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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
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Nuix Expands Generative AI for Legal Review, Debuts AI Chat for Case Data

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SYDNEY, Sept. 6, 2026 /PRNewswire/ — Nuix announced the general availability (GA) of its Generative AI (Gen AI) capabilities in Nuix Discover SaaS on September 4. Bringing Document Summaries, Similar Documents, Semantic Search, Clustering and Visualizations to its legal review and eDiscovery solution. Continuing the innovation, and now in Early Adopter release, is Nuix Discover’s AI Chat – a conversational interface that lets reviewers, attorneys, and investigators interrogate their case data in natural language and receive synthesized answers drawn directly from document content; with citations to documents and every interaction logged for a complete, court-ready audit trail.

“AI Chat lets teams simply ask questions and get answers grounded in their case data; answers that are defensible and auditable. That’s the standard the legal profession demands, and it’s what sets Nuix apart,” said Ilona Meyer, Executive Vice President, Nuix Discover.

The Gen AI release for Nuix Discover includes:

Document Summaries: Every document receives a concise, plain-language summary as it is ingested, so reviewers can interpret long contracts, dense attachments, and lengthy email threads at-a-glance and orient to a matter faster.Similar Documents: automatically surfaces documents that are similar in meaning, based on the summary of the document being reviewed.Semantic Search: Locate responsive material by meaning, not just exact terms, surfacing relevant documents that use different phrasing and reducing the risk of missed documents.Clustering and Visualizations: Documents are grouped by meaning and mapped visually, giving the review team an early read on the composition of a collection, including key issues, hot topics, concentrations, outliers, and the relationships between clusters. Helping to inform review strategy, batching, and prioritization from day one.

“These Gen AI innovations change how review teams engage with case data,” said Ilona Meyer, EVP, Nuix Discover. “Document Summaries, Semantic Search, Similar Documents, and AI Clustering are built into both ECA and Review, so teams work faster at every stage. In ECA, they triage matters with far greater speed and accuracy than traditional approaches, giving teams the confidence to decide what to escalate for full review. Every insight is grounded in the source material, so the results are defensible.”

Together, these capabilities support the full matter lifecycle, from early triage ECA, through full review, on a single foundation of document understanding that is defensible and auditable.

AI Chat is available now as part of our Early Adopter (EA) program, with GA in December 2026. Gen AI capabilities including Document Summaries, Semantic Search, Similar Documents, AI Clustering and Visualizations, are GA for Nuix Discover SaaS, and will be available in Nuix Discover on-prem next quarter. Learn more https://www.nuix.com/solutions/nuix-discover

About Nuix Discover

Nuix Discover lets legal and investigative teams keep their data on-premises, in the cloud, or in a sovereign environment. Data sovereignty matters, and Nuix built Discover to support it. The platform runs on the Nuix Engine, which focuses on processing accuracy so professionals can trust their findings are complete and exhaustive. https://www.nuix.com/solutions/nuix-discover

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SOURCE Nuix

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AICON Returns for Its Second Year, Championing “AI for Everyone”

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Singapore’s annual AI festival returns on 8 and 9 October 2026, bringing together government, industry, educators and innovators to advance AI literacy and fluency, innovation and collaboration.

SINGAPORE, Sept. 7, 2026 /PRNewswire/ — AICON 2026, Asia’s human-first AI festival, returns on 8 and 9 October 2026 at *SCAPE Singapore, 2 Orchard Link, Singapore 237978. Now in its second year and held under the theme “AI for Everyone”, the festival is supported by Tesla, NTUC’s Employment and Employability Institute (“e2i”), Singtel and *SCAPE, among other partners, and is held in support of the national Digital for Life movement. Tickets are on sale now at www.aicon.show.

The inaugural edition drew more than 5,000 attendees from over 10 countries. The second edition changes the format rather than the size of the room. Where 2025 centred on talks and showcases, 2026 is built around participation: visitors sit down at a screen, use the tools and leave with something they co-create with AI. Four pillars run through both days: Learn, Create, Connect and Play.

“AI is changing the way we work and live, but many people are still unsure where to begin. AICON was created to make AI more accessible, practical and relevant, helping people better understand what’s possible and giving them the confidence to apply it in ways that make a real difference in their work and everyday lives,” says Jayce Tham, Co-Founder of AICON and CEO of CreativesAtWork.

Programme

Day one opens on the main stage with “AI for Humanity: Technology, Commercialisation and Governance”, a forum on who AI is actually for. Sessions cover frontier technology, human cognition and education, the future of jobs and careers, corporate governance and responsible investment. Hands-on workshops run alongside it throughout the day, from vibe coding with Gemini to AI filmmaking with Singapore Polytechnic. Day one closes with Creator Jam Night at the Ground Theatre and the WonderClip x GenTube AI Film Festival award ceremony.

Day two, ‘AI for Everyone: Create, Play, Community’, shifts focus from big-picture concepts to hands-on action. Attendees will explore the practical potential of AI in their daily lives, with sessions covering everything from AI in education and business-building for SMEs, to the creator economy and future-gazing into next-generation tech. Throughout the day, visitors can experience live product demonstrations in the AI Demo Theatre and discover the projects born from the festival’s workshops. A youth strand runs through the day, including a session on what young people need to know about AI and an Ask Me Anything panel pairing three youth leaders with three AI experts.

The festival features a strong Korean contingent across both days. Marking their second year, Kentertech Hub returns to showcase the latest advancements in Korean content creation technology. The programme highlights a masterclass in AI filmmaking and the ‘K-Global × K-EnterTech Conference @ AICON’ panel discussion. Additionally, Singapore Polytechnic’s Jeffrey Xu, fresh from his grand prize victory at the ChungKang International AI Genre Film Festival, will present a dedicated session on the future of AI cinema.

At the centre of both days are hands-on sessions, including Singtel’s AI.dea Discovery Workshop, developed in collaboration with SIM Academy, and e2i’s Emerging Skills, Emerging Jobs Zone, a conversation-led learning space featuring interactive discussions, live demonstrations, and facilitated dialogues that help workers understand AI, experience AI firsthand, and explore its applications in their current roles and future careers. Running through both days is a thread on responsible AI, shaped with the Artificial Intelligence International Institute under its AI for Humanity framework and led by AICON co-founder Dr James Ong.

AI for Humanity Impact Forum @ AICON 2026

The Artificial Intelligence International Institute brings its AI for Humanity Impact Forum to AICON on 8 October, anchoring the festival’s main stage programme.

AIII is an independent think tank founded in 2017 by Dr James Ong, who is also a co-founder of AICON. It works on sustainable AI through research, policy, education and industry collaboration, and has taken the AI for Humanity agenda to the United Nations, ASEAN, Davos, SXSW and the World Artificial Intelligence Conference (WAIC). In July, AIII was the executive organiser of a WAIC forum in Shanghai on sustainable computing, co-organised with the UN Principles for Responsible Investment and opened by the UNDP Administrator. AIII has campaigned for AI for Humanity to be recognised as a United Nations Sustainable Development Goal.

Voices from AICON

“AI literacy is no longer optional, and it is not only a technologist’s concern. Parents, educators and business leaders all need to understand how these systems work, how to govern them and how to manage their risks,” says Dr James Ong, Co-Founder of AICON, Founder of the Artificial Intelligence International Institute and co-author of AI for Humanity. “That is the foundation of AI for Humanity, and it is why AICON exists.”

“Most people’s first reaction to AI is still anxiety, and you cannot lecture anyone out of that,” says Jaze Phua, Co-Founder of AICON and Dear.AI, and CEO of Virality Group. “You hand them a tool, they make something in ten minutes, and the fear turns into curiosity. That is the whole festival in one sentence.”

Partners

AICON 2026 is in support of the national Digital for Life movement, together with partners like e2i, Singtel, Design Singapore, ASUS, Alibaba, *SCAPE, Action Community for Entrepreneurship, Tesla, Kentertech Hub and the Artificial Intelligence International Institute, alongside a growing network of community and ecosystem partners. Institutes of higher learning taking part include Singapore Polytechnic, Temasek Polytechnic and Ngee Ann Polytechnic. Further partners will be announced.

Tickets & Access

Tickets are on sale now at www.aicon.show.

General Admission, 2-day pass: SGD $48VIP, 2-day pass: SGD $98, with access to keynote sessions, workshops and talks

Workshop places are limited and allocated on a first-come basis. A festival ticket is required, and each workshop must be registered separately at www.aicon.show.

Early-bird pricing runs until 30 September 2026.

This programme is hosted on Discover, a youth platform by the National Youth Council. View the event listing at https://discover.nyc.gov.sg/events/aicon-2026-the-ai-for-everyone-festival-caw-2026-0067

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SOURCE CreativesAtWork

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Sungrow and UNSW Launch AI-Enabled Community Energy Project in NSW Southern Highlands

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BOWRAL, Australia, Sept. 7, 2026 /PRNewswire/ — Sungrow, a globally leading PV inverter and energy storage system provider, has joined UNSW Sydney, JT Solar Technology, trading as Aussie Hybrid Solar to launch an AI-enabled community energy project at the Gibraltar Bowral in the Southern Highlands. The project  demonstrates how solar generation, battery storage and intelligent energy management can work together to improve energy resilience, maximise renewable energy use and reduce reliance on the grid.

A Smarter, Community‑Centric Approach to Energy

For commercial sites such as hotels and event venues, energy demand can fluctuate significantly throughout the day, while rising electricity costs and the need for reliable power make efficient energy management increasingly important.

The community-based virtual power plant (VPP) project addresses these challenges by integrating solar generation, battery storage and intelligent energy management. Rather than simply generating and storing energy, the system determines how and when energy should be used, stored or discharged based on solar availability, site demand, electricity prices, grid requirements and battery health.

At the heart of the system are Sungrow’s ST200CF PowerKeeper battery energy storage system, deployed across four PK stacks, and the SH110CX hybrid inverter, installed by Aussie Hybrid Solar. These assets are coordinated through UNSW’s AI Energy Management System (AI EMS).

“The value of a system like this goes beyond payback. It needs to be safe, reliable and intelligent enough to respond to changing energy needs. That requires close collaboration between engineering and commercial teams.” said Richard Chen, Business Development Manager of Sungrow.

PowerKeeper Enhancing Energy Resilience at The Gibraltar Bowral

As a premium hotel and event venue, The Gibraltar Bowral has diverse and often variable energy needs, making reliable power essential to both guest services and event operations.

Modular DC-coupled architecture. The stackable design enables flexible capacity expansion to accommodate variable site loads. It simplifies retrofits by avoiding complex transformer upgrades and grid approvals, achieving plug-and-play compatibility with existing PV systems and SH110CX hybrid inverters.Hospitality-optimized deployment. With a compact design, flexible installation options and comprehensive safety certifications, PowerKeeper can fit easily into hospitality sites where space is limited and appearance matters, while meeting all relevant safety and regulatory requirements.Ultra-reliable performance. Validated through extreme environment tests and equipped with real-time battery health tracking, the system delivers stable long-term operation and full-site backup power to prevent venue downtime.AI and VPP-ready intelligence. It serves as core hardware for AI energy scheduling and VPP dispatch, enabling autonomous charge-discharge optimization based on solar output, site load, electricity prices and grid conditions to boost renewable self-consumption and energy resilience.

By integrating PowerKeeper into the VPP model, the project demonstrates how advanced storage solutions can serve both commercial reliability needs and broader community energy goals.

Collaboration Driving Innovation

“Sungrow has provided strong technical data and support. Their team independently verified our calculations, which gave us greater confidence when sizing the system and demonstrating the potential savings to the client. That level of technical collaboration has been fantastic.” said Steve Doyle, co-owner of JT Solar and Voltval.

By bringing together solar, storage and AI-driven energy management, the project demonstrates a practical pathway towards a more flexible, resilient and renewable-powered  future.

About JT Solar Technology

With more than 17 years of industry experience, JT Solar Technology brings long-standing expertise in solar installation, engineering, project delivery and after-sales support. Operating under the commercial trading name Aussie Hybrid Solar, the Sydney-based energy company has been helping Australian customers install solar power systems, reduce energy bills and contribute to a cleaner, more sustainable energy future. For more information, visit https://jtsolar.com.au/

CONTACT:
luly.wang@sungrow-hq.com 
+86-15618330862

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SOURCE Sungrow Power

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