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Worldwide Procurement Applications Software Market Shares, 2021

IDC estimates that the procurement software market grew 9.1% to $7.1 billion in 2021

The procurement application space remains a robust, healthy environment that continues to see strong growth amid a multitude of tailwinds. Foremost, buyers need help managing their spend. This was true in 2021, and it is true today.

Prospective buyers are challenged by many issues, including:

  • The need to mine multiple systems for data

  • Pressures from current supply chain constraints and geopolitical events

  • Helping stakeholders adjust to the demands of high price inflation

  • Adapting to a global economy that is emerging from a generational global COVID-19 pandemic

As IDC puts it, dealing with these issues means that for the first time in many younger professional lives, supply chain/sourcing and procurement team members are the rock stars of the enterprise!

Download this report excerpt to learn about SAP’s leadership in this space, as well as significant developments that are affecting this market.

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