September 2021- McCarthy Holdings, the U.S.-based construction firm, partnered with GEP to deploy its smart procurement software.

The increased efforts to expand the business across regions, upgrade the product offerings with AI and automation, and launch new products are expected to fuel the adoption of procurement solutions post-COVID-19 pandemic. There has been an increase in the adoption of these services, including scheduling, checklist, development of standard protocols, report development, and implementation of recommendations, among others. The COVID-19 pandemic had a positive impact on the global market due to rise in the number of end-users adopting neo and competitor bank solution tools during the outbreak of COVID-19. Additionally, transparency to suppliers and improved efficiency by maintaining relationships with partners create ample market growth opportunities.Įmergence of COVID-19 Pandemic Increased Investment in the Development of Procurement Solutions The global procurement software market growth can be credited to numerous aspects such as the growing implementation of the cloud, embracing digitization for saving on expenses, streamlining of the procurement process, and prevention of duplicated records and internet of things (IoT) devices across enterprises. In addition, the study includes Zycus’s Procurement Software Suite, Procure-to-Pay Suite, and eProcurement Software, among others. In the market study, our analysts have included numerous data center automation solutions provided by the market players, such as Basware’s Purchase-to-Pay Solution, AP Automation, SAP SE’s SAP Ariba Buying and Invoicing Software, Oracle’s Cloud Self Service Procurement, Cloud Supplier Qualification Management, Cloud Sourcing, and Cloud Procurement Contracts.

Based on our analysis, the global procurement software market exhibited an average growth of 6.2% in 2020 as compared to 2019. The global procurement software market size was valued at USD 6.15 billion in 2021 and is projected to grow from USD 6.67 billion in 2022 to USD 13.80 billion by 2029, exhibiting a CAGR of 10.9% during the forecast period.

Ariba vs coupa market share