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Procurement Software Market size is set to grow by USD 5.72 billion from 2024-2028, Growth in E-commerce and organized retail industry boost the market, Technavio

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NEW YORK, July 25, 2024 /PRNewswire/ — The global procurement software market size is estimated to grow by USD 5.72 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.77%  during the forecast period. Growth in E-commerce and organized retail industry is driving market growth, with a trend towards integration of ai in procurement process. However, complexity regarding integration with existing system and supplier onboarding  poses a challenge. Key market players include Basware Corp., BirchStreet Systems Inc., Coupa Software Inc., Elcom System Ltd., Enaviya Information Technology Pvt. Ltd., Epicor Software Corp., Ginni Systems Ltd., Infor Inc., International Business Machines Corp., Ivalua Inc., JAGGAER LLC, Microsoft Corp., NB Ventures Inc., Oracle Corp., ORO Labs Inc., SAP SE, ScienceSoft USA Corp., SunSmart Technologies Pvt. Ltd., SutiSoft Inc., Tata Consultancy Services Ltd., Tropic Technologies Inc., Workday Inc., and Zycus Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Procurement Software Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 10.77%

Market growth 2024-2028

USD 5728.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

9.82

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 37%

Key countries

US, UK, Germany, China, and India

Key companies profiled

Basware Corp., BirchStreet Systems Inc., Coupa Software Inc., Elcom System Ltd., Enaviya Information Technology Pvt. Ltd., Epicor Software Corp., Ginni Systems Ltd., Infor Inc., International Business Machines Corp., Ivalua Inc., JAGGAER LLC, Microsoft Corp., NB Ventures Inc., Oracle Corp., ORO Labs Inc., SAP SE, ScienceSoft USA Corp., SunSmart Technologies Pvt. Ltd., SutiSoft Inc., Tata Consultancy Services Ltd., Tropic Technologies Inc., Workday Inc., and Zycus Inc.

Market Driver

The digital transformation of businesses is driving the need for real-time solutions and advanced business intelligence in various industries. Procurement processes are no exception. Modern businesses require efficient and accurate procurement processes to gain a competitive edge. Artificial Intelligence (AI) has been integrated into procurement software to streamline processes and provide valuable insights. AI capabilities include virtual agents and chatbots, suggestive web searches, pattern recognition, machine translation, and automatic scheduling. This technology offers a centralized view of business information and activities, enabling enterprises to identify cost discrepancies, compare contract data to orders and invoices, detect unusual order quantities or frequencies, and identify potential fraud or errors. Additionally, AI can detect purchasing patterns and identify top-performing trading partners and suppliers. The integration of AI in procurement processes simplifies the ordering process, making it easy to manage. Despite these advancements, the demand for procurement software is expected to continue, fueling the growth of the global procurement software market. 

The procurement software market is experiencing significant trends, with AP automation and cloud sourcing leading the way. Cloud-based procurement contracts and Procure-to-Pay Suites, also known as eProcurement Software, are becoming increasingly popular. Artificial Intelligence (AI) and Machine Learning (ML) are being integrated into cloud-based solutions for automation and transparent information. Digitization and funding are major factors driving spending in the cloud. SMEs and large enterprises in retail & e-commerce, healthcare and pharmaceutical, manufacturing & automotive, IT & telecom, oil & gas, energy & utilities, and other industries are adopting these solutions. Emerging technologies like blockchain technology and supply chain planning are also gaining traction. On-Cloud solutions help companies manage production capacity and supply chain more efficiently. Market players forecast a robust growth for the procurement software market during the forecast period. Opportunities lie in improving procurement process automation, reducing duplication of records, and ensuring quality infrastructure. Brands must focus on delivering customized solutions to meet customer needs. 

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Market Challenges

Procurement software market growth faces challenges due to the unique systems and suppliers of every organization. Compatibility issues arise when trying to integrate new software with outdated technologies in existing systems. Modifications to these systems further complicate the process. Supplier integration is also problematic, as some may lack the resources or knowledge to integrate with new software. These challenges can lead to delays in supplier onboarding, causing significant problems for organizations. These factors are expected to hinder the growth of the global procurement software market during the forecast period.The procurement software market is experiencing significant growth due to the increasing need for automation and transparent information in the procurement process. Large enterprises and small & medium-sized businesses in sectors like retail & e-commerce, healthcare and pharmaceutical, manufacturing & automotive, IT & telecom, oil & gas, and energy & utilities are adopting procurement solutions to streamline their supply chains. On-Cloud solutions are gaining popularity for their flexibility and cost-effectiveness. Company-wise production capacity and supply requirements are major factors driving the market. However, challenges like duplication of records and complexity persist. Emerging technologies like Artificial Intelligence (AI) are providing opportunities for market players to offer advanced solutions. Brands like GEP and Cheniere Energy Inc are forecasted to dominate the market during the forecast period. Quality, automation, infrastructure, and customer satisfaction are key areas of focus for these companies.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This procurement software market report extensively covers market segmentation by  

Deployment 1.1 Cloud1.2 On-premisesEnd-user 2.1 Retail and e-commerce2.2 Healthcare and pharmaceuticals2.3 Manufacturing and automotive2.4 IT and telecom2.5 BSFI and othersGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Cloud-  Many vendors, including BirchStreet Systems and Coupa Software, provide procurement software via the software-as-a-service (SaaS) model to meet the expanding demand for cloud-based solutions. Cloud-based procurement software is less costly than on-premises alternatives since it doesn’t necessitate hardware and software installation at enterprises. Instead, it’s maintained at the vendor’s data center, which enterprises can access on a subscription basis. Enterprises pay a monthly or yearly fee per device for usage, maintenance, and updates. This model is particularly beneficial for small and mid-sized enterprises, enabling them to streamline operations, reduce errors, and lower costs. Deployment of cloud-based procurement software is simpler and quicker than on-premises software, resulting in faster ROI. BirchStreet Systems offers a cloud-based procurement solution, automating the Procure-to-Pay (P2P) process, enhancing control and visibility over back-office operations and supply chains. This solution connects businesses and suppliers, increasing transparency, efficiency, and financial controls, creating accountability, and reducing compliance gaps, leading to significant business process improvements and real supply cost savings. The global procurement software market is anticipated to grow rapidly due to the increasing popularity of cloud-based deployment.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global Library Management Software market is experiencing robust growth driven by increasing digitalization in education and public libraries. The global Vendor Management Software market is expanding rapidly as businesses seek to optimize supplier relationships and enhance procurement efficiency. Meanwhile, the global IT Software market continues to surge due to rising demand for innovative solutions across various industries, including healthcare, finance, and retail. Key players in these markets are leveraging advanced technologies to offer integrated and scalable solutions, catering to the evolving needs of their customers.

Research Analysis

The procurement software market is experiencing significant growth due to the increasing digitization of business processes. Cloud sourcing and procurement contracts are becoming more prevalent, with procure-to-pay suites and eProcurement software leading the way. These solutions offer major advantages such as automation of AP processes, real-time visibility into company-wise production capacity, and supply chain optimization. Emerging technologies like AI are also playing a key role, providing intelligent insights and streamlining the procurement process. Funding for on-cloud solutions is readily available, making it an opportunity for businesses to adopt these solutions and gain a competitive edge. The market’s growth is driven by the need for transparent information, procurement process automation, and the ability to manage complexity in the supply chain.

Market Research Overview

The procurement software market is experiencing significant growth due to the increasing digitization of business processes. Cloud-based solutions, such as eProcurement Software and Procure-to-Pay Suites, are becoming increasingly popular for their convenience and cost savings. AP Automation and AI are major factors driving the market, providing automation, transparency, and opportunity for companies to streamline their procurement processes. Emerging technologies like Machine Learning (ML) and blockchain technology are also gaining traction, offering enhanced capabilities for supply chain planning and contract management. The market caters to various industries, including retail & e-commerce, healthcare and pharmaceutical, manufacturing & automotive, IT & telecom, oil & gas, and energy & utilities. SMEs and large enterprises alike are adopting these solutions to improve spending control, reduce duplication of records, and ensure quality. The procurement software market is forecasted for steady growth during the upcoming years, with On-Cloud solutions and company-wise production capacity being key areas of focus.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentCloudOn-premisesEnd-userRetail And E-commerceHealthcare And PharmaceuticalsManufacturing And AutomotiveIT And TelecomBSFI And OthersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Black Kite and Sayari Partner to Deliver Integrated Intelligence Across Cyber, Supply Chain, and Corporate Risk

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New integration combines global corporate transparency with continuous cyber risk intelligence to help organizations uncover hidden threats across their extended enterprise

BOSTON and WASHINGTON, April 29, 2026 /PRNewswire/ — Black Kite, the leader in third-party cyber risk management, today announced a strategic partnership and integration with Sayari, a leading provider of global corporate transparency and supply chain risk intelligence. Together, the two companies are enabling organizations to gain a unified view of third-party risk by combining deep visibility into global corporate and trade networks with continuous cyber risk monitoring.

As organizations face increasing pressure to manage risk across complex, global supply chains, many struggle with fragmented data spread across multiple tools and teams. This partnership addresses that challenge by bringing together Sayari’s unmatched insight into corporate ownership, trade activity, and hidden commercial relationships with Black Kite’s objective, standards-based cyber risk ratings and real-time threat intelligence.

Through the integration, customers can enrich third-party risk assessments with both who an entity is connected to and how exposed they are from a cyber perspective—providing a more complete and actionable understanding of risk across the extended enterprise.

“Risk doesn’t exist in silos—but most tools still do,” said Bob Maley, Chief Security Officer at Black Kite. “By combining Sayari’s global network intelligence with Black Kite’s continuous cyber risk insights, we’re helping organizations move from fragmented signals to a connected, operational view of third-party risk.”

Sayari’s platform delivers visibility into complex commercial relationships using one of the world’s largest collections of corporate and trade data, spanning over 250 jurisdictions worldwide. By integrating this intelligence directly into Black Kite’s platform, customers can more easily identify hidden ownership structures, upstream supply chain dependencies, and potential exposure to financial crime or geopolitical risk—while simultaneously assessing cyber posture.

“Understanding risk today requires more than a single lens,” said Owen Denby, General Counsel at Sayari. “This partnership brings together two critical dimensions of risk—corporate network transparency and cyber exposure—so organizations can make faster, more confident decisions in an increasingly complex global environment.”

The combined solution supports a wide range of use cases, including:

Enhanced due diligence through enriched corporate ownership and cyber risk insightsSupply chain risk management with visibility into N-tier suppliers and their vulnerabilitiesFinancial crime and compliance by correlating beneficial ownership with cyber postureGovernment and national security applications requiring both transparency and cyber resilienceM&A and third-party onboarding with faster, more comprehensive risk assessments

By reducing manual research and connecting previously siloed data, the Black Kite and Sayari integration enables organizations to prioritize risk more effectively, accelerate investigations, and strengthen resilience across their third-party ecosystem.

The partnership reflects a shared commitment to helping organizations navigate the growing complexity of global risk with greater clarity, speed, and confidence.

Bob and Owen did a webinar together in April: From Fragmented Signals to Connected Risk Intelligence, available to watch on-demand.

About Black Kite

Black Kite is the AI-native third-party cyber risk management platform trusted by over 3,000 customers to manage every supplier and every risk across their extended ecosystem. Powered by the industry’s highest-quality risk intelligence, spanning over 40 million companies, Black Kite is differentiated by the accuracy, transparency, and actionability of its data. The platform automates vendor monitoring and risk assessments, surfacing reliable insights into ransomware susceptibility, regulatory gaps, financial exposure, and more. With Black Kite, security and risk teams gain always-on visibility and trusted intelligence to act early, reduce exposure, and stay ahead of third-party threats. Black Kite has received numerous industry awards and recognition from customers. Learn more at www.blackkite.com, or on the Black Kite blog.

About Sayari

Sayari is the leader in Agentic Systems of Work for economic security and risk. Powered by the Sayari Commercial World Model – a digital twin of global commerce resolving 10.6B+ primary-source records from 250+ jurisdictions – Sayari transforms risk and investigative teams from manual data gatherers into decisive mission leaders. By unifying corporate ownership, trade data, and risk intelligence into a single graph, Sayari uncovers connections and typologies that legacy watchlist, adverse media, and point solutions miss, enabling prescriptive execution at scale. Trusted by the world’s most demanding regulators, including U.S. Customs and Border Protection, the U.S. Treasury, and Fortune 500 enterprises, Sayari delivers the evidence-based transparency needed to prove decisions, satisfy regulators and protect global commerce. Headquartered in Washington, D.C., Sayari is used by thousands of professionals across 35+ countries to secure supply chains and dismantle illicit networks. To learn more, visit sayari.com.

Media Contact

Danielle Ostrovsky
Hi-Touch PR
Ostrovsky@Hi-TouchPR.com

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Chronograph Expands Middle East and Asia Presence With Hire of Former Abu Dhabi Investment Council Technology Leader

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NEW YORK, April 29, 2026 /PRNewswire/ — Chronograph, leading provider of portfolio monitoring solutions for institutional private equity limited partners and general partners, today announced the hiring of Benjamin Humphrey-Gaskin as Client Development Director based in the United Arab Emirates.

Benjamin joins Chronograph from the Abu Dhabi Investment Council (ADIC), where he served as Head of Investment Technology for nine years. In that role, he led end-to-end ownership of a multi-asset investment technology portfolio spanning front, middle, and back office systems. Prior to ADIC, he was a Senior Manager at EY advising sovereign institutions and asset managers on technology and operating models, and earlier served as a Senior Business Analyst at eFront delivering customized private equity solutions.

This expansion of the Client Development team in the Middle East reflects Chronograph’s continued growth across the region. With 5 of the 10 largest LPs in the world and 8 of the 10 largest GPs leveraging Chronograph, the solution is increasingly selected by the world’s most sophisticated private capital investors – including sovereign wealth funds navigating complex portfolios.

Benjamin commented, “I am delighted to be joining Chronograph at such a pivotal moment. This is a company I have followed closely for many years, watching its reputation grow from strength to strength. Investors in the region are demanding best-in-class systems, and the ability to truly understand their portfolios and access the highest quality data is one of the foremost challenges they are looking to solve. Chronograph is perfectly positioned to meet exactly that need. I look forward to helping build the firm’s presence and driving real impact for clients.”

Michael Santos, Global Head of Sales at Chronograph, added, “Benjamin is exactly the kind of leader we need as we deepen our presence in the Middle East and Asia. His experience deploying investment technology at one of the world’s most sophisticated sovereign wealth funds gives him a rare understanding of the challenges institutional investors in the region face. He’s spent his career advising CIOs, CTOs, and COOs on private capital technology transformation and he knows what it takes to turn portfolio data into actionable insight at institutional scale.”

About Chronograph

Chronograph was founded in 2016 to bring differentiated technology solutions to private capital markets. The firm’s products help institutional limited partners and general partners – including many of the world’s largest private equity and private credit investors – streamline and automate portfolio monitoring, valuations, analytics, and reporting. The firm is backed by Summit Partners, The Carlyle Group, and Nasdaq, Inc. For further information, please visit: www.chronograph.pe

Fred Bower
Chronograph
New York, New York
fred.bower@chronograph.pe

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Command Zero Accelerates SecOps Pipelines with APIs and MCP Server

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New endpoints let Security Operations teams build their own tools and embed autonomous investigations into existing pipelines.

AUSTIN, Texas, April 29, 2026 /PRNewswire/ — Command Zero today released a broad set of API endpoints and a Model Context Protocol (MCP) server for its Autonomous & AI-Assisted SOC platform. Customers can now drive threat hunts, investigations, manage business context, and trigger remediation programmatically by connecting to Command Zero’s LLM-based agents.

“With aggressive growth in the availability of agentic SecOps capabilities, security leaders and architects are at an architectural juncture – facing a decision to either adopt agentic feature sets being added to existing security tools and platforms, or to instead invest in net-new autonomous SOC platforms – further increasing complexity to an already overwhelming SecOps tools environment. Command Zero is solving this architectural challenge, adding APIs and MCP server access to powerful autonomous investigation capabilities that can be woven into existing tools, workflows, and UI.”
— Dave Gruber, Principal Analyst, Cybersecurity, Omdia

SOCs consist of dozens of separate tools and need seamless connectivity between tools to overcome complexity. With API endpoints and MCP servers, customers can wire the Command Zero platform into their SOAR playbooks, orchestration pipelines, and internal tooling without waiting on vendor roadmaps. Technical alliance partners can build integrations in minutes.

“Opening Command Zero’s advanced investigation engine to developers changes what’s possible. Teams can now use advanced capabilities of the platform as the substrate for custom threat hunting frameworks, CTI-driven analysis, and bespoke tooling. The MCP server extends that to AI agents — which matters as agentic SecOps moves from pitch decks to day-to-day practice.”
— Richard Stiennon, Chief Research Analyst at IT-Harvest

What’s in the release

Investigation APIs. List, start, extend, update, and retrieve investigations against any investigation template.Business context APIs. List, upload, and retrieve context at scale. Pull data in from ServiceNow, CTEM platforms, HR systems, and other sources — no manual console entry.Catalog and schema APIs. Query entity types, data sources, and investigation templates to align external systems with the platform’s data model.Remediation APIs. List remediation templates and execute remediation actions from external systems.MCP server. A wrapper around the APIs that lets Claude and other MCP-compatible agents query Command Zero directly. Analysts can run health checks, list investigations, triage open cases, and build custom dashboards from an AI chat interface.

What customers can build

SOAR playbooks that start a Command Zero investigation the moment an alert fires, then feed upstream response data back into the case as it develops.Custom threat hunting frameworks that ingest threat intelligence, generate hypotheses, deploy them as questions in Command Zero, and run autonomous hunts on a schedule.Internal SOC dashboards built in Claude that summarize weekly activity, automation rates, and open investigations in natural language.MSSPs syncing client business context across tenants automatically, instead of populating each environment by hand.

“The best security platforms are the ones teams can build on. This release puts Command Zero’s investigation engine in the hands of our customers and our technical alliance partners. They can wire us into their pipelines, extend us with their own flows, and connect us to the AI agents working collaboratively with their analysts. That is how a platform earns its place in the SOC. These APIs and MCP servers unlock a new class of joint solutions with our partners.”
— Dov Yoran, Co-founder and CEO, Command Zero

What’s next

The current release covers the core surface customers need to start building. More API endpoints will follow, shaped by anchor customers’ and partners’ feedback. Command Zero will also publish sample integrations and reference implementations in the weeks following the launch.

About Command Zero

Command Zero is the Autonomous & AI-Assisted SOC platform, built to transform security operations in complex enterprise environments. The platform accelerates threat hunting, triage, analysis and response. Command Zero enables all users to perform at the highest level by ensuring consistent, repeatable, auditable investigations with automated reporting.

Command Zero was named a Top 10 Finalist in the 2025 RSA Innovation Sandbox and serves some of the largest organizations in the world. The company is headquartered in Austin, TX with presence in Calgary Alberta, Canada.

Learn more at https://www.commandzero.ai and follow the Command Zero LinkedIn page.

Media contact: press@cmdzero.io

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