Sourcing Software Market to Reach $15 Billion by 2030, Driven by Growing Demand for Digital Transformation and Supply Chain Transparency
Dublin, Dec. 24, 2024 - The global sourcing software market is expected to reach US$15.0 billion by 2030, growing at a CAGR of 8.6% from 2023 to 2030, according to a new report by ResearchAndMarkets.com.
The increasing focus on digital transformation, the need for greater supply chain transparency, and the demand for more efficient and sustainable procurement practices are driving growth in the sourcing software market. As organizations continue to digitize their operations, sourcing software is becoming a key component of their procurement strategies, enabling them to automate and optimize sourcing processes.
Innovations in sourcing software, such as artificial intelligence (AI), machine learning, and blockchain technology, are enhancing its functionality and offering advanced capabilities that improve decision-making, enhance security, and reduce costs. Cloud-based solutions are also gaining traction, providing scalability, flexibility, and real-time collaboration across geographically dispersed teams.
The market research report highlights the critical role of sourcing software in modern procurement and supply chain management, as organizations seek to stay competitive in an increasingly complex and dynamic business environment.
The global market was estimated at US$8.4 Billion in 2023 and is driven by several trends, including:
- Increasing focus on digital transformation
- Need for greater supply chain transparency
- Demand for more efficient and sustainable procurement practices
Sourcing software is becoming a key component of modern procurement strategies, enabling organizations to automate and optimize sourcing processes.
The report also highlights the importance of supplier relationships and business performance, as sourcing software fosters stronger, more collaborative partnerships and enhances operational efficiency.
Key companies covered in the report include Aavenir, Corcentric, Coupa Software Inc., GEP, iPoint-systems, Ivalua Inc., Jaggaer, Keelvar, Oracle Corporation, ProcurePort, Promena Strategic Procurement & Sourcing Solutions, SAP SE, Tradogram, Workday, Inc., and Zycus, Inc.
The report features comprehensive market data, in-depth regional analysis, company profiles, complimentary updates, and key attributes, providing organizations with the insights they need to make informed business decisions.
Key Highlights
- Global sourcing software market expected to reach US$15.0 billion by 2030
- Market growth driven by digital transformation, supply chain transparency, and sustainable procurement practices
- Innovations in AI, machine learning, and blockchain technology enhancing functionality of sourcing software
- Cloud-based solutions offering scalability, flexibility, and real-time collaboration
- Importance of supplier relationships and business performance highlighted
For more information about this report, please visit https://www.researchandmarkets.com/r/2v4hwo