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.

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