Technology
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
Published
10 months agoon
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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..
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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.
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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.
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SOURCE Technavio
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Data Catalog Market is expected to generate a revenue of USD 5.72 Billion by 2031, Globally, at 22.61% CAGR: Verified Market Research®
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The Data Catalog Market presents strong growth potential driven by rising data complexity, cloud adoption, and compliance needs. However, high implementation costs and legacy system challenges demand careful planning. North America’s dominance highlights the importance of targeting mature markets with established digital ecosystems. For successful market entry, vendors should focus on scalable, secure solutions with seamless cloud integration, while offering flexible pricing models to appeal to mid-sized enterprises.
LEWES, Del., May 19, 2025 /PRNewswire/ — The Global Data Catalog Market Size is projected to grow at a CAGR of 22.61% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 1.28 Billion in 2024 and is expected to reach USD 5.72 Billion by the end of the forecast period.
The Data Catalog Market is witnessing robust growth due to surging demand for streamlined data discovery, metadata management, and self-service analytics across industries.
Key Highlights of the Report:
Market Size & Forecast – In-depth analysis of current value and future projections.Segment Analysis – Detailed study across Component, Deployment Mode, and End-User.Regional Insights – Comprehensive coverage of North America, Europe, Asia-Pacific, and more.Competitive Landscape – Profiles of top players and their strategic initiatives.Technology Trends: Analyzes adoption of AI, ML, and automation in enhancing catalog functionalities.Regulatory Impact – Assessment of global and regional compliance frameworks.Investment Opportunities: Identifies hot spots for M&A, product innovation, and emerging use cases.
Why This Report Matters:
This report offers strategic insights into the rapidly evolving Data Catalog Market, equipping decision-makers with actionable intelligence on growth opportunities, emerging technologies, and competitive dynamics that directly impact data management investments.
Who You Should Read This Report:
CIOs & CTOs – For shaping enterprise data architecture and governanceData Analysts & Scientists – To enhance data discovery and usabilityIT Leaders – For integrating catalog solutions into cloud or hybrid infrastructureB2B Buyers & Consultants – Seeking in-depth vendor and segment evaluationsInvestors & Strategists – Exploring market entry and portfolio expansion opportunities
For more information or to purchase the report, please contact us at: https://www.verifiedmarketresearch.com/download-sample?rid=26914
Browse in-depth TOC on “Global Data Catalog Market Size“
202 – Pages
126 – Tables
37 – Figures
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
GROWTH RATE
CAGR of ~22.61% from 2024 to 2031
BASE YEAR FOR VALUATION
2024
HISTORICAL PERIOD
2021-2023
FORECAST PERIOD
2024-2031
QUANTITATIVE UNITS
Value (USD Billion)
REPORT COVERAGE
Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Competitive Landscape, Key Players, Segmentation Analysis
SEGMENTS COVERED
By ComponentBy Deployment ModeBy End-User
REGIONS COVERED
North AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa
KEY PLAYERS
Alation, Inc., Collibra NV, Informatica Inc., IBM Corporation, TIBCO Software Inc., Hitachi Vantara LLC, Alteryx, Inc., Datawatch Corporation, Microsoft Corporation, and Amazon Web Services, Inc.
CUSTOMIZATION
Report customization along with purchase available upon request.
Global Data Catalog Market Overview
Market Driver
Surge in Data Volume and Complexity: The exponential proliferation of data produced by IoT devices, enterprise systems, customer interactions, and third-party platforms has resulted in heightened data complexity. Organizations are currently compelled to extract useful insights from extensive, sometimes siloed and unstructured datasets. Data catalog systems provide centralized metadata stores that facilitate data search, lineage tracking, and classification, enabling expedited access to reliable data and enhancing analytical productivity across departments.
Rising Adoption of Cloud-Based Solutions: Organizations are progressively transitioning to cloud, multi-cloud, and hybrid IT infrastructures to enhance scalability and minimize infrastructure expenses. This transfer frequently results in fragmented data environments, causing difficulties in data visibility and control. Data catalogs provide effortless connectivity across several cloud platforms, facilitating cohesive perspectives of dispersed data assets. This not only improves agility and decision-making but also enables firms to optimize cloud investments and facilitate real-time analytics.
Demand for Regulatory Compliance & Data Governance: The emergence of data privacy legislation like GDPR, CCPA, and HIPAA has necessitated that enterprises establish comprehensive data governance frameworks. Non-compliance may lead to significant monetary fines and harm to reputation. Data catalogs provide automated data classification, policy enforcement, and the production of audit trails, so enhancing compliance efficiency and reliability. Businesses are progressively using catalog solutions to mitigate legal risks, implement access restrictions, and ensure transparency in data utilization.
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Market Restraint
High Implementation and Integration Costs: Implementing a comprehensive data catalog solution typically necessitates significant financial expenditure, encompassing software license, infrastructure enhancements, personnel training, and consultancy services. Moreover, incorporating new tools into legacy systems can be laborious and resource-demanding. For numerous mid-sized and budget-conscious organizations, substantial initial expenses and ambiguous return on investment may serve as impediments, postponing adoption despite the clear necessity for enhanced data management.
Data Silos and Legacy System Constraints: Numerous companies continue to function with antiquated or isolated systems that fail to accommodate contemporary metadata frameworks. The disjointed systems hinder the centralization and standardization of metadata, complicating the establishment of a singular source of truth. The efficacy of data catalog solutions is markedly diminished when integration is impracticable. This limitation impedes data democratization initiatives and constrains the complete attainment of analytical and operational advantages.
Concerns Over Data Privacy and Security: Although data catalogs enhance data accessibility, they also pose risks if stringent access controls and security measures are not established. Inadequate metadata disclosure may result in unauthorized access to sensitive or classified material. In sectors like finance and healthcare, where data sensitivity is paramount, apprehensions around security breaches and compliance infractions may impede adoption. Organizations must meticulously balance transparency with security, hence increasing implementation complexity.
Geographical Dominance
North America leads the Data Catalog Market owing to its early embrace of advanced analytics, significant presence of major IT firms, and rigorous legislative frameworks that promote data governance. Businesses in the U.S. and Canada are swiftly allocating resources to metadata management and cloud integration, hence increasing the demand for catalog solutions. The region’s developed IT infrastructure and innovation-centric economy establish it as the leader in market expansion and technological progress.
Key Players
The “Global Data Catalog Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Alation, Inc., Collibra NV, Informatica Inc., IBM Corporation, TIBCO Software Inc., Hitachi Vantara LLC, Alteryx, Inc., Datawatch Corporation, Microsoft Corporation, and Amazon Web Services, Inc.
Data Catalog Market Segment Analysis
Based on the research, Verified Market Research has segmented the global market into Component, Deployment Mode, End-User, and Geography.
Data Catalog Market, by Component:SolutionsServices
Data Catalog Market, by Deployment Mode:Cloud-BasedOn-Premises
Data Catalog Market, by End-User:HealthcareManufacturing
Data Catalog Market, by GeographyNorth AmericaU.SCanadaMexicoEuropeGermanyFranceU.KRest of EuropeAsia PacificChinaJapanIndiaRest of Asia PacificROWMiddle East & AfricaLatin America
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Comcast’s Longstanding Commitment to Knoxville
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About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations Experiences. Visit www.comcastcorporation.com for more information.
Media Contact
Donnie Hannah
donald_hannah@comcast.com
(470) 322-8272
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