Market for Procurement Software to Reach $13.8 Billion by 2029 | Fortune Business Insights

 In 2021, the market for procurement software was estimated to be worth USD 6.15 billion. The market is anticipated to expand at a CAGR of 10.9% from 2022 to 2029, rising from USD 6.67 billion to USD 13.80 billion. Fortune Business Insights' study, "Procurement Software Market Forecast, 2023-2029," has this information.

Important industry developments:

Airtel has integrated Oracle's SCM cloud and Fusion ERP solutions to address issues including existing integration, automation, and agility for the 5G era. Airtel will benefit from Oracle's cloud fusion solution by streamlining its financial data, supply chain management, and manual tasks.

Key Takeaways

  • Cloud service adoption, platform digitization, and streamlined procurement procedures across sectors will drive market expansion.
  • Emerging trends in intelligent cloud-based procurement platforms include artificial intelligence, cloud services, and Internet of Things.
  • The healthcare and pharmaceutical sector accounts for a sizeable portion of the global market.
  • About 39% of businesses in South America intend to invest in cloud computing.
  • In North America, the market for procurement software was worth $2.66 billion in 2020

Browse Complete Report Details: https://www.fortunebusinessinsights.com/procurement-software-market-107099

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