The procurement software application market will bring in an estimated 4.6 billion U.S. dollars in total revenue in 2021. The market is projected to experience a slow but steady expansion in the coming years, with a constant annual growth rate of 4.1 percent.
Procurement software
Procurement software is used by businesses around the world to assist with many of the tasks associated with purchasing, receiving, and paying for commercial goods. It is often classified under the more general field of supply chain management (SCM) software, which assists in the control of products from the “raw material” stage all the way to “final good” stage. The biggest companies in the SCM/procurement software market are tech giants SAP and Oracle, both of which account for double digit shares of the overall market. In 2017, SAP brought in well over three billion dollars in revenue from SCM/procurement software alone, while Oracle earned over 1.5 billion dollars. As a whole, the combined SCM and procurement software markets brought in around 14 billion dollars in 2018 and have experienced overall revenue growth year after year.
Procurement software applications market revenues worldwide from 2015 to 2025
(in million U.S. dollars)
* Forecast.
For this statistic, the figures from 2021 to 2024 were rounded after being calculated using a constant annual growth rate of 4.1 percent, based on data provided by the source.
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Apps Run The World, & Statista. (December 24, 2021). Procurement software applications market revenues worldwide from 2015 to 2025 (in million U.S. dollars) [Graph]. In Statista. Retrieved December 07, 2024, from https://www.statista.com/statistics/633138/worldwide-procurement-software-market-size/
Apps Run The World, und Statista. "Procurement software applications market revenues worldwide from 2015 to 2025 (in million U.S. dollars)." Chart. December 24, 2021. Statista. Accessed December 07, 2024. https://www.statista.com/statistics/633138/worldwide-procurement-software-market-size/
Apps Run The World, Statista. (2021). Procurement software applications market revenues worldwide from 2015 to 2025 (in million U.S. dollars). Statista. Statista Inc.. Accessed: December 07, 2024. https://www.statista.com/statistics/633138/worldwide-procurement-software-market-size/
Apps Run The World, and Statista. "Procurement Software Applications Market Revenues Worldwide from 2015 to 2025 (in Million U.S. Dollars)." Statista, Statista Inc., 24 Dec 2021, https://www.statista.com/statistics/633138/worldwide-procurement-software-market-size/
Apps Run The World & Statista, Procurement software applications market revenues worldwide from 2015 to 2025 (in million U.S. dollars) Statista, https://www.statista.com/statistics/633138/worldwide-procurement-software-market-size/ (last visited December 07, 2024)
Procurement software applications market revenues worldwide from 2015 to 2025 (in million U.S. dollars) [Graph], Apps Run The World, & Statista, December 24, 2021. [Online]. Available: https://www.statista.com/statistics/633138/worldwide-procurement-software-market-size/