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Emerging Trends Influencing The Growth Of The Sourcing Software Market: AI-Powered Autonomous Sourcing Platforms Transforming The Sourcing Software Market
Sourcing Software Market
How Big Is the Sourcing Software Market Size Expected to Be by 2034?
In recent times, the sourcing software market has been burgeoning at an impressive pace. Its value is projected to inflate, rising from $10.29 billion in 2024 to approximately $11.7 billion in 2025, with a compound annual growth rate (CAGR) set at 13.7%. The notable growth seen in the preceding period can be ascribed to several factors, including a widespread shift towards cloud-based technology, an intensified focus on cutting costs and enhancing operational efficiency, growing complications in global supply chains, the requirement for immediate data analytics and insights, and regulatory compliance obligations pushing for an increased emphasis on digitization.
It is anticipated that the market size for sourcing software will experience swift expansion in the upcoming years, reaching $19.34 billion by 2029 with a 13.4% compound annual growth rate (CAGR). This predicted growth within the forecast timeline can be credited to the increased implementation of artificial intelligence and machine learning, incorporation of internet of things (IoT) within the supply chain management, expansion of e-commerce and online marketplaces, increasing attention to sustainable and ethical sourcing practices, and the advent of blockchain technology for supply chain transparency and security. Within the forecast period, dominant trends are expected to be the adoption of artificial intelligence and machine learning, cloud-based solutions, sustainability and ethical sourcing, supplier collaboration and the integration of blockchain technology.
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What Are the Emerging Segments Within the Sourcing Software Market?
The sourcing software market covered in this report is segmented -
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
Subsegments:
By On-Premise: Enterprise Solutions, Small And Medium Business Solutions
By Cloud-Based: Public Cloud Solutions, Private Cloud Solutions, Hybrid Cloud Solutions
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What Long-Term Drivers Are Shaping Sourcing Software Market Trends?
The surge in remote work is anticipated to fuel the expansion of the sourcing software market in the future. Remote work, which is also referred to as telecommuting or telework, involves the execution of work tasks, job roles, or employment obligations from a location that's not a traditional office environment. The surge in remote work is precipitated by the amalgamation of technological progress, evolving workforce preferences, business necessities, and societal transitions. Sourcing software plays a crucial role in foster remote work tendencies as it equips remote teams with the necessary tools, abilities, and structure to effectively administer procurement operations, liaise with suppliers, and implement strategic sourcing endeavours from any part of the globe. For example, in September 2023, as per the Bureau of Labor Statistics, a Department of Labor based in the US, the telework rate, which indicates the proportion of workers telecommuting or earning from home, fluctuated between 17.9% and 20.0% from October 2022 to August 2023. As a result, the surge in remote work is propelling the expansion of the sourcing software market.
Who Are the Top Competitors in Key Sourcing Software Market Segments?
Major companies operating in the sourcing software market are 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., Xeeva, Vroozi Revenue, Promena, BirchStreet Systems, Scoutbee Revenue, Proactis Holdings PLC, DealCloud, LevaData Inc., Keelvar Systems Ltd., Aavenir, Market Dojo Ltd., Winddle, Real Sourcing Network LLC
What Are the Major Trends Shaping the Sourcing Software Market?
Leading businesses in the sourcing software market are innovating with cutting-edge solutions like AI-driven autonomous sourcing platforms to establish a competitive foothold. The AI-powered autonomous sourcing platform is an intricate software solution, devised to seamlessly automate various features of the sourcing and procurement process using AI technologies. For example, in February 2024, LTIMindtree Limited, a noteworthy IT firm from India, launched Navisource.AI, an autonomous sourcing platform bolstered by GenAI, which uses AI algorithms to smooth out and automate the sourcing process. This platform seeks to revolutionize procurement by capitalizing on AI for cost negotiation and pricing, targeting a cost saving in procurement by 10-15%, and smoothing out workflows right from request to risk management. Navisource.AI is compatible with all prominent enterprise platforms like Ariba and SAP S/4HANA, bringing in certainty and efficiency to indirect procurement processes and empowering procurement teams to focus on strategic goals.
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Which Regions Are Becoming Hubs for Sourcing Software Market Innovation?
North America was the largest region in the sourcing software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sourcing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Sourcing Software Market?
2. What is the CAGR expected in the Sourcing Software Market?
3. What Are the Key Innovations Transforming the Sourcing Software Industry?
4. Which Region Is Leading the Sourcing Software Market?
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