The global sourcing software market is anticipated to grow at a CAGR of 8.2% during the forecast period. The market growth is spurring owing to its greater simplicity, improved mobility, and high scalability in comparison to on-premises. Furthermore, the cloud model also reduces implementation effort and cost along with the rapid transition to new technologies and business processes is also eliminated to an extent. Cloud computing systems are facilitating advanced sustainable developments in Supply Chain Management (SCM) applications. Cloud networking offers unparalleled insight and real-time touch/impact capabilities, resulting in an intelligent supply network and emerging operating models. Using this benefit, businesses can effectively communicate with their retailers, suppliers, and consumers. Cloud connectivity also offers infrastructure benefits such as dynamic provisioning, multi-tenancy, increased use of the server, and data center efficiency.
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With the rising demand for sourcing software, market players adopted various strategies including mergers and acquisitions, partnerships, funding, collaborations, and new product launches to stay competitive in the market. For instance, in July 2020, Applied Materials, Inc. launched a big new program aimed at building a more sustainable supply chain for semiconductor and display production. SuCCESS2030 (Supply Chain Certification for Environmental and Social Sustainability) optimizes the collection, sourcing, storage, warehousing, transport, and recycling of goods and components to minimize energy and pollution and conserve resources. Additionally, in March 2022, Aavenir, an AI-enabled Source-to-Pay solution provider, raised $6.0 million in Series A funding to make source-to-pay smarter and faster through technology. In February 2022, RangeMe, a significant product discovery and sourcing platform, expanded its industry-standard service offering by giving US retail buyers the ability to now purchase products directly from suppliers.
Global Sourcing Software Market Report Segment
By Deployment
- On-premise
- Cloud
By Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
By End-User
- BFSI
- IT and Telecom
- Media and Entertainment
- Retail and E-commerce
- Healthcare
- Government
- Education
- Travel and Transport
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Sourcing Software Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Ariba Inc.
- Basware
- Capgemini SE
- Coupa Software Inc.
- GEP
- Ivalua Inc.
- Infor Inc.
- Integration Appliance, Inc.
- JAGGAER, Inc.
- Market Dojo
- WINDDLE
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