United States Procurement Software Market Forecast Report by Deployment, Organization, End User and Company Analysis 2024-2032

United States Procurement Software Market Size

United States Procurement Software market is expected to reach US$ 2.24 billion in 2023 to US$ 4.97 billion by 2032, with a CAGR of 9.26 % from 2024 to 2032. Among the main factors driving the market growth are the growing use of technology, the COVID-19 pandemic's effects, a focus on cost optimization, growing sustainability concerns, the rapidly growing e-commerce industry, the integration of artificial intelligence (AI) and machine learning (ML), and supply chain disruptions.

United States Procurement Software Industry Overview

A digital solution created to simplify and streamline the procurement process, procurement software is an essential element in contemporary business operations. It is usually constructed on top of a strong database system and is created with sophisticated programming languages and technologies. The main goal of the software is to automate and centralize several parts of procurement, such as processing purchase orders, invoices, and supplier management and sourcing. Organizations can increase the effectiveness, precision, and openness of their procurement processes by combining these tasks into a single platform. It has wide-ranging applications in many different industries since it gives businesses a thorough understanding of vendor performance, availability, and pricing, allowing them to manage their supplier relationships effectively.

By evaluating supplier data, market trends, and past purchase information, procurement software also helps with strategic sourcing, enabling companies to make better decisions and bargain for better prices. It also expedites the process of creating and approving purchase orders, which lowers the possibility of mistakes and delays. Additionally, the platform streamlines cash flow management by automating invoice processing, guaranteeing precise and prompt supplier payments. Using procurement software has many benefits, including increasing productivity by automating repetitive operations and freeing up procurement specialists to concentrate on more strategic endeavors. By finding chances for large purchases, obtaining better prices, and cutting back on maverick spending, it also encourages cost savings.

Growth Drivers for the United States Procurement Software Market

Digital Transformation

In order to increase efficiency and streamline procedures, organizations are adopting digital transformation in procurement. Businesses can improve decision-making, decrease manual labor, and increase transparency in their supply chain operations by implementing cutting-edge digital solutions. This leads to increased productivity and responsiveness. Making this change is essential to being competitive in the quick-paced industry of today.

Integration Capabilities

By enabling smooth interaction with other company systems, such ERP and finance software, procurement software's integration features greatly increase its value. Organizations may expedite processes, enhance departmental collaboration, and unify data across several platforms thanks to this interoperability. Businesses may increase productivity, lower errors, and improve visibility into supplier performance and spending by integrating procurement processes with current technologies. Because they understand the advantages of a unified approach to managing their financial and procurement operations, more businesses are implementing procurement systems with strong integration features.

United States Procurement Software Company Analysis

The major participants in the United States Procurement Software market includes GT Nexus (Infor Inc.), SAP SE, Zycus Inc., Coupa Software Inc., Microsoft Corporation, Oracle Corporation, Jaggaer Inc., GEP Corporation, etc.

United States Procurement Software Company News

In April 2024, to improve procurement for UK schools, Iris Software Group partnered with Amazon Business. Through this partnership, Iris Financials, the company's cloud-based school financial software, enables 5,254 Iris customers to effectively buy supplies from Amazon Business.

In September 2023, in order to improve business continuity and supply assurance, Coupa Software introduced Supply Chain Collaboration. This initiative aims to reduce risks by improving communication and decision-making between suppliers and customers, ensuring timely delivery of materials and goods.

Deployment- Industry is divided into 2 viewpoints:

1. Cloud-based

2. On-premises

Organization- Industry is divided into 2 viewpoints:

1. Small and Medium-sized Enterprises

2. Large Enterprise

End Use- Industry is divided into 7 viewpoints:

1. Retail & e-Commerce

2. Healthcare and Pharmaceutical

3. Manufacturing & Automotive

4. BFSI

5. IT & Telecom

6. Oil & Gas, Energy & Utilities

7. Others

All companies have been covered with 5 Viewpoints

1. Overviews

2. Key Person

3. Recent Developments & Strategies

4. Product Portfolio & Product Launch in Last 1 Year

5. Revenue

Company Analysis

1. GT Nexus (Infor Inc.)

2. SAP SE

3. Zycus Inc.

4. Coupa Software Inc.

5. Microsoft Corporation

6. Oracle Corporation

7. Jaggaer Inc.

8. GEP Corporation