According to the new report, the global procurement software market size attained a value of USD 7.41 billion in 2024. Aided by the increasing adoption of digital procurement solutions and the growing emphasis on cost efficiency, the market is projected to further grow at a CAGR of 12.0% between 2025 and 2034 to reach a value of USD 20.53 billion by 2034.

Procurement software is designed to streamline purchasing processes, enhance supplier management, and optimize overall supply chain operations. These solutions enable businesses to automate procurement workflows, improve transparency, and ensure compliance with regulatory standards. The rising trend of digital transformation across industries has significantly bolstered the demand for procurement software, as organizations seek to minimize manual errors and enhance operational efficiency.

The increasing demand for cloud-based procurement solutions is a key driver of the global procurement software market growth. Cloud-based procurement platforms offer flexibility, scalability, and cost-effectiveness, allowing enterprises to manage their procurement operations efficiently. The shift towards Software-as-a-Service (SaaS) models has further accelerated market expansion, as companies increasingly prefer subscription-based procurement solutions over traditional on-premise systems.

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Market Drivers Of Growth

One of the primary factors driving the global procurement software market is the growing need for cost reduction and process optimization. Businesses are increasingly adopting procurement software to gain real-time insights into spending patterns, supplier performance, and contract management. These insights help organizations make data-driven purchasing decisions, reduce procurement costs, and mitigate risks associated with supply chain disruptions.

The rising integration of artificial intelligence (AI) and machine learning (ML) in procurement software is also fueling market growth. AI-powered procurement solutions enhance supplier selection, automate negotiation processes, and predict demand fluctuations, thereby improving overall efficiency. The implementation of blockchain technology in procurement software further ensures transparency, security, and traceability in transactions, which is gaining traction across various industries.

Additionally, stringent regulatory compliance requirements are propelling the adoption of procurement software. Organizations need to comply with international procurement standards, anti-corruption laws, and data protection regulations. Procurement software helps businesses maintain audit trails, track supplier credentials, and ensure adherence to compliance norms, thereby reducing the risk of legal penalties.

Procurement Software Market Segmentation

The market can be divided based on deployment, end use, and region.

Breakup by Deployment

• On-Premise
• Cloud

Breakup by End User

• Retail
• Manufacturing
• Transportation and Logistics
• Healthcare
• Food and Beverage
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

Some of the major players explored in the report by Expert Market Research are as follows:

• Fraxion
• GEP
• Kissflow Procurement Cloud
• Epicor Software Corporation
• Jaggaer
• Basware Inc.
• SAP SE
• Proactis Holdings Limited.
• Procurify Technologies Inc.
• Zycus Inc.
• Ivalua Inc.
• Microsoft Corporation
• Others

Future Trends

The future of the global procurement software market is expected to be shaped by several emerging trends. The increasing adoption of AI-driven procurement analytics will enhance decision-making capabilities, enabling businesses to optimize supplier selection and procurement strategies. AI-based chatbots and virtual assistants will further improve user experience by automating procurement inquiries and support functions.

Blockchain technology is anticipated to gain momentum in procurement software, ensuring greater security, transparency, and fraud prevention in transactions. The integration of smart contracts will streamline procurement processes, reducing paperwork and administrative overhead.

Sustainability and ethical sourcing are becoming key considerations for businesses, driving demand for procurement software that facilitates supplier compliance with environmental and social governance (ESG) criteria. Companies are prioritizing responsible sourcing practices, and procurement software with built-in sustainability tracking features is expected to see significant adoption.

The expansion of procurement software among SMEs is another notable trend, driven by cost-effective cloud-based solutions and easy-to-use interfaces. Vendors are increasingly developing procurement platforms tailored to the needs of SMEs, enabling them to enhance operational efficiency without significant investment in IT infrastructure.

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