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Worldwide Procurement Applications Forecast, 2022–2026: Strong Tailwinds to Drive Continued Robust Growth

Publisher IDC
Published Jun 30, 2022
Length 15 Pages
SKU # IDC17287498

Description

Worldwide Procurement Applications Forecast, 2022–2026: Strong Tailwinds to Drive Continued Robust Growth

This IDC study presents a five-year forecast for the worldwide procurement applications market. IDC forecasts continued strong growth in the procurement application software market through 2026, with an estimated CAGR of 8.7%, far outpacing expected global GDP growth. The space is vibrant and robust, with existing providers continuing to add capabilities and new entrants attracted to the space to both round out their suite of offerings and participate in the robust growth profile."Several factors set the procurement software market up for continued strong growth. On the application provider side, technology vendors continue to innovate with a plethora of enhancements that deploy digital technologies, which drive greater user 'stickiness.' On the buyer side, procurement professionals want these digital solutions to help manage spend and suppliers. The many global factors affecting the supply chains have only increased the buyers' influence on technology." — Patrick Reymann, research director, Procurement and Enterprise Applications at IDC

Please Note: Extended description available upon request.

Table of Contents

15 Pages
IDC Market Forecast Figure
Executive Summary
Advice for Technology Suppliers
Market Forecast
Market Context
Drivers and Inhibitors
Drivers
Buyers Still Need Help Managing Business Spend
Procurement Applications Continue to Add Functionality and Improve the User Experience
Procurement Has a More Prominent Seat at the Table
Inhibitors
Staffing Pressures Add to the Many Challenges Facing the Procurement Community
COVID-19 Pandemic
Significant Market Developments
Changes from Prior Forecast
Market Definition
Methodology
Historical and Forecast Market Values and Exchange Rates
Related Research

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