Market Update

Procurement Software Market Update – December 2022

Madison Park Group actively tracks the broader Supply Chain Management Software market and has dedicated significant attention to the Procurement software ecosystem. We are particularly interested in the rapid development of several trends:

  • Increased need for supplier relationship management (SRM) tools to limit disruptions caused by labor shortages, geopolitical dynamics, and extreme weather
  • Transformative digital technologies are giving companies deeper insights into how suppliers are defining, setting, and meeting ESG initiatives
  • Investments in supplier relationship management tools has further demonstrated the need for both horizontal and vertical marketplaces
  • Modern tools and systems have given procurement teams unprecedented access to data and information, driving investments in visibility technologies

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