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.
- 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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