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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.

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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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SOURCE Technavio

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Meridian Singapore Immigration Launches New Website to Simplify the PR Application Journey for Foreigners in Singapore

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New online platform provides clear, structured guidance for Employment Pass and S Pass holders navigating Singapore’s residency and Permanent Residency pathways

SINGAPORE, April 30, 2026 /PRNewswire/ — Meridian Singapore Immigration Pte. Ltd. has officially launched its new website at meridianimmigration.sg, a resource built specifically for foreigners living and working in Singapore who are exploring Permanent Residency or long-term residency options.

The platform arrives at a time when Singapore’s expatriate and foreign professional community is growing rapidly, yet many EP and S Pass holders report struggling to find clear, reliable information on the PR application process. Singapore’s immigration framework is among the most structured in Southeast Asia, with eligibility criteria, documentation requirements, and submission windows that change frequently. For individuals navigating this process without professional guidance, the stakes are high and the margin for error is narrow.

Meridian’s website was built to address that gap directly. The platform offers detailed explanations of available immigration pathways, structured consultation options, and educational resources developed by the firm’s team of immigration specialists. Rather than presenting a services catalogue, the site walks users through the considerations relevant to their specific situation, whether they hold an Employment Pass, S Pass, or are planning for their family’s long-term residency in Singapore.

“We built this platform because we saw how overwhelming and confusing the immigration process can be for people who genuinely want to build their lives here,” said a spokesperson for Meridian Singapore Immigration. “Our goal is to be the trusted partner that walks them through every step with clarity and integrity.”

Singapore’s continued attractiveness as a regional hub for multinational corporations, financial institutions, and technology firms means the pipeline of foreigners seeking long-term residency options remains substantial. At the same time, the ICA’s PR application framework has grown more nuanced, with factors such as economic contributions, family ties, and community integration weighed during assessment. Applicants who proceed without a clear understanding of these criteria often submit applications that are either premature or structurally incomplete.

Meridian’s approach centres on preparation and transparency, helping applicants understand where they stand before they apply and what supporting documentation strengthens their case.

Meridian Singapore Immigration Pte. Ltd. is a professional immigration consultancy dedicated to guiding individuals and families through Singapore’s immigration process. Specialising in Permanent Residency (PR) applications, residency pathways, and compliance support, Meridian offers clear, structured solutions tailored to each client’s unique circumstances. Founded on the values of Guidance, Integrity, and Success, Meridian is committed to making immigration simple, transparent, and accessible for everyone. For more information, visit meridianimmigration.sg or contact info@meridianimmigration.sg / +65 8873 1113.

 

View original content:https://www.prnewswire.com/apac/news-releases/meridian-singapore-immigration-launches-new-website-to-simplify-the-pr-application-journey-for-foreigners-in-singapore-302757392.html

SOURCE Meridian Singapore Immigration Pte. Ltd.

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Socomec, Daitron team up to meet Japan’s growing power demands

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TOKYO, April 30, 2026 /PRNewswire/ — Socomec, a century-old electrical group specialising in mission-critical energy, and Japan’s Daitron, an electronics components distributor, have signed a partnership to deliver power conversion solutions and service backup power and electrical-switching systems across Japan.

The deal combines Socomec’s equipment with Daitron’s on-the-ground engineering team, which has more than 74 years of experience in the Japanese market. The two companies will handle everything from project delivery to ongoing maintenance and spare parts.

The partnership covers three product areas: uninterruptible power supplies (UPS), which keep facilities running during outages; power conversion systems, which ensure the availability and continuity of high-quality energy; and static transfer switches, which automatically reroute power loads between sources without interruption.

Beyond equipment sales, the agreement includes training, spare parts, long-term service contracts and a full range of expert services covering prevention, measurement and analysis, consultancy, deployment and optimisation. Socomec will provide product and technical training to Daitron’s team, while Daitron handles installation, servicing and day-to-day client support in Japan.

The target market spans data centres, semiconductor plants, industrial facilities, hospitals and green buildings, all areas where even brief power interruptions can prove costly. Data center demand in particular is surging, driven by the rapid expansion of artificial intelligence infrastructure, with colocation and enterprise facilities among the primary targets.

“Daitron knows the Japanese market inside and out. They have the people, the relationships, and the hands-on experience, and we bring the technology to match,” said Socomec Asia-Pacific CEO O’Niel Dissanayake. “It’s a natural fit, and together we can offer something neither company could deliver alone.”

“Japan’s data centres, chip factories and industrial plants all require power systems they can count on,” said Masaharu Kato, corporate officer of Daitron. “Socomec’s technology is exactly what these customers need, and our job is to make sure it’s installed, maintained and supported properly. That’s what we do best.”

The partnership comes as Japan faces a step change in power demand. Electricity consumption is expected to grow 5.3% over the next decade, driven by data centres and semiconductor factories, according to the country’s grid operator. Industrial energy demand alone is forecast to rise 18.3% over the same period.

That growth is creating strong demand for reliable power infrastructure. Data centres, for example, run around the clock and cannot afford downtime, making backup power and efficient energy management essential. Socomec’s systems are designed to reduce power consumption without sacrificing reliability, a balance that is becoming increasingly important as operators look to manage both costs and environmental commitments.

Both companies say project planning and bids are already underway, with a long-term goal of expanding the partnership’s reach across Japan as demand grows.

About Daitron

Daitron Co., Ltd. is a Japanese engineering and trading company founded in 1952 and headquartered in Osaka. Listed on the Tokyo Stock Exchange (TYO: 7609), Daitron sells and manufactures electronic components, semiconductor processing equipment and power supply systems. The company has more than seven decades of experience serving Japan’s electronics and manufacturing industries.

SOCOMEC: When energy matters

Founded in 1922, SOCOMEC is an independent industrial group of more than 4,800 experts spread across the world in 30 subsidiaries. Our vocation: design, manufacture and sale of electrical equipment, with a strong expertize in critical power applications. In 2025, SOCOMEC achieved a turnover of 997 million euros (not yet audited).

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SOURCE Socomec

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Multi-Destination Travel Surges Across Asia-Pacific This Labour Day, Trip.com Group Data Shows

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Multi-city travel across Asia-Pacific grew 35% year-on-yearMulti-city travel outpaces single-destination growth by more than 2xSoutheast Asia sees strong double-digit growth, with Thailand up to 52% YoY

SINGAPORE, April 29, 2026 /CNW/ — Multi-city travel across Asia-Pacific grew 35% year-on-year this Labour Day period, according to data from Trip.com Group. Several Asia-Pacific markets including Japan, South Korea, parts of Southeast Asia and Mainland China celebrate Labour Day, driving strong cross-border and domestic travel flows across the region.

Over 30% of international trips now span multiple destinations, highlighting a continued shift towards more complex, itinerary-led travel. This shift reflects a growing preference to maximise time and value with multiple destinations within a single trip rather than a single location.

Multi-destination trips become a defining travel pattern

While single-destination travel continues to account for most bookings, growth is increasingly driven by more complex itineraries. Multi-destination bookings are growing at more than twice the pace of single-destination travel, reflecting stronger demand for flexibility and deeper exploration.

Travellers are increasingly structuring trips across multiple cities to maximise both time and value, with popular combinations including:

Tokyo – Osaka – Kyoto (Japan)Seoul – Busan (South Korea)Bangkok – Phuket (Thailand)

These itineraries reflect a growing preference for multi-stop journeys that blend urban experiences with leisure destinations.

Southeast Asia sees fast growth in multi-destination travel 

Across Southeast Asia, demand for multi-destination travel is rising steadily, with strong growth across key markets of Thailand: 52%, Malaysia: 40%, and Singapore: 17%, according to Trip.com Group data.

Top outbound destinations across Southeast Asian markets include Japan (Tokyo, Osaka), South Korea (Seoul), China (Shanghai, Beijing), Thailand (Bangkok), Indonesia (Bali).

In other parts of Asia such as Hong Kong SAR, multi-destination travel also grew by over 50% year-on-year, highlighting growing preference for more complex itineraries over traditional single-destination trips, particularly in well-connected urban markets.

In Mainland China, domestic travel remains a strong base, while overseas journeys are increasingly shaped by multi-destination itineraries, with over 40% of outbound trips spanning multiple destinations and continuing to grow.

This suggests that travellers in this region are increasingly combining multiple cities within a single trip, supported by strong regional connectivity.

Japan’s domestic travel momentum on the rise

Japan is also seeing shifts in domestic travel behaviour, even as outbound demand continues to grow.

In Japan, domestic travel is growing rapidly, indicating rising interest in travelling within the country, accounting for one-quarter of all flight bookings, and to cities such as Tokyo, Sapporo and Okinawa.

Intra-Asia travel dominates Labour Day demand

The Labour Day holiday period continues to be driven by regional travel within Asia-Pacific, with travellers favouring destinations that offer ease of access, diverse experiences, and flexible itineraries.

The Group’s data highlights the continued strength of short-haul travel, supported by strong connectivity and shorter flight durations.

More broadly, the way people travel across Asia-Pacific is evolving. Travellers taking a more deliberate approach to how they plan their trips. While cross-border journeys are increasingly shaped by multi-city itineraries, domestic travel remains a strong and steady part of the landscape. Together, these patterns point to a more flexible and value-conscious mindset, as travellers look to make the most of both time and budget.

About Trip.com Group

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission “to pursue the perfect trip for a better world”. Find out more about Trip.com Group here: group.trip.com.

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SOURCE Trip.com Group

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