Procurement Software Companies: The Top 13 Players in the Market

Procurement software companies have revolutionized the way businesses purchase goods and services.

According to a recent report, the global procurement software market is expected to reach $9.96 billion by 2025, growing at a CAGR of 9.6% from 2020 to 2025. With such staggering statistics, it's clear that procurement software has become an essential tool for businesses of all sizes.

In this article, we will take a closer look at the top 13 procurement software vendors that are dominating the market. We will examine their revenue growth, market share, recent developments, top features, customers, and the pros and cons of each company's software.

Top 13 Procurement Software Companies

To provide a comprehensive overview, we have created a table that shows the 2022 revenue, 2021 revenue, 2020 revenue, YoY growth, and market share percentage for each of the 13 companies:

1. Coupa

Their platform provides real-time visibility into spend management, expense management, and procurement automation. Coupa's software is cloud-based, which means it can be accessed from anywhere and on any device.

2022 Revenue: $800M
Market Share: 8.1%
YoY Growth: 43%

Top Features: Real-time spend visibility, expense management, procurement automation

Pros: Cloud-based platform, customizable dashboards, mobile app, user-friendly interface

Cons: High pricing, limited customization options, long implementation time

Recent Developments: A supply chain design and planning software provider, in December 2020. Since it was launched, Coupa has been one of the top players in the procurement software market.

Website: Coupa

One of the best things about Coupa's software is that it lets you make your own dashboards. This means that users can tailor their experience to their specific needs, making the platform more intuitive and user-friendly. Coupa also has a mobile app, allowing users to manage procurement on the go.

However, one of the drawbacks of Coupa's software is that it comes with a high price tag. While the platform is highly customizable, some users may find that their customization options are limited. Additionally, the implementation time for Coupa's software can be quite long.

Coupa has been on a growth trajectory, with a YoY growth rate of 43% and a market share of 8.1%. In December 2020, the company acquired Llamasoft, a supply chain design and planning software provider. This acquisition is expected to expand Coupa's capabilities in supply chain planning and optimization.

2. SAP Ariba

SAP Ariba is another big name in the procurement software market, with a market share of 5.1% and a YoY growth rate of 11%. One of the advantages of using SAP Ariba's software is that it has a large customer base, which means that many resources are available for users to learn and troubleshoot the platform.

2022 Revenue: $500M
Market Share: 5.1%
YoY Growth: 11%

Top Features: Procurement automation, contract management, supplier management

Pros: Large customer base, integration with SAP ERP systems, robust reporting capabilities

Cons: High pricing, complex implementation process, limited customization options

Recent Developments: Launched a new procurement platform, Procurement Desk, in November 2020. The platform uses artificial intelligence to help businesses automate and optimize their procurement processes.

Website: SAP Ariba

SAP Ariba's software also integrates well with SAP ERP systems, which makes it a good choice for businesses that already use SAP software. The platform also has powerful reporting tools that can help businesses learn more about how they buy things.

However, SAP Ariba's software is also on the expensive side, and the implementation process can be complex. Some users may find that the customization options are limited.

In November 2020, SAP Ariba launched a new procurement platform called Procurement Desk. This platform uses artificial intelligence to help businesses automate and optimize their procurement processes.

3. Oracle

Oracle's procurement software offers procurement automation, supplier management, and contract management capabilities. The platform also integrates well with Oracle ERP systems, making it a good choice for businesses that already use Oracle software.

2022 Revenue: $400M
Market Share: 4.6%
YoY Growth: 8%

Top Features: Procurement automation, supplier management, contract management

Pros: Integration with Oracle ERP systems, robust analytics capabilities, user-friendly interface

Cons: High pricing, limited customization options, complex implementation process

Recent Developments: Oracle launched Oracle Fusion Cloud Procurement in 2020, a new procurement solution that aims to streamline procurement processes.

Website: Oracle

One benefit of using Oracle's software is that it has powerful analytics features that can help businesses learn more about how they buy things. The platform also has a user-friendly interface, which can make it easier for new users to navigate.

However, like some of the other companies on this list, Oracle's software comes with a high price tag and a complex implementation process. Some users may also find that their customization options are limited.

In 2020, Oracle launched Oracle Fusion Cloud Procurement, a new procurement solution aimed at streamlining procurement processes. This new platform offers a range of features, including contract management, supplier management, and procurement analytics.

4. Jaggaer

Jaggaer is a company that makes procurement software. It has features for managing contracts, suppliers, and sourcing optimization. With a market share of 3.2% and a YoY growth rate of 15%, Jaggaer is a mid-sized player in the market.

2022 Revenue: $200M
Market Share: 3.2%
YoY Growth: 15%

Top Features: Contract management, supplier management, sourcing optimization

Pros: Robust reporting capabilities, integration with a variety of ERP systems, quick implementation process

Cons: Limited customization options, higher pricing compared to some smaller players

Website: Jaggaer

One of the benefits of using Jaggaer's software is that it can generate detailed reports that can help businesses learn more about how they buy things. The platform also integrates with a variety of ERP systems, making it a good choice for businesses that use different software systems.

However, like some of the other mid-sized players in the market, Jaggaer's customization options are somewhat limited. Additionally, the pricing for Jaggaer's software is higher than some of the smaller players.

In 2020, Jaggaer acquired Pool4Tool, a procurement automation software provider, which has helped the company expand its capabilities in the market.

5. Ivalua

Ivalua is a procurement software company that offers a comprehensive suite of procurement solutions, including procure-to-pay, contract management, and supplier management capabilities. With a market share of 2.4% and a YoY growth rate of 23%, Ivalua is a smaller player in the market.

2022 Revenue: $150M
Market Share: 2.4%
YoY Growth: 23%

Top Features: Procure-to-pay, contract management, supplier management

Pros: Comprehensive suite of procurement solutions, strong analytics capabilities, global reach

Cons: Higher pricing compared to some smaller players, longer implementation process

Recent Developments: Launched a new risk management solution in 2020.

Website: Ivalue

One of the advantages of using Ivalua's software is its strong analytics capabilities, which can help businesses gain insights into their procurement processes. Additionally, the platform has a global reach, making it a good choice for businesses that operate in multiple countries.

However, the pricing for Ivalua's software is higher than some of the smaller players in the market, and the implementation process can be longer. In 2020, Ivalua launched a new risk management solution, aimed at helping businesses identify and mitigate procurement-related risks.

6. Proactis

Proactis is a procurement software company that offers source-to-contract, procure-to-pay, and supplier management capabilities. With a market share of 1.6% and a YoY growth rate of -5%, Proactis is a smaller player in the market.

2022 Revenue: $100M
Market Share: 1.6%
YoY Growth: -5%

Top Features: Source-to-contract, procure-to-pay, supplier management

Pros: Strong source-to-contract capabilities, flexible customization options

Cons: Limited e-invoicing capabilities, lower YoY growth rate

Website: Proactis

One of the advantages of using Proactis's software is its strong source-to-contract capabilities, which can help businesses streamline their procurement processes. Additionally, the platform offers flexible customization options, allowing businesses to tailor the software to their specific needs.

However, Proactis's e-invoicing capabilities are somewhat limited compared to some of the other players in the market. Additionally, the company's YoY growth rate has been negative. In 2020, Proactis acquired Esize, a procurement software provider, which has helped the company expand its capabilities in the market.

7. Zycus

Zycus is a company that makes procurement software. It has tools for spend analytics, contract management, and managing suppliers. With a market share of 1.5% and a YoY growth rate of 12%, Zycus is a smaller player in the market.

2022 Revenue: $75M
Market Share: 1.5%
YoY Growth: 12%

Top Features: Spend analytics, contract management, supplier management

Pros: Robust analytics capabilities, user-friendly interface, quick implementation process

Cons: Limited customization options, higher pricing compared to some smaller players

Recent Developments: We launched a new spend analysis solution in 2021, aimed at helping businesses gain insights into their procurement spend.

Website: Zycus

One of the benefits of using Zycus's software is that it has powerful analytics tools that can help businesses learn more about how they spend money on procurement. The platform also has a user-friendly interface and a quick implementation process.

However, like some of the other smaller players in the market, Zycus's customization options are limited. Additionally, the pricing for Zycus's software is higher than some of the other smaller players.

In 2021, Zycus launched a new spend analysis solution, aimed at helping businesses gain insights into their procurement spend.

8. GEP

GEP is a company that makes procurement software. It offers a full set of procurement solutions, such as procure-to-pay, strategic sourcing, and supplier management. With a market share of 4.8% and a YoY growth rate of 20%, GEP is a mid-sized player in the market.

2022 Revenue: $300M
Market Share: 4.8%
YoY Growth: 20%

Top Features: Procure-to-pay, strategic sourcing, supplier management

Pros: Comprehensive suite of procurement solutions, AI-powered capabilities, global reach

Cons: Higher pricing compared to some smaller players, longer implementation process

Website: GEP

One of the advantages of using GEP's software is that it has AI-powered capabilities, which can help businesses make more informed procurement decisions. Additionally, the platform has a global reach, making it a good choice for businesses that operate in multiple countries.

However, the pricing for GEP's software is higher than some of the smaller players in the market, and the implementation process can be longer. In 2020, GEP bought Bonfire, a company that makes software for sourcing and procurement. This has helped the company grow in the market.

9. Basware

Basware is a procurement software company that offers procure-to-pay, e-invoicing, and supplier management capabilities. With a market share of 4% and a YoY growth rate of 8%, Basware is a mid-sized player in the market.

2022 Revenue: $250M
Market Share: 4%
YoY Growth: 8%

Top Features: Procure-to-pay, e-invoicing, supplier management

Pros: Robust e-invoicing capabilities, user-friendly interface, global reach

Cons: Limited customization options, higher pricing compared to some smaller players

Recent Developments: Launched a new supplier management solution in 2020.

Website: Basware

One of the advantages of using Basware's software is that it has robust e-invoicing capabilities, which can help businesses automate their invoicing processes. Additionally, the platform has a user-friendly interface and a global reach.

However, like some of the other mid-sized players in the market, Basware's customization options are limited. Additionally, the pricing for Basware's software is higher than some of the smaller players. In 2020, Basware launched a new supplier management solution, aimed at helping businesses better manage their supplier relationships.

10. Wax Digital

Wax Digital is a UK-based procurement software company that offers a suite of cloud-based solutions for source-to-pay and supplier management. Their software includes features for eSourcing, contract management, purchase-to-pay, and supplier performance management.

2021 Revenue: £13 million
YoY Growth: 8.3%

Recent Developments: In 2021, Wax Digital was acquired by Medius, a Swedish-based provider of cloud-based spend management solutions. This acquisition is expected to help Wax Digital expand its global reach and product capabilities.

Top Features: User-friendly interface, easy customization, comprehensive reporting and analytics, and robust supplier management tools.

Pros: Strong customer support, high level of flexibility and customization, and a wide range of procurement features.

Cons: Limited market share compared to larger competitors, and the software may require some training for new users.

Website: Wax Digital

11. Synertrade

Synertrade is a procurement software company that offers procurement, sourcing, and contract management capabilities. With a market share of 0.8% and a YoY growth rate of -10%, Synertrade is one of the smaller players in the market.

2022 Revenue: $50M
Market Share: 0.8%
YoY Growth: -10%

Top Features: Procurement, sourcing, contract management

Pros: Strong supplier management capabilities, robust reporting tools

Cons: Limited customization options, lower YoY growth rate

Website: Synertrade

One of the advantages of using Synertrade's software is its strong supplier management capabilities, which can help businesses manage their relationships with vendors and suppliers. Additionally, the platform offers robust reporting tools, which can help businesses gain insights into their procurement processes.

However, Synertrade's customization options are somewhat limited compared to some of the other players in the market. Additionally, the company's YoY growth rate has been negative. In 2020, Synertrade was acquired by Econocom, a digital services provider, which has helped the company expand its capabilities in the market.

12. Per Angusta

Per Angusta is a France-based procurement software company that offers a cloud-based solution for procurement performance management. Their software includes features for spend analytics, savings tracking, supplier performance management, and contract management.

2021 Revenue: €3.8 million
YoY Growth: 22.6%

Recent Developments: In 2021, Per Angusta announced a partnership with Creatives, a French consulting firm specializing in procurement transformation. This partnership is expected to help Per Angusta expand its reach in the French market and improve its product offerings.

Top Features: Easy-to-use interface, customizable dashboards, real-time analytics, and strong supplier performance management tools.

Pros: Great customer support, user-friendly interface, and a wide range of procurement features.

Cons: Limited market share compared to larger competitors, and the software may not be as customizable as some other options.

Website: Per Angusta

13. Claritum

Claritum is a UK-based procurement software company that offers a cloud-based solution for source-to-pay and supplier management. Their software includes features for eSourcing, contract management, purchase-to-pay, and supplier performance management.

2021 Revenue: £5.1 million
YoY Growth: 8.5%

Recent Developments: In 2021, Claritum announced a partnership with Xoomworks Procurement, a UK-based procurement consultancy. This partnership is expected to help Claritum expand its reach in the UK market and improve its product offerings.

Top Features: Intuitive interface, customizable workflows, real-time analytics, and strong supplier performance management tools.

Pros: Good customer support, highly customizable, and a wide range of procurement features.

Cons: Limited market share compared to larger competitors, and the software may require some training for new users.

Website: Claritum

Procurement Software Companies: Who Are Their Top Customers?

In the world of procurement, having a diverse and loyal customer base is key to success.

While each procurement software company may offer unique features and benefits, ultimately, their success relies on their ability to serve the needs of their customers.

So, who are the top customers of the 13 procurement software vendors we've discussed in this article?

Let's take a closer look at some of the notable customers, their industries, revenue, and employee numbers, to get a better understanding of the market and the impact of these software solutions.

Conclusion

Procurement software is an essential tool for businesses that want to streamline their procurement processes and gain more control over their spending. With so many options available, it can be challenging to choose the right software for your business.

In this article, we've highlighted the top 13 procurement software vendors in the market, based on their 2022 revenue, market share, YoY growth rate, recent developments, top features, and pros and cons.

While each of these companies offers unique capabilities, there is no one-size-fits-all solution when it comes to procurement software.

When choosing a procurement software provider, it's essential to consider your business's specific needs, such as the size of your organization, your procurement goals, and your budget.

By carefully evaluating your options and selecting the right software, you can improve your procurement processes, reduce costs, and drive better business outcomes.

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FAQs

What is procurement software?

Procurement software is a tool or set of tools that businesses use to streamline and automate their procurement processes. These processes can include things like supplier selection, purchase order creation, invoice management, and payment processing. Procurement software can help businesses save time and money while increasing efficiency and accuracy.

Which is the best procurement software?

There is no one "best" procurement software, as different businesses have different needs and priorities. The best procurement software for a particular business will depend on factors such as its size, industry, budget, and specific procurement needs. Some of the top procurement software vendors mentioned in this article include SAP Ariba, Coupa, Jaggar, and Ivalua, among others.

What are procurement software companies?

Procurement software companies are businesses that specialize in creating and selling software solutions for procurement management. These companies typically offer a range of procurement software products and services to help businesses improve their procurement processes and manage their supply chains more effectively.

What are the 3 types of procurement?

The three main types of procurement are direct procurement, indirect procurement, and service procurement. Direct procurement refers to the purchase of goods or raw materials that are used in the production of a company's products. Indirect procurement refers to the purchase of goods or services that are not directly related to the production process, such as office supplies or IT equipment. Services procurement refers to the purchase of services, such as consulting or outsourcing, that are used to support the business.

What is SAP procurement software?

SAP Ariba is a cloud-based procurement software solution that helps businesses manage their entire procurement process, from source to settle. The software includes features for supplier management, contract management, procurement analytics, and more. SAP Ariba is known for its user-friendly interface, strong security features, and ability to integrate with other SAP products.