growth due to the increasing need for automation and optimization of procurement operations. The global procurement software market is rapidly expanding, with businesses around the world turning to these tools to streamline their supply chain processes and cut costs.

New Delhi, Ma(GLOBE NEWSWIRE) - Astute Analytica has published a new research report titled “ Global Procurement Software Market Share, Size, Trends, Industry Analysis Report, By Deployment (Cloud-based and On-premise) Software (Spend Analysis, E-Sourcing, and E-Procurement) Industry (Retail, Manufacturing, Transportation & Logistics, Healthcare, and Others) By Region Segment Forecast, 2023 - 2031” in its research database. This market is poised to grow at a Compound Annual Growth Rate (CAGR) of 9.4% during the forecast period of 2023-2031. Global procurement software market is anticipated to experience a significant revenue surge from US$ 6,658 Mn in 2022 to US$ 15,140.1 Mn by 2031.

Ariba strategic sourcing