Procurement Software Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to procurement software market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Procurement Software Market News

in Procurement Software Market
  • In April 2024, SAP launched SAP Ariba Intake Management, a solution aimed at automating procurement request creation, routing, and support through coordinating processes between several systems. The innovation increases the user experience through offering a central platform for procurement inquiries and status tracking, optimizing workflows and increasing efficiency.
  • In May 2024, Coupa Software announced significant advancements to its Supply Chain Collaboration suite, empowering customers to enhance resilience amid market disruptions. These features allow supply chain, procurement, and finance professionals to simplify communication, enhancing visibility and responsiveness to supply chain problems, thus bolstering operational responsiveness.
  • In December 2024, JAGGAER released JAGGAER One 24.3, integrating AI-driven features and hyper-automation to boost cost savings and decision-making across procurement, finance, and supply chain functions. This release further reinforces collaboration and speeds up digital innovation, making JAGGAER a market leader in smart procurement solutions.
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Global Procurement Software Market size was valued at USD 7.57 Billion in 2023 poised to grow from USD 8.20 Billion in 2024 to USD 15.61 Billion by 2032, growing at a CAGR of 8.38% in the forecast period (2025-2032).

The global procurement software market competitive environment is dominated by a few major international firms, such as SAP, Oracle, IBM, Coupa Software, and Jaggaer. These firms compete on the basis of developing better products through innovation, strategic collaborations, and mergers and acquisitions. For instance, SAP pursues expanding cloud-based solutions, whereas Coupa Software concentrates on AI-based procurement solutions to optimize operational efficiency and decision-making across supply chains. 'SAP (Germany)', 'Oracle (USA)', 'Coupa Software (USA)', 'Jaggaer (USA)', 'IBM (USA)', 'Ivalua (France)', 'Zycus (USA)', 'Basware (Finland)', 'SynerTrade (Germany)', 'Proactis (United Kingdom)', 'GEP (USA)', 'Tradeshift (Denmark)', 'Vroozi (USA)', 'Determine (now part of Corcentric) (USA)', 'Scout RFP (USA)'

Digital transformation is one of the major drivers of the global procurement software market growth. Firms are more and more implementing automated procurement systems to increase efficiency, minimize manual operations, and enhance decision-making. It allows them to manage data in a better manner, enhance transparency, and maximize supply chain management, which accelerates the market growth.

Rise of AI-Driven Procurement Solutions: Integration of AI into procurement software is becoming a major trend, allowing for automation, predictive analytics, and better decision-making. This technology assists companies in optimizing sourcing, automating supplier management, and lowering procurement costs, promoting efficiency and accuracy in procurement processes.

What role does Automation Play in North America's Procurement Software Market Expansion?

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Global Procurement Software Market
Procurement Software Market

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