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The procurement software application market will bring in an estimated *** billion U.S. dollars in total revenue in 2021. The market is projected to experience a slow but steady expansion in the coming years, with a constant annual growth rate of *** percent.

Procurement software

Procurement software is used by businesses around the world to assist with many of the tasks associated with purchasing, receiving, and paying for commercial goods. It is often classified under the more general field of supply chain management (SCM) software, which assists in the control of products from the “raw material” stage all the way to “final good” stage. The biggest companies in the SCM/procurement software market are tech giants SAP and Oracle, both of which account for double digit shares of the overall market. In 2017, SAP brought in well over billion dollars in revenue from SCM/procurement software alone, while Oracle earned over *** billion dollars. As a whole, the combined SCM and procurement software markets brought in around ** billion dollars in 2018 and have experienced overall revenue growth year after year.