DIGITAL PROCUREMENT
“The procurement technology market is still small . It ’ s about US $ 6bn , but by 2028 analysts expect it to have doubled ”
GARY LEVITAN CPO , WEWORK
The procurement technology market is still small . It ’ s about US $ 6bn , but by 2028 analysts expect it to have doubled .
That ’ s actually pretty substantial growth . But still , that ’ s not a giant software ecosystem market .
The two key metrics on this that are important is that 60 % of the market share is held by the top 10 providers . We ’ re talking about tens of thousands of different tools and companies . Also , 30 % of overall market share is held by one , SAP .
Really , procurement technology has been around only for 25 years or so , and today organisations are way more decentralised than back then . WeWork is a perfect example . There are many more people making purchasing decisions , and modern businesses require many different functions . We can ’ t expect the tools and processes from the past to help us today .
There ’ s a lot of companies that are too complex for an all-in-one ecosystem of tools . You simply can ’ t analyse each part of your business to find what tool is best for you . So there ’ s still a huge need for that .
There are so many procurement software options . How do you make sense of it all ? There are so many different types of software platforms , tools and services that
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