Connect with us

Technology

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

Published

on

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..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

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. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

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.

Discover how AI is revolutionizing market trends- Get your access now!

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.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

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/

View original content to download multimedia:https://www.prnewswire.com/news-releases/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-302369830.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Chef Robotics Physical AI Models Can Now Automate Baked Goods Packing

Published

on

By

SAN FRANCISCO, April 29, 2026 /PRNewswire/ — Chef Robotics, a leader in physical AI for the food industry, today announced that Chef robots can now automate tray assembly for baked goods packing. The application places baked products, such as burger buns, chocolate chip cookies, biscotti, butter cookies, biscuits, fortune cookies, granola bars, rusks, and shortbreads into trays and packaging containers before sealing.

Watch Chef robots in action.

Baked goods packing has historically been difficult to automate for high-mix production. Each item behaves differently on the production line—a granola bar compresses under the wrong grip, while a biscotti or rusk can crack if placed at the wrong angle. Surface textures range from glazed and smooth to crumbly and irregular, and strict presentation requirements leave little room for error. This variability has made it challenging for automation systems to reliably handle baked goods at production speeds, leaving food manufacturers dependent on manual labor and traditional bakery equipment.

To address this, Chef built its baked goods packing application on its existing piece-picking capability, which uses Chef’s AI-powered computer vision and physical AI models trained across diverse real-world production environments. This allows Chef robots to assess each item’s position, shape, and orientation in real time and determine how to pick the items from the pan and place them quickly and precisely without damaging them.

The baked goods packing application supports four distinct placement capabilities.

First, Chef’s vision system detects the angle at which each item sits in the pan and reorients it after picking, placing it on the tray at the exact angle required, regardless of its original position, enabling retail-ready presentation for SKUs that require precise angular placement.

Second, Chef robots can place multiple baked goods into the same packaging container in a single automated pass, completing full tray assembly without manual intervention.

Third, for packaging containers with multiple small compartments, Chef robots can precisely place items into each designated section, including multiple items in the same compartment, using Chef’s AI vision model to detect compartment positions and orientations in real time.

Fourth, Chef’s vision system identifies the exact center of each tray and places every item at a predefined offset from that center, ensuring a uniform, consistent arrangement across every pack regardless of how trays arrive on the conveyor.

For food manufacturers evaluating bakery systems and baked goods packaging automation, the application offers higher throughput, reduced labor dependency, and consistent presentation across shifts. The capability runs on Chef’s existing robotic hardware and software, allowing manufacturers to deploy it without requiring any changes to their production lines.

Chef’s baked goods packing application is available in the U.S., Canada, Germany, and the UK and is included as part of Chef’s robotics-as-a-service (RaaS) pricing model.

About Chef Robotics
Chef is the first company to have commercialized a scalable AI-driven food robotics solution. With over 104 million servings made in production, Chef leverages ChefOS, an AI platform for food manipulation, to offer a Robotics-as-a-Service solution that helps industry-leading food companies increase production volume and meet demand. Headquartered in San Francisco, CA, Chef aims to empower humans to do what humans do best by accelerating the advent of intelligent machines. Visit https://chefrobotics.ai to learn more.

View original content:https://www.prnewswire.com/news-releases/chef-robotics-physical-ai-models-can-now-automate-baked-goods-packing-302756923.html

SOURCE Chef Robotics

Continue Reading

Technology

Chef Robotics Physical AI Models Can Now Automate Baked Goods Packing

Published

on

By

SAN FRANCISCO, April 29, 2026 /PRNewswire/ — Chef Robotics, a leader in physical AI for the food industry, today announced that Chef robots can now automate tray assembly for baked goods packing. The application places baked products, such as burger buns, chocolate chip cookies, biscotti, butter cookies, biscuits, fortune cookies, granola bars, rusks, and shortbreads into trays and packaging containers before sealing.

Watch Chef robots in action.

Baked goods packing has historically been difficult to automate for high-mix production. Each item behaves differently on the production line—a granola bar compresses under the wrong grip, while a biscotti or rusk can crack if placed at the wrong angle. Surface textures range from glazed and smooth to crumbly and irregular, and strict presentation requirements leave little room for error. This variability has made it challenging for automation systems to reliably handle baked goods at production speeds, leaving food manufacturers dependent on manual labor and traditional bakery equipment.

To address this, Chef built its baked goods packing application on its existing piece-picking capability, which uses Chef’s AI-powered computer vision and physical AI models trained across diverse real-world production environments. This allows Chef robots to assess each item’s position, shape, and orientation in real time and determine how to pick the items from the pan and place them quickly and precisely without damaging them.

The baked goods packing application supports four distinct placement capabilities.

First, Chef’s vision system detects the angle at which each item sits in the pan and reorients it after picking, placing it on the tray at the exact angle required, regardless of its original position, enabling retail-ready presentation for SKUs that require precise angular placement.

Second, Chef robots can place multiple baked goods into the same packaging container in a single automated pass, completing full tray assembly without manual intervention.

Third, for packaging containers with multiple small compartments, Chef robots can precisely place items into each designated section, including multiple items in the same compartment, using Chef’s AI vision model to detect compartment positions and orientations in real time.

Fourth, Chef’s vision system identifies the exact center of each tray and places every item at a predefined offset from that center, ensuring a uniform, consistent arrangement across every pack regardless of how trays arrive on the conveyor.

For food manufacturers evaluating bakery systems and baked goods packaging automation, the application offers higher throughput, reduced labor dependency, and consistent presentation across shifts. The capability runs on Chef’s existing robotic hardware and software, allowing manufacturers to deploy it without requiring any changes to their production lines.

Chef’s baked goods packing application is available in the U.S., Canada, Germany, and the UK and is included as part of Chef’s robotics-as-a-service (RaaS) pricing model.

About Chef Robotics
Chef is the first company to have commercialized a scalable AI-driven food robotics solution. With over 104 million servings made in production, Chef leverages ChefOS, an AI platform for food manipulation, to offer a Robotics-as-a-Service solution that helps industry-leading food companies increase production volume and meet demand. Headquartered in San Francisco, CA, Chef aims to empower humans to do what humans do best by accelerating the advent of intelligent machines. Visit https://chefrobotics.ai to learn more.

View original content:https://www.prnewswire.com/news-releases/chef-robotics-physical-ai-models-can-now-automate-baked-goods-packing-302756923.html

SOURCE Chef Robotics

Continue Reading

Technology

Air Products to Expand Industrial Gas Supply for Samsung Electronics’ Next-Generation Semiconductor Fab in South Korea

Published

on

By

New investment underscores the company’s long-term commitment to Korea and its leading role in the global semiconductor industry 

LEHIGH VALLEY, Pa., April 29, 2026 /PRNewswire/ — Air Products (NYSE:APD), a world-leading industrial gases company and serving Samsung globally, today announced it has been selected by Samsung to supply industrial gases for its new advanced semiconductor fab in Pyeongtaek, Gyeonggi Province, South Korea.

Under the agreement, Air Products will build, own and operate multiple state-of-the-art production facilities and a bulk specialty gas supply system to supply nitrogen, oxygen, argon, and hydrogen for Samsung’s new semiconductor fab. The new facilities are expected to come onstream in multiple phases from 2028 through 2030.

Air Products has a long track record of executing multiple phase expansions in Pyeongtaek to support Samsung’s growing manufacturing needs. This latest project represents Air Products’ largest investment to date in the semiconductor industry and will establish Pyeongtaek as the company’s single largest operations site globally supporting the electronics industry. 

“Air Products is honored to be selected once again by Samsung and to have their continued confidence as a trusted partner supporting their strategic growth plans,” said SR Kim, President, Air Products Korea. “This significant investment reinforces Air Products’ role as a leading global supplier to the semiconductor industry and underscores our long-standing commitment to supporting our strategic customers with safety, reliability, efficiency and excellent service.”

Air Products has served the global electronics industry for more than 40 years, supplying industrial gases safely and reliably to many of the world’s leading technology companies. The company has operated in Korea for more than 50 years and has established a strong position in electronics and manufacturing sectors.

About Air Products

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global supplier of hydrogen, Air Products also develops, engineers, builds, owns and operates some of the world’s largest clean hydrogen projects, supporting the transition to low- and zero-carbon energy in the industrial and heavy-duty transportation sectors. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedInXFacebook or Instagram.

This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

View original content to download multimedia:https://www.prnewswire.com/news-releases/air-products-to-expand-industrial-gas-supply-for-samsung-electronics-next-generation-semiconductor-fab-in-south-korea-302757497.html

SOURCE Air Products

Continue Reading

Trending