The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

The sourcing software market has experienced rapid expansion, driven by technological advancements and shifting industry landscapes. Let’s explore the current dynamics and future projections shaping this dynamic sector.

 

Current Market Landscape

• Market Size: The sourcing software market was valued at $9.08 billion in 2023.
• Growth Rate: It is projected to reach $10.29 billion in 2024, growing at a compound annual growth rate (CAGR) of 13.3%.

 

Key Growth Drivers

Increasing Adoption of Cloud Computing

• Cloud-based solutions offer scalability, accessibility, and cost-effectiveness.
• Organizations leverage cloud-based sourcing software for streamlined procurement processes.

Emphasis on Cost Reduction and Operational Efficiency

• Businesses prioritize cost optimization and operational efficiency.
• Sourcing software enables automation, process optimization, and real-time insights.

Rising Complexity in Global Supply Chains

• Globalization and supply chain intricacies necessitate robust sourcing solutions.
• Sourcing software helps manage complexities and ensures supply chain resilience.

Demand for Real-Time Data Analytics and Insights

• Real-time data analytics enable informed decision-making.
• Sourcing software provides actionable insights for strategic sourcing initiatives.

Regulatory Compliance Requirements Driving Digitization

• Regulatory mandates drive the digitization of procurement processes.
• Sourcing software facilitates compliance management and auditability.

 

Read The Full Sourcing Software Market Report Here:
https://www.thebusinessresearchcompany.com/report/sourcing-software-global-market-report

 

Future Growth Prospects

• Market Size: The sourcing software market is expected to reach $17.05 billion by 2028.
• Growth Rate: It is anticipated to grow at a CAGR of 13.5%.

 

Factors Driving Future Growth

Accelerated Adoption of Artificial Intelligence and Machine Learning

• AI and ML technologies enhance automation, predictive analytics, and decision-making.
• Autonomous sourcing platforms leverage AI to streamline procurement processes.

Integration of Internet of Things (IoT) in Supply Chain Management

• IoT enables real-time monitoring, tracking, and optimization of supply chain operations.
• Sourcing software integrates IoT data for enhanced visibility and efficiency.

Expansion of E-commerce and Online Marketplaces

• E-commerce growth necessitates efficient sourcing and procurement strategies.
• Sourcing software facilitates vendor management and product sourcing for online retailers.

Growing Focus on Sustainability and Ethical Sourcing Practices

• Sustainability initiatives drive the adoption of ethical sourcing practices.
• Sourcing software enables traceability, transparency, and compliance with sustainability standards.

Emergence of Blockchain Technology for Supply Chain Transparency

• Blockchain enhances supply chain visibility, traceability, and security.
• Sourcing software integrates blockchain for enhanced transparency and trust in procurement processes.

 

Major Trends in the Forecast Period

Artificial Intelligence and Machine Learning Adoption

• AI and ML technologies enable predictive analytics and autonomous decision-making.
• Sourcing software leverages AI algorithms for enhanced efficiency and accuracy.

Cloud-Based Solutions

• Cloud computing offers scalability, accessibility, and cost-effectiveness.
• Sourcing software providers offer cloud-based solutions for seamless procurement operations.

Sustainability and Ethics

• Organizations prioritize sustainability and ethical sourcing practices.
• Sourcing software enables traceability and compliance with sustainability standards.

Supplier Collaboration

• Collaborative sourcing initiatives drive efficiency and innovation.
• Sourcing software facilitates communication and collaboration with suppliers.

Blockchain Integration

• Blockchain technology enhances transparency and security in supply chains.
• Sourcing software integrates blockchain for enhanced traceability and trust.

 

Rising Remote Work Fuels Growth

The rise of remote work trends contributes to the growth of the sourcing software market, enabling efficient procurement processes from anywhere in the world.

Example: According to Upwork Global Inc., remote work is expected to increase by 87% from pre-pandemic levels, driving the demand for remote-enabled sourcing solutions.

 

Key Players Driving Innovation

• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• Workday Inc.
• GEP Corporation
• Coupa Software Incorporated
• Zycus Inc.
• Ivalua Inc.
• Corcentric Inc.
• Jaggaer
• CBX Software
• Determine Inc.
• Keelvar Systems Ltd.
• Aavenir
• Market Dojo Ltd.
• Winddle
• Real Sourcing Network LLC

 

AI-Powered Autonomous Sourcing Platforms Revolutionize Procurement

Companies are developing AI-powered autonomous sourcing platforms to enhance procurement efficiency and drive cost savings.

Example: LTIMindtree Limited introduced Navisource.AI, an autonomous sourcing platform powered by AI algorithms, aiming to streamline procurement processes and reduce costs by 10-15%.

 

Strategic Acquisitions Propel Innovation

Accenture’s Acquisition of The Shelby Group

• Accenture strengthens its sourcing and procurement capabilities with the acquisition of The Shelby Group.
• The Shelby Group provides sourcing software solutions for various industries, enhancing Accenture’s digital procurement offerings.

 

Market Segmentation

1. By Type:
   • On-premise
   • Cloud-based
2. By Enterprise Size:
   • Large Enterprise
   • Small And Medium Enterprises
3. By End-User Industry:
   • Retail
   • Manufacturing
   • Transportation And Logistics
   • Healthcare
   • Other End-User Industries

 

Regional Insights

• North America: The largest region in the sourcing software market in 2023.
• Asia Pacific: Expected to witness significant growth in the forecast period.

The sourcing software market is poised for rapid expansion, driven by technological innovation, shifting industry dynamics, and the growing demand for efficient procurement solutions. As organizations continue to prioritize cost reduction, operational efficiency, and sustainability, the role of sourcing software in driving strategic sourcing initiatives will become increasingly prominent.

 

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The Sourcing Software Global Market Report 2024  provides an overview of the sourcing software market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The sourcing software market forecast analyzes sourcing software market size, sourcing software market share, leading competitor and their market positions.

 

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