Worldwide Procurement Applications Forecast, 2020–2024: Digital Becomes the New Normal

Worldwide Procurement Applications Forecast, 2020–2024: Digital Becomes the New Normal

This IDC study examines the worldwide procurement applications market, which will see a noticeable impact of COVID-19 through the forecast period. The worldwide procurement applications market is forecast to be $7.4 billion by 2024, growing at a 5.9% CAGR. The on-premises/other software market is forecast to decline at a 7% CAGR because of a combination of an ongoing shift to public cloud and negative impacts on IT spending due to the COVID-19 pandemic. The public cloud software market is projected to grow at a 13% CAGR, reflecting continued strong demand moving forward."Digitizing procurement and partnerships are major focus areas for organizations, especially after experiencing the impact of COVID-19 pandemic. Procurement organizations are working remotely, shoring up supplies, reducing costs and exposures, and risks in supply," says Mickey North Rizza, program vice president, Enterprise Applications and Digital Commerce at IDC.

Please Note: Extended description available upon request.


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