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Procurement Software Market to Grow by USD 6.66 Billion (2025-2029), Boosted by E-commerce and Retail Growth, Market Evolution Powered by AI – Technavio

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NEW YORK, Feb. 7, 2025 /PRNewswire/ — Report on how AI is driving market transformation – The global procurement software market size is estimated to grow by USD 6.66 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  11.3%  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..

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Procurement Software Market Scope

Report Coverage

Details

Base year

2024

Historic period

2019 – 2023

Forecast period

2025-2029

Growth momentum & CAGR

Accelerate at a CAGR of 11.3%

Market growth 2025-2029

USD 6663.5 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

10.3

Regional analysis

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

Performing market contribution

North America at 37%

Key countries

US, Germany, Canada, UK, China, France, Italy, India, Japan, and South Korea

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 procurement software market is experiencing significant trends with the increasing adoption of AP automation, cloud sourcing, and cloud-based procurement contracts. Procure-to-Pay Suites, eProcurement Software, and AI are driving digitization in procurement processes, making them more automated and transparent for businesses. Cloud solutions are popular among SMEs and large enterprises in retail & e-commerce, healthcare and pharmaceutical, manufacturing & automotive, IT & telecom, oil & gas, and energy & utilities. Emerging technologies like Machine Learning (ML) and blockchain technology are enhancing supply chain planning and capacity management. Major market players like GEP and Cheniere Energy Inc are forecasting opportunities in this market during the upcoming years. The procurement software market offers solutions to streamline spending, improve quality, and provide infrastructure for company-wise production and supply chain management. 

The digital transformation of businesses is driving the adoption of advanced solutions in various industries. Procurement software is a prime example, with many companies opting for real-time, AI-powered systems to gain a competitive edge. These systems offer features like virtual agents, chatbots, suggestive web searches, pattern recognition, machine translation, and automatic scheduling. By integrating AI into procurement processes, enterprises can streamline operations, improve accuracy, and gain a centralized view of their business-related data. This not only enhances efficiency but also enables better decision-making. AI-driven procurement software is an essential investment for modern businesses seeking to stay competitive in today’s market. 

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Market Challenges

The procurement software market is experiencing significant growth due to the increasing adoption of automation in AP processes, cloud sourcing, and cloud-based procurement contracts. The market is driven by major factors such as digitization, funding, and spending trends in various industries. Emerging technologies like AI, machine learning (ML), blockchain technology, and supply chain planning are transforming procurement processes for both SMEs and large enterprises in sectors like retail & e-commerce, healthcare and pharmaceutical, manufacturing & automotive, IT & telecom, oil & gas, and energy & utilities. Companies like GEP and Cheniere Energy Inc are leading the way with On-Cloud solutions that offer transparent information, automation, and quality infrastructure. However, challenges like duplication of records and complexity remain, providing opportunities for market players to innovate and improve their procurement software solutions throughout the forecast period.Procurement software integration poses challenges due to the unique systems and suppliers in each organization. Compatibility issues are a primary concern, as outdated technologies in existing systems can hinder the installation of new procurement software. This may necessitate modifications, adding complexity to the integration process. Supplier technological capabilities also vary, with some lacking the resources or knowledge to integrate with new software. This can cause delays in onboarding suppliers, potentially impacting organizational efficiency.

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Segment Overview 

This procurement software market report extensively covers market segmentation by  

DeploymentCloud-basedOn-premisesEnd-userRetail And E-commerceHealthcare And PharmaceuticalsManufacturing And AutomotiveIT And TelecomOthersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

1.1 Cloud-based-  Many vendors, including BirchStreet Systems and Coupa Software, provide procurement software through the software-as-a-service (SaaS) model to meet the expanding demand for cloud-based procurement solutions. Cloud-based procurement software is less costly than on-premises alternatives since it doesn’t necessitate hardware and software installation at the enterprise. Instead, it is maintained at the vendor’s data center and accessed via subscription. Enterprises pay a monthly or yearly fee per device, which includes maintenance and upgrades. This model is particularly advantageous for small and mid-sized enterprises, enabling them to streamline operations, reduce errors, and lower costs. The deployment of cloud-based procurement software is simpler and quicker than on-premises software, resulting in a faster return on investment (ROI). BirchStreet Systems offers a cloud-based procurement solution that automates the Procure-to-Pay (P2P) process for enterprises, enhancing control and visibility over back-office operations and supply chains. This solution also connects businesses and suppliers for increased transparency, efficiency, financial control, accountability, and reduced compliance gaps, leading to significant business process improvements and real supply cost savings. The rapid growth of the cloud-based deployment segment is anticipated to fuel the expansion of the global procurement software market during the forecast period.

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Research Analysis

The procurement software market is experiencing significant growth due to the increasing digitization of business processes. Cloud sourcing and cloud-based procurement contracts are becoming increasingly popular, allowing companies to access procurement solutions on-demand and reduce upfront costs. The market is witnessing a shift towards Procure-to-Pay Suites and eProcurement Software, which automate the entire procurement process from requisition to payment. Emerging technologies like Artificial Intelligence (AI) are being integrated into procurement software to enhance efficiency, reduce errors, and provide transparent information. The procurement process is becoming more complex, requiring advanced solutions to manage company-wise production capacity, supply chain, and funding. Opportunities in this market are majorly driven by the need for streamlined procurement processes, cost savings, and improved supply chain visibility.

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. AP Automation and AI are major factors driving this market, providing automation, transparency, and opportunity for major cost savings. Emerging technologies like Machine Learning (ML) and blockchain technology are also gaining traction, offering enhanced supply chain planning and security. The market caters to various industries, including SMEs, large enterprises, retail & e-commerce, healthcare and pharmaceutical, manufacturing & automotive, IT & telecom, oil & gas, and energy & utilities. The procurement software market is expected to grow substantially during the forecast period, with funding and spending on cloud solutions continuing to increase. Companies are investing in On-Cloud solutions for company-wise production capacity and supply chain management. The market presents significant opportunities for brands to improve quality, reduce complexity, and provide transparent information to customers. Cheniere Energy Inc. Is one of the many companies leveraging these solutions to streamline their procurement process.

Table of Contents:

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

DeploymentCloud-basedOn-premisesEnd-userRetail And E-commerceHealthcare And PharmaceuticalsManufacturing And AutomotiveIT And TelecomOthersGeographyNorth 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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SOURCE Technavio

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TS Imagine Expands Integration with Trumid’s Fixed-Income Trading Platform

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Adds Access to Trumid RFQ Automation
and Trumid Full Self Trading (FST™)

NEW YORK, July 23, 2026 /PRNewswire/ — TS Imagine, a leading global cross-asset provider of trading, portfolio, risk management and prime brokerage solutions, announced an expanded workflow integration with Trumid, a financial technology company and leading fixed income electronic trading platform.

The enhanced integration provides TS Imagine clients with broader access to Trumid’s electronic trading ecosystem, including its list-based workflows—Trumid RFQ and Portfolio Trading (PT)—while expanding RFQ automation and cross-protocol capabilities. Clients can now access:

Trumid’s RFQ network, enabling automated workflows through RFQ Auto-Submit via Trumid AutoPilot™ for RFQ, along with API-driven executionHeadless RFQ responder, initiator, and voice inquiry workflows Trumid Full Self Trading (FST™), Trumid’s automated cross-protocol execution capability connecting liquidity and execution opportunities across Trumid RFQ and Swarms, with expansion to Trumid Attributed Trading (firm dealer streams) planned for H2 2026. 

TS Imagine first integrated with Trumid in 2020, including support for Trumid’s Fair Value Model Price (FVMP™) predictive pricing model for corporate bonds.

Alexis Sainte Marie, Fixed Income Product, TS Imagine, said:

“Our expanded relationship with Trumid is an important step for TS Imagine clients seeking greater access to liquidity and workflow automation. We’ve particularly seen significant growth in areas like portfolio trading and RFQ and will continue to work closely with the Trumid team to enhance trading opportunities for our customers.”

Jason Quinn, Chief Product Officer & Global Head of Sales at Trumid, said: 

“Our mutual clients continue to benefit from the integration with TS Imagine, particularly as adoption of Trumid’s list-based workflows continues to accelerate. As clients increasingly engage across multiple Trumid trading protocols, we see additional opportunities to expand our relationship and deliver even greater value for our mutual clients.”

Trumid’s list protocols continued to deliver strong growth during Q2 2026. Trumid RFQ Average Daily Volume (ADV) increased 122% year-over-year, while automated trade volumes executed through Trumid AutoPilot™ for RFQ more than doubled. Trumid PT volume rose approximately 40% year-over-year, with the protocol recording its highest quarterly ADV alongside all-time highs in buy-side participation and lists traded. 

About TS Imagine 

TS Imagine delivers a best-in-class SaaS platform for integrated electronic front-office trading, portfolio management, prime brokerage, and financial risk management. Our global team of technologists continuously develops software and deploys new technologies that empower financial institutions to outperform markets and manage risk in real time. Many of the world’s leading financial institutions trust TS Imagine’s platform to manage their risk exposure and make better trading decisions across derivatives, equities and fixed income, cutting complexity and driving efficiencies.

About Trumid

Trumid is a financial technology company and fixed income electronic trading platform focused on US dollar-denominated Investment Grade, High Yield, Distressed, and Emerging Market bonds. Trumid optimizes the credit trading experience by combining agile technology and market expertise, with a focus on product design. The result is a differentiated ecosystem of protocols and trading solutions delivered within one intuitive platform. Learn more at www.trumid.com.

MEDIA CONTACTS

Greentarget for TS Imagine
tsimagine@greentarget.co.uk

Trumid Press
+1 (212) 618-0300
press@trumid.com

View original content:https://www.prnewswire.com/news-releases/ts-imagine-expands-integration-with-trumids-fixed-income-trading-platform-302832754.html

SOURCE Trumid

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Passage Preparation Wins 2026 CODiE Award for Best Professional Learning Platform

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CHARLOTTESVILLE, Va., July 23, 2026 /PRNewswire/ — Passage Preparation™, a division of K12 Coalition, has been named a 2026 CODiE Award Winner in the category Best Professional Learning Platform.

The CODiE Awards recognize the most innovative products, platforms and services across technology and education. Winners are selected through a rigorous evaluation process led by independent industry experts who assess each solution based on innovation, functionality, market impact, and overall value.

Selected from 228 finalists across 75 categories, the 2026 CODiE Award winners represent the solutions setting new standards for excellence and innovation.

“We are honored to receive this recognition from the CODiE Awards,” said Nathan Estel, Managing Director of Passage Preparation. “This award reflects our team’s commitment to helping aspiring educators build the knowledge, confidence, and instructional expertise they need to succeed on their licensure exams. We remain dedicated to strengthening the educator pipeline through innovative learning experiences that prepare great teachers for the classroom.”

As schools across the country face persistent teacher shortages, Passage Preparation is helping accelerate the path from aspiring educator to licensed classroom teacher. The platform provides comprehensive licensure exam preparation tailored to state certification requirements and subject areas, ensuring candidates focus on the content most relevant to their certification pathway. Developed by experienced teachers and teacher educators, every course is aligned with both licensure standards and evidence-based instructional practices, equipping candidates with the skills they need to succeed on certification exams and in the classroom.

Unlike traditional test-preparation programs that emphasize memorization and test-taking strategies, Passage Preparation builds lasting content knowledge and teaching proficiency through engaging, interactive learning experiences. Candidates benefit from diagnostic assessments that identify strengths and areas for improvement, detailed progress reporting, practice assessments, and personalized study plans. Flexible self-paced learning is complemented by live virtual cohorts that provide instructor guidance, peer collaboration, and accountability, creating a supportive professional learning community for busy educators.

Designed with accessibility and flexibility in mind, Passage Preparation includes tools such as Immersive Reader, offering real-time translation in more than 100 languages, text-to-speech functionality, customizable display settings, and other features that support diverse learning needs. The platform has consistently helped improve certification exam pass rates, enabling many candidates to earn licensure on their first attempt, saving valuable time and costs. By preparing more educators to enter the profession successfully, Passage Preparation helps districts fill critical teaching positions faster and strengthens the educator workforce nationwide.

“The 2026 CODiE Award winners represent some of the most innovative and impactful solutions in the industry,” said Jennifer Baranowski, President of the CODiE Awards. “These organizations are solving meaningful challenges, delivering measurable outcomes, and helping shape the future of technology.”

A complete list of 2026 CODiE Award winners is available at https://codieawards.com/winners.

About K12 Coalition 

K12 Coalition is a collective of specialized education products and services with a common mission to provide a great education for every student in every classroom every day. The company offers deep expertise in solving five macro K-12 education challenges: teacher certification, professional learning, literacy and math curriculum, accelerated student learning through summer school, and district support, including strategic planning and consulting. Learn more at k12coalition.com.

About Passage Preparation

Passage Preparation specializes in providing comprehensive licensure assessment preparation resources designed to bolster teacher confidence and proficiency. These learning resources equip licensure candidates with the knowledge necessary for success on exams and instill in them best teaching practices using methodologies thoughtfully curated to be engaging and aligned precisely with the content covered on the licensure exams. Passage Preparation is part of K12 Coalition, a certified B Corporation helping schools and teachers thrive nationwide.

Media Contact:
Alex Fairchild
K12Coalition@finnpartners.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/passage-preparation-wins-2026-codie-award-for-best-professional-learning-platform-302832895.html

SOURCE K12 Coalition

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Knox Systems Partners with Microsoft to Accelerate Secure Government Access to Commercial Innovation on Microsoft Azure

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Strategic collaboration helps software companies bring cutting-edge commercial technology to the U.S. Government faster through Microsoft Azure Government Cloud

NEW YORK and WASHINGTON, July 23, 2026 /PRNewswire/ — Knox Systems (Knox), the largest, longest-running federal managed cloud, today announced a collaboration with Microsoft to help commercial software companies deploy secure, mission-ready solutions on Microsoft Azure Government Cloud for U.S. Government customers.

As demand for modern AI, cybersecurity, data, and enterprise software continues to grow across the public sector, the partnership is designed to reduce the barriers that have historically prevented government agencies from accessing the same technologies already transforming the commercial market.

Knox enables software providers to achieve production-ready federal cloud environments in as little as 90 days through its pre-authorized Federal Managed Cloud. By inheriting a substantial portion of required security controls, companies can reduce the time, effort, cost, and compliance burden associated with deploying compliant government cloud solutions. Combined with Microsoft Azure’s trusted government cloud platform, the collaboration provides an accelerated path for innovative software companies seeking to serve federal civilian and defense customers.

“America’s greatest technology companies shouldn’t spend years navigating compliance before they can help solve government missions,” said Irina Denisenko, CEO of Knox Systems. “Microsoft has built one of the world’s most trusted cloud platforms for government. Knox removes the operational barriers that can keep innovative software companies from deploying secure, compliant solutions on Azure Government. Together, we’re making it dramatically faster for agencies to access the technologies they need, securely, compliantly, and at mission speed.”

The collaboration strengthens Microsoft’s ecosystem for independent software vendors (ISVs) pursuing government opportunities while expanding the pathway for AI-native, cybersecurity, enterprise software, and critical infrastructure companies to bring production workloads to Azure.

“Microsoft is committed to helping software companies innovate for government while meeting the highest standards for security and compliance,” said Jamie Harper, VP, Defense Industrial Base, Microsoft. “Our collaboration with Knox provides organizations with an accelerated path to deploy innovative solutions on Microsoft Azure Government Cloud, helping government agencies gain faster access to the technologies that support critical missions.”

Knox currently operates one of the industry’s largest FedRAMP-authorized managed cloud environments, supporting more than 70 software companies and maintaining 16 US Federal and Department of War Authorizations to Operate (ATOs). Customers including Adobe, Armis, Celonis, BigID, and other leading software providers rely on Knox to bring commercial innovation to government faster while maintaining rigorous security standards.

As AI adoption accelerates across government, the partnership reflects a shared commitment to ensuring agencies can securely leverage the same cutting-edge technologies already powering the commercial economy.

About Knox Systems

Knox Systems operates the largest managed federal cloud, trusted by top agencies and partners across defense and civilian sectors. Built for speed, resilience, and compliance, Knox delivers FedRAMP authorization in 90 days – turning the biggest bottleneck in government IT into the fastest path to modernization. Knox proudly serves Adobe, Celonis, OutSystems, Armis, BigID, and more AI and SaaS providers, accelerating secure innovation across the federal landscape. Learn more at knoxsystems.com.

Media Contact:
knox@w2comm.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/knox-systems-partners-with-microsoft-to-accelerate-secure-government-access-to-commercial-innovation-on-microsoft-azure-302832781.html

SOURCE Knox Systems, Inc

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